UNITED STATES
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
Date of Report (Date of earliest event reported): February 24, 1998
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
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On February 24, 1998, Banknorth Group, Inc. (the Company) issued a press
release announcing a 2-for-1 split of its common stock effected in the form
of a 100% stock dividend. The new shares will be issued April 6, 1998, to
shareholders of record on March 20, 1998. The text of the press release is
attached as an exhibit to this report.
Item 7. Financial Statements and Exhibits
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(c) Exhibits.
(99) Press release dated February 24, 1998
[LOGO] Banknorth Group
News Release
300 Financial Plaza, P.O. Box 5420
Burlington, VT 05401
For Release: February 24, 1998, 3:00 pm
Contact: David P. Reville Thomas J. Pruitt
Corporate Communications EVP & CFO
(802) 860-5474 (802) 860-5585
BANKNORTH GROUP ANNOUNCES 2-for-1 STOCK SPLIT
BURLINGTON, VT, February 24, 1998- Banknorth Group, Inc. [NASDAQ-BKNG] today
announced that the board of directors has approved a 2-for-1 split of its
common stock effected in the form of 100% stock dividend. The new shares will
be issued April 6, 1998, to shareholders of record on March 20, 1998. Making
the announcement was William H. Chadwick, president and chief executive
officer.
"By taking this action, the board is expressing confidence in Banknorth's
performance and optimism for our future", Chadwick said. "Our share price
has increased more than 60% over the past two years. Our desire is to
maintain our share price at a level that makes ownership more affordable for
our customers and a wider range of retail investors", he said.
The company announced and began a 5% stock buy-back program in the fourth
quarter of 1997 and has achieved approximately 40% of that goal thus far.
Banknorth Group, Inc. serves the financial needs of customers in Vermont,
Massachusetts and New Hampshire, electronically 24 hours a day and
personally through its seven community banks, a mortgage company and a trust
and investment management company.
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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: February 24, 1998 By /s/ Thomas J. Pruitt
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Thomas J. Pruitt
Executive Vice President & Chief
Financial Officer
