Banknorth Group to Pay 13 Cent Per Share Quarterly Dividend.Business Editors PORTLAND, Maine--(BUSINESS WIRE)--July 24, 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 earnings for the first quarter ended June 30, 2001 The dividend will be paid on August 13, 2001 to shareholders of record on August 3, 2001. The dividend is one-half cent per share higher than the dividend paid following the first quarter a year ago. "This dividend maintains our long-standing practice of paying out 30 percent or more of quarterly earnings in shareholder dividends," said William J. Ryan, Company Chairman, President and Chief Executive Officer. Net and operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before for the first quarter were 43 cents per share. Banknorth Group, Inc., headquartered in Portland, Maine, is one of the country's 50 largest commercial banking companies with $18.1 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, Bancnorth Investment Planning Services, and a leasing company, Banknorth Leasing. Other subsidiaries and divisions provide services in mortgage banking, asset based lending, private banking, merchant services and other financial services. |
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