Banknorth Announces Quarterly Dividend Increase.Business Editors PORTLAND, Maine--(BUSINESS WIRE)--Jan. 21, 2003 Banknorth Group, Inc. (NYSE NYSE See: New York Stock Exchange : BNK BNK Bangkok BNK Bundesverband Niedergelassener Kardiologen eV BNK Banking ) announced today that its Board of Directors has approved a quarterly dividend of 16 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. based on record earnings for the fourth quarter ended December 31, 2002. The dividend is 19% higher than the quarterly dividend paid following the fourth quarter a year ago and 7% greater than the dividend paid following the previous quarter. The dividend will be paid on February 10, 2003 to shareholders of record on January 31, 2003. "We are pleased to continue our practice of paying out approximately 30% of quarterly net income in shareholder dividends," said William J. Ryan, Banknorth President, Chairman and Chief Executive Officer. Net income for the fourth quarter ended December 31, 2002 was 52 cents per diluted share. Banknorth Group, headquartered in Portland, Maine Portland is the largest city in the U.S. state of Maine, with a 2004 population of 63,882. Portland is Maine's cultural, social and economic capital. Tourists are drawn to Portland's historic Old Port district along Portland Harbor, which is at the mouth of the Fore River and part , is one of the country's 35 largest commercial banking companies with $23.4 billion in assets at December 31, 2002. The Company's banking subsidiary, Banknorth, N.A. operates banking divisions in Maine (Peoples Heritage Bank), New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). (Bank of New Hampshire), Massachusetts (Banknorth Massachusetts), Connecticut (Banknorth Connecticut), Vermont (Banknorth Vermont), and Upstate New York Upstate New York is the region of New York State north of the core of the New York metropolitan area. It has a population of 7,121,911 out of New York State's total 18,976,457. Were it an independent state, it would be ranked 13th by population. (Evergreen Bank). The Company also operates subsidiaries and divisions in insurance, investment planning, money management, leasing, merchant services, mortgage banking, government banking and other financial services. |
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