People's United Financial Announces Share Repurchase Authorization Of 33.6 Million Shares

  People's United Financial Announces Share Repurchase Authorization Of 33.6
                                Million Shares

PR Newswire

BRIDGEPORT, Conn., Nov. 26, 2012

BRIDGEPORT, Conn., Nov. 26, 2012 /PRNewswire/ -- People's United Financial,
Inc. (NASDAQ: PBCT) today announced that its Board of Directors approved a new
share repurchase authorization. Earlier this quarter, the Company completed
its previous share repurchase authorization, announced in October 2011, by
purchasing 18 million shares (at a weighted average price of $12.08 per share)
since that time. Under the new authorization, up to 10 percent of the
Company's common shares outstanding, or 33.6 million shares, can be
repurchased, either directly or through agents, in the open market at prices,
times and terms satisfactory to management. The pending share repurchase
activity will be financed using cash on hand and the proceeds from one or more
debt financings. The timing of share repurchases and debt financings will be
subject to market conditions.

"Today's announcement is attributable to our solid business fundamentals,
including our strong capital levels, prospects for growth in attractive
markets and low-risk business model. We will continue to prudently and
effectively deploy capital through organic loan and deposit growth, a
consistent dividend policy, continued share repurchases and a thoughtful
acquisition strategy," said Jack Barnes, President and Chief Executive Officer
of People's United. Over the past five years, People's United has returned
more than $1.8 billion to shareholders in the form of dividends and share
repurchases.

People's United Financial, a diversified financial services company with $29
billion in assets, provides commercial and retail banking, as well as wealth
management services through a network of 418 branches in Connecticut, New
York, Massachusetts, Vermont, New Hampshire and Maine. Through its
subsidiaries, People's United Financial provides equipment financing,
brokerage and insurance services. Assets under administration and those under
full discretionary management, neither of which are reported as assets of
People's United Financial, totaled $12.0 billion and
$4.5 billion, respectively, at September 30, 2012.

Certain statements contained in this release are forward-looking in nature.
These include all statements about People's United Financial's plans,
objectives, expectations and other statements that are not historical facts,
and usually use words such as "expect," "anticipate," "believe," "should" and
similar expressions. Such statements represent management's current beliefs,
based upon information available at the time the statements are made, with
regard to the matters addressed. All forward-looking statements are subject to
risks and uncertainties that could cause People's United Financial's actual
results or financial condition to differ materially from those expressed in or
implied by such statements. Factors of particular importance to People's
United Financial include, but are not limited to: (1) changes in general,
national or regional economic conditions; (2) changes in interest rates; (3)
changes in loan default and charge-off rates; (4) changes in deposit levels;
(5) changes in levels of income and expense in non-interest income and expense
related activities; (6) residential mortgage and secondary market activity;
(7) changes in accounting and regulatory guidance applicable to banks; (8)
price levels and conditions in the public securities markets generally; (9)
competition and its effect on pricing, spending, third-party relationships and
revenues; (10) the successful integration of acquired companies; and (11)
changes in regulation resulting from or relating to financial reform
legislation. People's United Financial does not undertake any obligation to
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.

Access Information About People's United Financial at www.peoples.com.

SOURCE People's United Financial, Inc.

Website: http://www.peoples.com
Contact: Investor Contact: Peter Goulding, CFA, Investor Relations,
+1-203-338-6799, peter.goulding@peoples.com or Media Contact: Valerie Carlson,
Corporate Communications, +1-203-338-2351, valerie.carlson@peoples.com