BRIDGEPORT, Conn., March 26 /PRNewswire-FirstCall/ -- People's United
Financial, Inc. (the "Company"), the proposed holding company for People's
Bank (Nasdaq: PBCT), announced today that it has commenced the syndicated
offering portion of the second step conversion to sell shares of common
stock not subscribed for in the subscription offering to the general public
at $20.00 per share. The syndicated offering is expected to conclude during
the week of April 9, 2007. Morgan Stanley & Co. Incorporated is acting as
sole book-running manager for the syndicated offering. Keefe, Bruyette &
Woods, Inc., Lehman Brothers Inc. and Ryan Beck & Co., Inc. are acting as
joint lead managers and Sandler O'Neill & Partners, L.P. is acting as
co-manager for the syndicated offering. The syndicated offering will be
conducted on a best efforts basis and none of the members of the syndicate
group are required to purchase any shares in the offering.
In addition, the Company announced that it filed prospectus supplements
with the Securities and Exchange Commission increasing the maximum purchase
limitation from 100,000 shares ($2.0 million) to 625,000 shares ($12.5
million) for individual purchasers and from 100,000 shares to 2,000,000
shares ($40.0 million) for purchasers acting together with others, in all
categories of the offering combined. Consistent with the prospectus dated
February 14, 2007, only those persons who subscribed for 100,000 shares in
the subscription offering and indicated on the stock order form a desire to
purchase additional shares if the maximum purchase limits were increased
will be resolicited. Any increased orders with full payment will be due by
4:00 p.m., Eastern time, on April 3, 2007. All other eligible subscribers
who properly completed and timely submitted a stock order form will be
allocated the number of shares of common stock requested in their stock
order form.
The completion of the conversion and offering remains subject to (1)
approval of the plan of conversion and reorganization by the stockholders
and depositors of People's Bank; (2) final approval from the Office of
Thrift Supervision, including approval of an updated appraisal, and (3) the
sale of at least 137,062,500 shares of common stock.
This release may contain certain "forward looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995, and
may be identified by the use of such words as "believe," "expect,"
"anticipate," "should," "planned," "estimated," and "potential." Examples
of forward looking statements include, but are not limited to, estimates
with respect to the financial condition, results of operations and business
of People's United Financial and People's Bank that are subject to various
factors which could cause actual results to differ materially from these
estimates. These factors include, but are not limited to, general economic
and market conditions, legislative and regulatory conditions, changes in
interest rates that affect People's Bank's interest rate spread, changes in
deposit flows, loan demand or real estate values and other economic,
governmental, competitive, regulatory and technological factors that may
affect People's United Financial's and People's Bank's operations.
A registration statement relating to these securities has been filed
with the United States Securities and Exchange Commission. This press
release is neither an offer to sell nor a solicitation of an offer to buy
common stock. The offer will be made only by means of the written
prospectus forming part of the registration statement (and, in the case of
the subscription offering, an accompanying stock order form).
A copy of the prospectus relating to the subscription offering may be
obtained from:
Ryan Beck & Co., Inc.
18 Columbia Turnpike
Florham Park, New Jersey 07932
(800) 493-1587
A copy of the prospectus relating to the syndicated offering may be
obtained from:
Morgan Stanley & Co. Incorporated
180 Varick Street
New York, New York 10014
Attention: Prospectus Department
or via e-mail to prospectus@morganstanley.com
The shares of common stock are not savings accounts or savings
deposits, may lose value and are not insured by the Federal Deposit
Insurance Corporation or any other government agency.
People's Bank. It's Possible @ People's.
SOURCE People's Bank
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Related links:
http://www.peoples.com
http://www.prnewswire.com/comp/113252.html /
CONTACT:
Valerie C. Carlson, Corporate Communications
of People's Bank, +1-203-338-2351, or Fax, +1-203-338-3461,
Valerie.ccarls@peoples.com
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