Banknorth Group Declares Second Quarter Dividend.Business Editors BURLINGTON, Vt.--(BUSINESS WIRE)--April 26, 2000 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), at today's board of directors meeting, declared its regular quarterly cash dividend of 20 cents per common share issued and outstanding. The dividend will be paid on May 18, 2000, to shareholders of record at the close of business on May 8, 2000. Making the announcement was William H. Chadwick, president and chief executive officer. On June 2, 1999, it was announced that Banknorth had reached a definitive agreement to be acquired by Peoples Heritage Financial Group, Inc. (NASDAQ:PHBK PHBK Self-Help Group Linkage Program PHBK Phone Book ). Under the terms of the definitive agreement, shareholders of Banknorth will receive 1.825 shares of Peoples Heritage common stock for each whole share of Banknorth common stock plus cash in lieu Cash In Lieu (CIL) In a typical exchange offer, "old" shares of the target company are exchanged for "new shares". of any fractional interest. The exchange will be tax-free and the transaction will be accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. . The shareholders of both companies and the Federal Reserve Board have approved the agreement. It is expected that the transaction will be closed by the middle of May 2000. Banknorth Group, Inc., a $4.6 billion financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company, operates 100 offices in 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 , 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). and Vermont, as well as Banknorth Mortgage Company, Inc. and The Stratevest Group, N.A., an investment management firm. The company serves the financial needs of customers 24 hours a day, seven days a week through its automated telephone banking system and network of 144 ATMs. More information about the company is available at http://www.banknorth.com. Except for historical information contained herein, the matters discussed in this news release, and other information contained in the Company's SEC filings, may express "forward looking statements." Those "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " may involve risk and uncertainties, including statements concerning future events or performance and assumptions and other statements that are other than statements of historical facts. The Company wishes to caution readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. Readers are advised that various factors -- including, but not limited to changes in laws, regulations or Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ; the Company's competitive position within the markets served of increasing consolidation within the banking industry; certain customers and vendors of critical systems or services failing to have complied with Year 2000 programming issues; unforeseen changes in interest rates; any unforeseen downturns in the local, regional or national economies -- could cause the Company's actual results or circumstances for future periods to differ materially from those anticipated or projected. Banknorth Group, Inc. does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to any forward-looking statements to reflect the occurrence of unanticipated events or circumstances after the date of such statements. |
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