CONTACT: Mary Ann Wilson, People's Bancshares, Inc. (508)991-2771
FOR IMMEDIATE RELEASE
PROXY MONITOR RECOMMENDS SHAREHOLDERS SUPPORT CURRENT
MANAGEMENT OF PEOPLE'S BANCSHARES
New Bedford, MA June 8, 2000 - People's Bancshares, Inc. (NASDAQ: PBKB) today
announced that Proxy Monitor, a national institutional shareholder advisory
firm, has recommended that shareholders vote FOR the Company's slate of nominees
to the Board and AGAINST the nominees of the dissident Kingston Group. People's
Annual Meeting of Stockholders is scheduled for June 16, 2000.
The Proxy Monitor report pointed to the fact that People's Bancshares' "income
and earning per share have progressed at a satisfactory rate; dividends have
increased; return on equity has been impressive; and its management has received
expressions of confidence in the financial press and in trade publications."
Proxy Monitor concluded that "we recommend a vote in favor of the incumbent
slate on the WHITE proxy card."
Proxy Monitor, based in New York City, is an independent advisor to
institutional investors and provides proxy research, voting recommendations for
proxy contests, and voting agent services.
Richard S. Straczynski, President and Chief Executive Officer of People's
Bancshares, said, "We are very pleased with the Proxy Monitor recommendation.
They have a strong reputation for advocacy of shareholder interests. We strongly
urge shareholders to follow Proxy Monitor's recommendation and to sign, date and
return their WHITE proxy cards with a vote FOR the Board's nominees. We continue
to believe that the Kingston Group's 'sell the bank' agenda is ill-conceived."
People's Bancshares, Inc. is a unitary bank holding company whose principal
business consists of People's Savings Bank of Brockton, an FDIC insured savings
bank headquartered in Easton, MA. People's Mortgage Co., the primary subsidiary
of the bank, conducts business in six states. People's Bancshares can be found
on the Web at www.peoplessavingsbank.com.
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