SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
June 2, 1997
(Date of earliest event reported)
Peoples Heritage Financial Group, Inc.
(Exact name of registrant as specified in its charter)
Maine 0-16947 01-0437984
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
P.O. Box 9540, One Portland Square, Portland, Maine 04112-9540
(Address of principal executive offices) (Zip Code)
(207) 761-8500
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last
report)
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ITEM 5. OTHER EVENTS
On June 2, 1997 Peoples Heritage Financial Group, Inc. issued the
press release which is included as Exhibit 99(a) hereto.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Not applicable.
(b) Not applicable.
(c) The following exhibits are included with this Report:
Exhibit 99(a) Press Release, dated June 2, 1997
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
PEOPLES HERITAGE FINANCIAL GROUP, INC.
By: /S/ PETER J. VERRILL
Name: Peter J. Verrill
Title: Executive Vice President,
Chief Operating Officer, Chief
Financial Officer and Treasurer
Date: June 4, 1997
EXHIBIT 99(a)
PEOPLES HERITAGE FINANCIAL GROUP, INC. NEWS RELEASE
For Immediate Release
For Further Information, Contact
Brian Arsenault, Corporate Communications Officer
(207) 761-8517
James J. Kilbride, Chairman and Chief Executive Officer
Morse, Payson & Noyes Insurance
(207) 775-6000
Peoples Heritage to Enter Insurance Business
Purchasing Nation's 60th Largest Insurance Agency
Portland, Maine, June 2, 1997 -- Peoples Heritage Financial Group, Inc.
(NASDAQ:PHBK) announced today that it has signed a binding letter of intent to
purchase Maine's largest insurance agency, Morse, Payson & Noyes Insurance.
Morse, Payson & Noyes, with $125 million in policy premiums and 145 employees,
will be operated as an independent wholly-owned subsidiary of the Company's
lead bank, Peoples Heritage Bank. The insurance firm's management team and
sales staff will remain in place.
Morse, Payson & Noyes, incorporated in 1910, is one of the 60 largest
privately owned insurance agencies in the country and the largest insurance
broker in Maine. It operates nine offices in Maine, one in Massachusetts and
one in New Jersey. It is the largest personal lines insurance agency in
Maine and one of the largest 25 in the country. Its product offerings include
individual property and casualty insurance -- home, auto, boat etc. -- as well
as commercial property and casualty insurance, medical, life, and disability
insurance and long-term care coverage.
William J. Ryan, Peoples' Chairman, President and Chief Executive
Officer, said: "This purchase is a perfect strategic fit as we strive to
become a broader financial services provider in the northeast. The community
focus of Morse, Payson & Noyes and its commitment to quality service is
compatible with our corporate culture. Their product offerings are ideal for
our customer base."
James J. Kilbride, Chairman and Chief Executive Officer of Morse, Payson
& Noyes, said: "This new strategic alliance will capitalize on the combined
strengths of the two companies and allow us to become a stronger competitive
force in our market area which is similar to the bank's. We are excited about
the potential value associated with linking
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our insurance products, services, solutions and our experienced, professional
staff with the bank's strong distribution system."
Both Ryan and Kilbride stressed that they will actively seek
opportunities to expand through the acquisition of other insurance agencies.
The acquisition of Morse, Payson & Noyes is subject to the execution
of a definitive agreement by the parties and the receipt of certain corporate
and regulatory approvals, as well as customary conditions.
Peoples Heritage Financial Group is a $5.5 billion multi-bank and
financial services holding company headquartered in Portland, Maine. In
addition to Peoples Heritage Bank, with 66 banking offices throughout Maine,
the Company has two other banking subsidiaries: Bank of New Hampshire with 45
offices throughout New Hampshire and Family Bank, which operates 18 banking
offices in northeastern Massachusetts and five offices in southern New
Hampshire. The Company and its banking subsidiaries also operate through
subsidiaries in trust and investment services, mortgage banking and leasing.
