BRIDGEPORT, Conn., May 27 /PRNewswire/ -- People's Bank (Nasdaq: PBCT)
announced today that it has entered into an agreement resolving issues
regarding its financial obligations under a contract for the servicing of its
credit card portfolio, which was sold in March 2004. People's had previously
established an accrued liability to account for contract termination and other
exit costs relating to the sale of its credit card business. In light of the
resolution of issues relating to the servicing contract, People's has reversed
the remaining balance of this liability and expects to recognize additional
pre-tax income of approximately $9.7 million in the second quarter of 2005 as
a result of this action.
Founded in 1842, People's Bank ( http://peoples.com ) is one of
Connecticut's largest banks with assets of $11 billion, more than 240 ATMs and
154 branches, 67 of which offer convenient seven-day banking in Super Stop &
Shop locations across the state. A diversified financial services company,
People's Bank provides consumer, commercial, insurance, retail investment and
trust services to personal and business banking customers. People's Bank is
the official banking partner of the University of Connecticut Division of
Athletics. For more information about People's, its products and services,
please call 800-772-1090, visit http://peoples.com or any of People's
branches.
People's Bank. It's Possible @ People's.
SOURCE People's Bank
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Related links:
http://www.peoples.com
Company News On-Call:
http://www.prnewswire.com/comp/113252.html
CONTACT:
Valerie C. Carlson, Corporate Communications,
+1-203-338-2351, or fax, +1-203-338-3461, or vccarls@peoples.com
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