Advantage Payroll Services Announces Alliance With Banknorth.

Business Editors

AUBURN, Maine--(BUSINESS WIRE)--Dec. 4, 2001

Advantage Payroll Services, a leading nationwide payroll and tax services provider, today announced an alliance with the Banknorth Group, Inc., a major commercial bank with seven affiliates in Northern New England and Upstate New York.

Both companies have developed a niche in the small business market, and share other similarities, according to Charles W. Lathrop, president and CEO of Advantage Payroll Services. "Our companies are very much alike in that we both make customer service our top priority," Lathrop said. "At Advantage, we'll continue to serve Banknorth's customers with the high quality of service they've come to expect."

Mark Collins, executive vice president of Banknorth Group, added, "Small Business is a very important part of Banknorth as well as the communities we serve. A lot of small businesses need the type of services Advantage provides, and we are very pleased to have a partnership that delivers payroll services to them."

With this alliance, a unique value-added opportunity is on the horizon for Web-savvy customers of Banknorth and Advantage. Soon, they will be able to manage both their banking and payroll services online from one location, as Banknorth prepares to offer both Internet business banking and integration with Advantage's Internet-based payroll application, Instant Payroll(R). This industry-leading online payroll application is unmatched in allowing businesses to preview their payroll and check history, enter payroll hours and make employee changes in real time, at their convenience.

"Our customer base has been asking for online business banking services for a while, so we can see how they will also be very interested in Instant Payroll(R)," said Linda Porter, sales support officer, Banknorth Group, Inc.

According to Lathrop, by streamlining their financial services on the Web, small businesses can conserve their limited resources and greatly improve their bottom line. "We're creating a tremendous opportunity that will save our customers both time and money," he said.

About Banknorth Group, Inc.

Banknorth Group, Inc., headquartered in Portland, Maine, is one of the country's 50 largest commercial banking companies with $18.1 billion in assets. The Company operates banking subsidiaries in Maine, Peoples Heritage Bank, NA; New Hampshire, Bank of New Hampshire, NA; Massachusetts, First Massachusetts Bank, NA; Vermont, The Howard Bank, NA, Franklin Lamoille Bank, NA and First Vermont Bank, NA; and New York, Evergreen Bank, NA. In north central Connecticut, the Company's banking presence is GBT, a division of First Massachusetts Bank, NA.

The Company also operates a variety of insurance agencies in New England as subsidiaries of Morse, Payson & Noyes, Insurance, its lead agency; a money management firm, The Stratevest Group, NA; an investment subsidiary, Bancnorth Investment Planning Services; and a leasing company, Banknorth Leasing. Other subsidiaries and divisions provide services in mortgage banking, asset-based lending, private banking, merchant services and other financial services.

About Advantage Payroll Services

Founded in 1967, Advantage Payroll Services is one of the top five payroll service providers in the United States with over 44,000 small and mid-sized business clients through 44 offices in 26 states. Based in Auburn, Maine, Advantage is the only national payroll company that offers direct deposit and tax filing at no additional charge. Advantage also has the industry's highest Certified Payroll Professional (CPP)-to-client ratio, and enjoys a client satisfaction rate exceeding 98%.

Advantage's comprehensive payroll and tax filing services include Instant Payroll(R) -- the innovative Web-based payroll application that allows businesses to control payroll hours and employee changes at their convenience. With no software to download, users need only Internet access and a current Web browser to preview their current payroll and check history, set up new hires, make rate changes, establish voluntary deductions, manage paid time off plans and perform other payroll functions in real time. Instant Payroll(R) also includes a comprehensive User Reference Guide and qualified Customer Support Specialists to help with questions.