July 24, 2007

People’s United Bank Selects PNC Consumer Services

PITTSBURGH, July 24, 2007 – People’s United Bank has selected PNC Consumer Services, a member of The PNC Financial Services Group, Inc. (NYSE: PNC) to provide loan processing services for the Connecticut bank’s consumer lending program. Under this multi-year agreement, PNC is providing back-office and customer service functions for the direct loan products of People’s United Bank, including home equity lines of credit and installment loans.

“People’s United Bank is a strategic win for PNC,” said James DeFoggia, president of PNC Consumer Services, a leading provider of consumer lending business process outsourcing of loan origination and servicing. “This agreement is integral to the expansion of our business process outsourcing presence across the United States and, in particular, the regional bank market.”

Founded in 1842, People’s United Bank (www.peoples.com) is a subsidiary of People’s United Financial, Inc, a bank holding company with assets of $14 billion. People’s United Bank has more than 240 ATMs and 160 branches, 75 of which offer convenient seven-day banking in Super Stop & Shop locations in Connecticut. A diversified financial services company, People’s United Bank provides consumer, commercial, insurance, brokerage, financial advisory and trust services to personal and business banking customers. People’s United recently opened its first branch in New York State and announced its intention to acquire the Chittenden Corporation, which has offices in Maine, New Hampshire, Vermont and Massachusetts.

The PNC Financial Services Group, Inc. (www.pnc.com) is one of the nation’s largest diversified financial services organizations providing retail and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services.