Banknorth Increases Quarterly Dividend.Business Editors PORTLAND, Maine--(BUSINESS WIRE)--Jan. 27, 2004 Banknorth Group, Inc. (NYSE NYSE See: New York Stock Exchange : BNK BNK Bangkok BNK Bundesverband Niedergelassener Kardiologen eV BNK Banking ) announced today that its Board of Directors has increased the Company's quarterly dividend to 19.5 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 fourth quarter ended December 31, 2003. The dividend is 22% higher than the quarterly dividend paid following the fourth quarter a year ago and a half cent HALF CENT, money. A copper coin of the United States, of the value of one two-hundredth part of a dollar, or five mills. It weighs eighty-four grains. Act of January 18, 1837, s. 12, 4 Sharswood's cont. of Story's L. U. S. 2523, 4. Vide Money. per share higher than the dividend paid the previous quarter ended September 30, 2003. "By this vote, our Directors continue the Company's practice of returning 35% of net income to shareholders in the form of dividends paid each quarter," said William J. Ryan, Banknorth Chairman, President and Chief Executive Officer. The dividend will be paid on February 16, 2004 to shareholders of record on February 6, 2004. The Company recently announced record quarterly net income of $91.6 million, or 55 cents per diluted share, for the quarter ended December 31, 2003. Banknorth Group, headquartered in Portland, Maine, is one of the country's 35 largest commercial banking companies with $26.5 billion in assets. The Company's banking subsidiary, Banknorth, N.A., operates banking divisions in Connecticut (Banknorth Connecticut); Maine (Peoples Heritage Bank); Massachusetts (Banknorth 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). (Bank of New Hampshire); 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); and Vermont (Banknorth Vermont). The Company and Banknorth, N.A. also operate subsidiaries and divisions in insurance, money management, merchant services, mortgage banking, government banking and other financial services and offers investment products in association with PrimeVest Financial Services, Inc. The Company's website is at www.banknorth.com. |
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