Bull & Lifshitz, LLP Announces Investigation Of The Acquisition Of Smithtown Bancorp, Inc.

Bull & Lifshitz, LLP announces an investigation into possible breaches of fiduciary duty in connection with the proposed acquisition of Smithtown Bancorp, Inc. (NASDAQ: SMTB) (referred to as "Smithtown" or the “Company”) by People's United Financial, Inc. (NASDAQ: PBCT) (referred to as "People's United") in a deal valued at approximately $60 million, with approximately half that amount being paid in cash and the balance in the form of shares of People's United common stock.

Under the terms of the transaction, Smithtown shareholders will receive consideration equal to $2.00 cash plus 0.1430 shares of People’s common stock for each share of Smithtown common stock held by them, which represents approximately $4.00 per share of Smithtown common stock, based on the 5-day average closing price of People’s common stock for the period ended July 14, 2010.

Bull & Lifshitz, LLP's investigation is focused on whether the Smithtown Board of Directors breached their fiduciary duties to Smithtown stockholders and whether the proposed deal provides adequate value to the Company’s shareholders.

If you are a holder of Smithtown stock and want to discuss your legal rights, you may e-mail or call Bull & Lifshitz, LLP who will, without obligation or cost to you, attempt to answer your questions.

If you are a shareholder of Smithtown and would like more information about our investigation, please contact Peter D. Bull, Esq. by telephone at [phone] or by sending an e-mail including your contact information to: [e-mail]. All e-mail correspondence should make reference to Smithtown.

Bull & Lifshitz, LLP is a New York City-based law firm with significant experience representing investors in merger-related shareholder class actions, shareholder derivative actions, and securities fraud class actions. For more information about the firm, please visit our website at www.nyclasslaw.com.

ATTORNEY ADVERTISING . © 2010 Bull & Lifshitz, LLP. The law firm responsible for this advertisement is Bull & Lifshitz, LLP, 18 East 41 ^st Street, New York, New York 10017, [phone]. Prior results do not guarantee or predict a similar outcome with respect to any future matter .

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