FEDERAL DEPOSIT INSURANCE CORPORATION Washington, DC 20429 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) February 3, 2004 People s Bank (Exact name of registrant as specified in its charter) Connecticut (State or other jurisdiction of incorporation) 27334 (FDIC Certificate Number) 06-1213065 (IRS Employer Identification No.) 850 Main Street, Bridgeport, CT (Address of principal executive offices) Registrant s telephone number, including area code 06604 (Zip Code) (203) 338-7171 Not Applicable (Former name or former address, if changed since last report)
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) The following Exhibit is submitted herewith. Exhibit No. Description 99.1 Press Release dated February 3, 2004 Item 12. Results of Operations and Financial Condition. On February 3, 2004, People s Bank issued a press release, announcing the sale of its credit card operations to The Royal Bank of Scotland Group. A copy of that press release is attached hereto as Exhibit 99.1. The information contained in and accompanying this Form 8-K is being furnished to the Federal Deposit Insurance Corporation in accordance with General Instruction B.6 to Form 8-K.
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. People s Bank (Registrant) Date: February 4, 2004 By: /s/ Vincent J. Calabrese _ (Signature) Name: Vincent J. Calabrese Title: Senior Vice President and Controller
EXHIBIT INDEX Exhibit No. Description Page 99.1 Press Release dated February 3, 2004 99.1-1
EXHIBIT 99.1 Press Release dated February 3, 2004
Vincent J. Calabrese Senior Vice President Comptroller 203.338.4114 Fax:203.338.3461 vjcalab@peoples.com Valerie C. Carlson Corporate Communications 203.338.2351 Fax: 203.338.3461 vccarls@peoples.com February 3, 2004 PEOPLE S BANK AGREES TO SELL CREDIT CARD BUSINESS TO THE ROYAL BANK OF SCOTLAND GROUP TO FOCUS ON PROFITABLE CORE BANKING FRANCHISE RBS to Maintain Credit Card Employee Base in Bridgeport BRIDGEPORT, CONN., People's Bank (NASDAQ: PBCT), a $12 billion financial services company and the largest independent state-chartered institution in Connecticut, today announced an agreement to sell its credit card business, including transfer of its related Bridgeport credit card operations and staff, to The Royal Bank of Scotland Group (RBS). People s will obtain a 15.5% premium on the credit card receivables sold in the transaction. At December 31, 2003, the total amount of People s managed credit card receivables was approximately $2.3 billion. The strategic decision to exit the credit card business strengthens People s and better enables us to focus on our core retail and commercial banking businesses where we have proven competencies and demonstrated competitive advantages, said John A. Klein, People s president and chief executive officer. We believe that the time is right to transfer the business to an institution that can optimize its performance and grow it to a multiple of its current size, he said. RBS, with one of the largest credit card platforms in Europe, is such an institution. We are particularly pleased that RBS will maintain our credit card business employment base in Bridgeport, Mr. Klein said. The ability to preserve and grow the business was certainly an important factor in our decision to sell the business to RBS, he said. We deeply appreciate the efforts of our employees to strengthen the credit card business. Over the past two years, our credit card team has worked hard to restore the business to profitability by significantly improving asset quality and our overall effectiveness, Mr. Klein said. - more -
People s/rbs Page 2 People s is Connecticut s bank and has been for 162 years. We will continue our leadership and commitment to the state and its communities especially in our hometown. At the same time, we welcome RBS as a major new corporate citizen contributing to Bridgeport s economic development, he concluded. The transaction is expected to close in the first quarter of 2004 subject to receipt of customary regulatory approvals. People s is a leader in Connecticut retail and commercial banking. The bank was one of the first in the nation to establish a presence in supermarket banking and has 64 of its 154 branches located in Super Stop & Shop stores with seven-day banking across Connecticut. Supermarket branch deposits totaled $1.8 billion at year-end 2003. The bank grew retail non-interest bearing deposits at an 11 percent rate and commercial noninterest bearing deposits at 13 percent in 2003. It also continued to build strong commercial and consumer lending businesses based on its recognized brand, strong relationships and local decision-making. Average commercial banking loans grew $204 million in 2003, or 8 percent, and Connecticut home equity lending grew $110 million, or nearly 20 percent, during the year. People s has been the number one residential mortgage lender in the state for the past eleven years, closing over $3 billion in mortgages in 2003. Conference Call On February 3, 2004, at 10:15 a.m., Eastern Time, People s will host a conference call to discuss this announcement. The call may be heard through www.peoples.com by selecting Investor Relations, News and Events, Conference Calls. Additional materials relating to the call may also be accessed at People s Web site. The call will be archived on the Web site and available for approximately 90 days. People s (peoples.com) is a diversified financial services company providing commercial, consumer, insurance and investment services. Founded in 1842, it is the largest statechartered bank in Connecticut with assets of $12 billion, 154 branches and more than 230 ATMs. People s is a leader in consumer and commercial banking, residential lending, insurance sales and supermarket banking. People s subsidiaries offer brokerage services, asset management, equipment financing and leasing, and insurance services. # # # Editors Note: An electronic press kit is available at www.peoples.com. Media Contact: Investor Contact: Valerie C. Carlson People s Bank (203) 338-2351 Vincent J. Calabrese People s Bank (203) 338-4114