UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT FORM
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 30, 1997
BANKNORTH GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-18173 03-0321189
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
Banknorth Group, Inc.
300 Financial Plaza
P.O. Box 5420
Burlington, VT 05401-5420
(Address of principal executive offices)
Registrant's telephone number, including area code: (802) 658-9959
Not applicable
(Former name or former address, if changed since last report)
Item 5. Other Events
On October 30, 1997, Banknorth Group, Inc. (the Company) issued a press
release announcing a stock buyback plan. The Company plans to buy back up
to 5%, or 391,332 shares of its outstanding common stock. The Company has
7.8 million outstanding shares. The text of the press release is attached
as an exhibit to this report.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
(99) Press release dated October 30, 1997
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report on Form 8-K to be signed on its
behalf by the undersigned hereunto duly authorized.
BANKNORTH GROUP, INC.
Date: October 30, 1997 By /s/ Neal E. Robinson
------------------------------
Neal E. Robinson
Senior Vice President & Treasurer
[LOGO] Banknorth Group
News Release
300 Financial Plaza, P.O. Box 5420
Burlington, VT 05401
For Release: IMMEDIATELY
Contact: Thomas J. Pruitt
EVP & CFO
(802) 860-5585
BANKNORTH GROUP ANNOUNCES STOCK BUYBACK
BURLINGTON, VT, October 30, 1997- Banknorth Group, Inc. [NASDAQ-BKNG] today
announced that the board of directors has approved a plan to buy back up to
5%, or 391,332 shares of its outstanding common stock. The company has 7.8
million outstanding shares. Making the announcement was William H.
Chadwick, president and chief executive officer.
"Our company and each subsidiary is well capitalized according to
regulatory standards. Purchase of our stock, at today's prices, provides a
rate of return in excess of our cost of capital and allows us to exercise
good capital management for our shareholders", Chadwick said.
The company placed no deadline on the purchase plan but expects to
make open market and/or privately negotiated purchases from time to time
over the next 12 months based on stock price and market conditions. In May
of this year, Banknorth raised $30 million through the issuance of so-called
"trust preferred" capital securities and will be able to complete the
buyback from cash flow without additional leverage.
Banknorth Group, Inc. serves the financial needs of customers through
its seven community banks with 60 offices located in Vermont, Massachusetts
and New Hampshire, a mortgage company and an investment management company.
