Law Offices of Howard G. Smith Announces Investigation On Behalf of Shareholders of Smithtown Bancorp, Inc.

Law Offices of Howard G. Smith announces that it is investigating potential claims against the board of directors of Smithtown Bancorp, Inc. (“Smithtown” or the “Company”) (NASDAQ:SMTB) related to the Company’s agreement to be acquired by People’s United Financial, Inc. (“People’s United”). The proposed cash-and-stock transaction is valued at approximately $60 million.

Under the terms of the definitive agreement entered into by the parties, People's United will acquire Smithtown Bancorp for approximately $30 million in cash and 2.14 million shares of People’s United common stock, valued in the aggregate at approximately $30 million based on the five-day average closing price of People's United common stock for the period ended July 14, 2010. The value of the consideration a Smithtown shareholder will receive for each share of Smithtown common stock is equivalent in the aggregate to 0.1430 shares of People's United common stock and $2.00 in cash. The transaction is expected to close in the fourth quarter of 2010. The investigation concerns possible breaches of fiduciary duty and other violations of law related to approval of the proposed transaction by Smithtown’s board of directors.

If you own shares of Smithtown, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.

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