Banknorth Completes BostonFed Acquisition.PORTLAND, Maine -- Banknorth Group, Inc. (NYSE NYSE See: New York Stock Exchange : BNK BNK Bangkok BNK Bundesverband Niedergelassener Kardiologen eV BNK Banking ) announced today that it completed its acquisition of BostonFed Bancorp, Inc. (AMEX AMEX See: American Stock Exchange : BFD BFD Big Freakin' Deal (polite form) BFD Bidirectional Forwarding Detection (IP networking) BFD Binary File Descriptor (computer programming) ), the parent company of Boston Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks , on January 21, 2005. "We are excited to continue our growth in the Massachusetts market", said William J. Ryan, Chairman, President and Chief Executive Officer of Banknorth. "The BostonFed acquisition significantly increases our presence in several important suburbs of Boston and we look forward to meeting the financial service needs of BostonFed's customers," he added. At December 31, 2004, Banknorth Group, Inc. headquartered in Portland, Maine had $28.7 billion in assets. Banknorth's banking subsidiary, Banknorth, N.A., operates banking divisions in Connecticut (Banknorth Connecticut); Maine (Peoples Heritage Bank); Massachusetts (Banknorth Massachusetts); New Hampshire (Bank of New Hampshire); New York (Evergreen Bank); and Vermont (Banknorth Vermont). The Company and Banknorth, N.A. also operate subsidiaries and divisions in insurance, money management, merchant services, mortgage banking, government banking and other financial services and offer investment products in association with PrimeVest Financial Services, Inc. The Company's website is at www.banknorth.com. |
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