Banknorth Dividend Up 8% Over Year-Ago Quarter; Increases Buyback Authorization by 5 Million Shares.Business Editors PORTLAND, Maine--(BUSINESS WIRE)--Oct. 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 13.5 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 earnings for the third quarter ended September 30, 2001. The dividend is up 8 percent over that paid following the same quarter a year ago and up 4 percent over the dividend paid following the previous quarter. The Company's Board of Directors also increased its share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. authorization by 5 million shares. The Company has repurchased approximately 5.7 million shares of an 8 million share repurchase program authorized in January. The Company is authorized to repurchase shares in open market transactions as, in the opinion of management, market conditions warrant. The quarterly dividend will be paid on November 12, 2001 to shareholders of record on October 30, 2001. "It is important that shareholders share in our earnings success," said William J. Ryan, Company Chairman, President and Chief Executive Officer. Net income for the quarter ended September 30, 2001 was a record 45 cents per diluted share. 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 35 largest commercial banking companies with $18.2 billion in assets. The Company operates banking offices in Connecticut, Maine, Massachusetts, 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). , 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 and Vermont. The Company also operates subsidiaries and divisions in insurance, money management, investments, leasing, government banking, mortgage banking, asset based lending, private banking, merchant services and other financial services. |
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