UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
1. Name and Address of Reporting Person
People's Bank
850 Main Street
Bridgeport, Connecticut 06604
2. Date of Event Requiring Statement (Month/Day/Year)
September 3, 1997
3. IRS or Social Security Number of Reporting Person (Voluntary)
06-1213065
4. Issuer Name and Ticker or Trading Symbol
Norwich Financial Corp. (NSSB)
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director (X) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
6. If Amendment, Date of Original (Month/Day/Year)
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Beneficially Owned |
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1. Title of Security |2. Amount of |3. Ownership |4. Nature of Indirect |
(Instr. 4) | Securities | Form: | Beneficial Ownership |
| Beneficially | Direct(D) or | (Instr. 5) |
| Owned | Indirect(I) | |
| (Instr. 4) | (Instr. 5) | |
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Common Stock, par value $0.01 per share |1,081,036(a) |D | |
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Table II -- Derivative Securitites Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
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1.Title of Derivative |2.Date Exer- |3.Title and Amount of | |4. Conver-|5. Owner- |6. Nature of Indirect |
Security | cisable and | Securities Under- | |sion or |ship | Beneficial Ownership |
(Instr. 4) | Expiration | lying Derivative | |Exercise |Form | (Instr. 5) |
| Date(Month/ | Security | |Price |of | |
| Day/Year) | (Instr. 4) | |of |Deriv- | |
|-------------------|-----------------------|---------|Deri- |ative | |
| Date | Expira- | |Amount or|vative |Security: | |
| Exer- | tion | Title |Number of|Security |Direct(D) or | |
| cisable | Date | |Shares | |Indirect(I) | |
| | | | | |(Instr. 5) | |
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Stock Option Agreement |(b) |(b) |Common Stock, par value|1,081,036|$25.00 |D | |
(right to buy) | | | $0.01 per share |(a) | | | |
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Explanation of Responses:
(a) Beneficial ownership of the 1,081,036 shares of Norwich
Financial Corp. Common Stock reported hereunder (the "Option
Shares") is so being reported solely as the result of the call
option (the "Option") granted pursuant to the Stock Option
Agreement described under "Derivative Securities Beneficially
Owned." Such option has not yet become exercisable, and People's
Bank expressly disclaims beneficial ownership of the Option
Shares.
(b) The Option has no specified exercise date and becomes
exercisable upon the occurrence of certain events, none of which
have occurred as of the date hereof. The Option will expire upon
the occurrence of certain events.
SIGNATURE OF REPORTING PERSON
/s/ George W. Morriss
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George W. Morriss
Executive Vice President and Chief Financial Officer
DATE
September 15, 1997
