PBCT » Topics » Audit Committee Report

This excerpt taken from the PBCT DEF 14A filed Mar 25, 2009.

Audit Committee Report

The Audit Committee of People’s United Financial has: (1) reviewed and discussed the Company’s audited consolidated financial statements for the year ended December 31, 2008 with management of People’s United Financial; (2) discussed with KPMG LLP, the independent registered public accounting firm for People’s United Financial, the matters required to be discussed by Statement on Auditing Standards No. 61 (Communication with Audit Committees); (3) received the written disclosures and the letter from KPMG LLP required by applicable professional standards concerning auditor independence; and (4) discussed with KPMG LLP its independence.

Based on the review and discussions referred to in the preceding paragraph, the Audit Committee recommended to the Board of Directors of People’s United Financial that the audited consolidated financial statements of People’s United Financial as of and for the fiscal year ended December 31, 2008 be included in People’s United Financial’s Annual Report on Form 10-K for filing with the Securities and Exchange Commission.

This excerpt taken from the PBCT DEF 14A filed Mar 13, 2008.

Audit Committee Report

The Audit Committee of People’s United Financial has: (1) reviewed and discussed the company’s audited consolidated financial statements for the year ended December 31, 2007 with management of People’s United Financial; (2) discussed with KPMG LLP, independent auditors for People’s United Financial, the matters required to be discussed by Statement on Auditing Standards No. 61 (Communication with Audit Committees); (3) received the written disclosures and the letter from KPMG LLP required by Independence Standards Board Standard No. 1 (Independence Discussions with Audit Committees); and (4) has discussed with KPMG LLP its independence.

Based on the review and discussions referred to in the preceding paragraph, the Audit Committee recommended to the Board of Directors of People’s United Financial that the audited consolidated financial statements of People’s United Financial for the fiscal year ended December 31, 2007 be included in People’s United Financial’s Annual Report on Form 10-K for filing with the SEC.

This excerpt taken from the PBCT DEF 14A filed Sep 13, 2007.

Audit Committee Report

Prior to April 16, 2007 (the effective date of the second-step conversion), People’s United Financial had no significant assets and had not engaged in any business activities. Accordingly, there were no financial statements for People’s United Financial as of or for the period ended December 31, 2006. The Annual Report on Form 10-K filed by People’s United Financial for the year ended December 31, 2006 includes consolidated financial statements for People’s United Bank because the business of People’s United Financial following completion of the conversion was and remains substantially identical to the business of People’s United Bank prior to the conversion.

The relevant activities described in this report include activities undertaken by the Audit Committee of People’s United Bank. As noted above, the members of the Audit Committee of People’s United Financial are identical to the members of the Audit Committee of the Bank.

The Audit Committee of People’s United Bank has: (1) reviewed and discussed the Bank’s audited consolidated financial statements for the year ended December 31, 2006 with management of the Bank; (2) discussed with KPMG LLP, independent auditors for People’s United Bank, the matters required to be discussed by Statement on Auditing Standards No. 61 (Communication with Audit Committees); (3) received the written disclosures and the letter from KPMG LLP required by Independence Standards Board Standard No. 1 (Independence Discussions with Audit Committees); and (4) has discussed with KPMG LLP its independence.

Based on the review and discussions referred to in the preceding paragraph, the Audit Committee of People’s United Bank recommended to the Board of Directors of the Bank that the audited consolidated financial

 

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statements of People’s United Bank for the fiscal year ended December 31, 2006 be included in the Bank’s Annual Report on Form 10-K for filing with the OTS. Likewise, the Audit Committee of People’s United Financial recommended to the Board of Directors of People’s United Financial that the audited consolidated financial statements of People’s United Bank for the fiscal year ended December 31, 2006 be included in People’s United Financial’s Annual Report on Form 10-K for filing with the SEC.

 

People’s United Bank Audit Committee

— and —

People’s United Financial Audit Committee

George P. Carter, Chairman

Jerry Franklin

Janet M. Hansen

Richard M. Hoyt

Jeremiah J. Lowney, Jr.

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