EXHIBIT 99
For Immediate Release
For Further Information, Contact
Brian Arsenault, SVP, Corporate Communications
207 761-8517
Banknorth Group to Repurchase Up to
4 Million Shares of Common Stock
Portland, Maine, November 16, 2000 - Banknorth Group, Inc. (NASDAQ: BKNG)
announced today that its Board of Directors has authorized the repurchase of
up to 4 million shares, or approximately 3 percent, of the Company's common
stock. Shares will be repurchased from time to time in open market
transactions as, in the judgement of management, market conditions warrant.
"We think it is very important to manage our capital in the best interest of
our shareholders," said William J. Ryan, Company Chairman, President and Chief
Executive Officer. "Management believes that the current price of our stock
does not adequately reflect our long-term business and earnings prospects. We
are fortunate to have the financial flexibility that allows us to demonstrate
our confidence in those future prospects."
The Company recently repurchased 625,000 shares of its common stock.
Banknorth Group, headquartered in Portland, Maine, is one of the country's 50
largest commercial banks with $18.5 billion in assets. Its Maine and New
Hampshire banking subsidiaries, Peoples Heritage Bank, NA and Bank of New
Hampshire, NA, respectively, each have the number one deposit market position
in their respective states. The Company's Vermont banks, The Howard Bank, NA,
Franklin Lamoille Bank, NA and First Vermont Bank, NA combined have that
state's second largest deposit market share. First Massachusetts Bank, NA is
one of the six largest banks in Massachusetts. The Company also operates in
upstate New York through Evergreen Bank, NA and in north central Connecticut
with GBT, a division of First Massachusetts Bank, NA.
The Company and its subsidiary banks also operate subsidiaries in insurance
brokerage through Morse, Payson & Noyes Insurance, the region's largest
independent insurance agency, money management through The Stratevest Group,
NA, mortgage banking and leasing.
(Note on forward-looking statements: This news release contains forward-
looking statements. Actual results may vary materially from those statements.
Factors which could result in material variations include but are not limited
to changes in interest rates which could affect net interest margins and net
interest income; competitive factors which could affect net interest income
and noninterest income; and general economic conditions which could negatively
affect the volume of loan originations, the amount of loan losses and levels
of noninterest income.)
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