People's Bancshares took a first step toward restructuring its over-leveraged balance sheet Thursday, but some investors said they were not impressed.

The $1.1 billion-asset thrift company, which is based in New Bedford, Mass., said it would sell $30 million of higher-risk assets and work to reduce higher-cost interest-bearing deposits. The move came one year after investors started to press People's management to reduce the leverage on the company's balance sheet.

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