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): March 25, 1999
BANKNORTH GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware 000-18173 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
William H. Chadwick, President and Chief Executive Officer of Banknorth
Group, Inc. (the "Company") has announced his intention to retire from the
Company, effective January 1, 2000. The Company's Board of Directors has
appointed a search committee to identify a successor.
Additional information regarding Mr. Chadwick's retirement is contained in
the Company's press release dated March 25, 1999, filed as an Exhibit to
this report.
Item 7. Financial Statements and Exhibits
(c) Exhibits. The following document is filed as an Exhibit to this
report:
(99) Press Release dated March 25, 1999
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BANKNORTH GROUP, INC.
Date: March 26, 1999 By: /s/ Neal E. Robinson
Neal E. Robinson
Treasurer
EXHIBIT INDEX
Exhibit Location in Document
(99) Press Release dated March 25, 1999 Page 5
EXHIBIT 99
For Immediate Release
Contacts: Gary M. Schiff William H. Chadwick
Director of Public Relations President and CEO
802-860-5474 802-860-5560
BANKNORTH CEO TO RETIRE
BURLINGTON, VT, March 25, 1999--William H. Chadwick, president and chief
executive officer of Banknorth Group, Inc. [NASDAQ-BKNG] will retire
effective January 1, 2000, the company announced today. Banknorth is a
$4.4 billion financial services company that operates eight community banks
in four states, an investment management firm, and a mortgage company.
Mr. Chadwick, 62 years old, informed the company early to allow the
company's board of directors ample time to identify a successor.
"I've been very fortunate to lead this company in a time of great
prosperity," said Mr. Chadwick. "We've reached virtually every business
objective we set in recent years. Now it's time to make way for the next
generation of leadership."
According to Angelo P. Pizzagalli, chairman of the Banknorth board of
directors, Mr. Chadwick's contribution has been considerable--and lasting.
"Bill has led this organization to great heights. Under his stewardship,
Banknorth Group has grown to $4.4 billion in assets. In the last year
alone he completed two acquisitions. But his real legacy will be the
committed and talented leadership team he has recruited."
The Banknorth board of directors has named a search committee to identify a
new CEO.
Prior to his CEO role at Banknorth, Mr. Chadwick served as vice chairman
and chief operating officer of the company. He has also served as
president and CEO of Howard Bancorp in Vermont and CEO of New Britain
National Bank in Connecticut. Mr. Chadwick graduated from Brown
University.
Mr. Chadwick has been a community service leader throughout his career. He
is treasurer and trustee of Shelburne Museum and served as 1999 campaign
chair for United Way of Chittenden County, Vermont. He is also past
chairman of the board of trustees of St. Michael's College and a former
director of the Federal Reserve Bank of Boston. Mr. Chadwick plans to
spend more time with his family following his retirement.
Banknorth Group, Inc. operates 100 offices in New York, Massachusetts, New
Hampshire and Vermont, as well as Banknorth Mortgage Company and
Stratevest, an investment management firm. More information about the
company is available at http://www.banknorth.com.
A conference call on Mr. Chadwick's retirement announcement will be held at
2:00 p.m. on Thursday, March 25, 1999. Interested parties should call 1-
888-373-9015. The caller ID is "Banknorth Group Call."
