Banknorth Board Approves Quarterly Dividend Authorizes Share Repurchase Program.Business Editors PORTLAND, Maine--(BUSINESS WIRE)--Jan. 23, 2001 Banknorth Group, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BKNG) announced today that its Board of Directors has approved a quarterly dividend of 13 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 fourth quarter 2000 earnings announced earlier today. The Directors also authorized the repurchase of up to 8 million shares, or approximately 3 percent, of the Company's common stock. The quarterly dividend rate represents an increase of 4 percent over the dividend paid for the previous quarter. The dividend will be paid on February 12, 2001 to shareholders of record on February 2, 2001. Under the repurchase program, shares will be repurchased from time to time in open market transactions as, in the judgement of management, market conditions warrant. The Company repurchased approximately 4.6 million shares of its common stock at a weighted average price of $18.19 per share during the fourth quarter ended December 31, 2000. "We want to always work in the interest of our shareholders," said William J. Ryan, Chairman, President and Chief Executive Officer. "By maintaining a dividend payout ratio Dividend Payout Ratio The percentage of earnings paid to shareholders in dividends. Calculated as: in the 30 percent range and repurchasing shares when feasible, we seek to create shareholder value." Banknorth Group, Inc., 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 50 largest commercial banking companies with $18.2 billion in assets. The Company operates banking subsidiaries in Maine, Peoples Heritage Bank, NA, in 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, NA, in Massachusetts, First Massachusetts Bank, NA, in Vermont, The Howard Bank, NA, Franklin Lamoille Bank, NA and First Vermont Bank, NA, and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Evergreen Bank, NA. In north central Connecticut, the Company's banking presence is GBT GBT Green Bank Telescope (Pocahontas County, West Virginia) GBT Gay/Bisexual/Transgender GBT Group on Basic Telecommunications GBT Ground-Based Transceiver GBT General Business Technology GBT Great Books Tutorial , 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, Heritage Investment Planning Services, and a leasing company, Banknorth Leasing. Other subsidiaries and divisions provide services in mortgage banking, asset based lending, private banking, merchant card services and other financial services. |
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