Banknorth Group Announces 2-for-1 Stock Split.BURLINGTON, Vt.--(BUSINESS WIRE)--Feb. 24, 1998--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) today announced that the board of directors has approved a 2-for-1 split of its common stock effected in the form of a 100 percent stock dividend. The new shares will be issued April 6, 1998, to shareholders of record on March 20, 1998. Making the announcement was William H. Chadwick, president and chief executive officer. "By taking this action, the board is expressing confidence in Banknorth's performance and optimism for our future," Chadwick said. "Our share price has increased more than 60 percent over the past two years. Our desire is to maintain our share price at a level that makes ownership more affordable for our customers and a wider range of retail investors Retail Investor Individual investors who buy and sell securities for their personal account, and not for another company or organization. Notes: Retail investors buy in much smaller quantities than larger institutional investors. ," he said. The company announced and began a 5 percent stock buy-back program in the fourth quarter of 1997 and has achieved approximately 40 percent of that goal thus far. Banknorth Group Inc. serves the financial needs of customers in Vermont Vermont (vərmŏnt`) [Fr.,=green mountain], New England state of the NE United States. It is bordered by New Hampshire, across the Connecticut R. , Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. and 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). , electronically 24 hours a day
and personally through its seven community banks, a mortgage company and
a trust and investment management company.
CONTACT: Banknorth Group Inc. David P. Reville, 802/860-5474 Thomas J. Pruitt, 802/860-5558 |
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