Banknorth Group to Repurchase Up to 4 Million Shares of Common Stock.Business Editors PORTLAND, Maine--(BUSINESS WIRE)--Nov. 16, 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) announced today that its Board of Directors has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the repurchase of up to 4 million shares, or approximately 3 percent, of the Company's common stock. Shares will be repurchased from time to time in open market transactions as, in the judgement of management, market conditions warrant. "We think it is very important to manage our capital in the best interest of our shareholders," said William J. Ryan, Company Chairman, President and Chief Executive Officer. "Management believes that the current price of our stock does not adequately reflect our long-term business and earnings prospects. We are fortunate to have the financial flexibility that allows us to demonstrate our confidence in those future prospects." The Company recently repurchased 625,000 shares of its common stock. Banknorth Group, 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 50 largest commercial banks with $18.5 billion in assets. Its Maine 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). banking subsidiaries, Peoples Heritage Bank, NA and Bank of New Hampshire, NA, respectively, each have the number one deposit market position in their respective states. The Company's Vermont banks, The Howard Bank, NA, Franklin Lamoille Bank, NA and First Vermont Bank, NA combined have that state's second largest deposit market share. First Massachusetts Bank, NA is one of the six largest banks in Massachusetts. The Company also operates in upstate New York Upstate New York is the region of New York State north of the core of the New York metropolitan area. It has a population of 7,121,911 out of New York State's total 18,976,457. Were it an independent state, it would be ranked 13th by population. through Evergreen Bank, NA and in north central Connecticut with 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 and its subsidiary banks also operate subsidiaries in insurance brokerage through Morse, Payson & Noyes Insurance, the region's largest independent insurance agency, money management through The Stratevest Group, NA, mortgage banking and leasing. (Note on 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. : This news release contains forward-looking statements. Actual results may vary materially from those statements. Factors which could result in material variations include but are not limited to changes in interest rates which could affect net interest margins and net interest income; competitive factors which could affect net interest income and noninterest income; and general economic conditions which could negatively affect the volume of loan originations 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. , the amount of loan losses and levels of noninterest income.) |
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