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For Immediate Release
January 25, 2005

Contact:
Jeff Nathanson, Sr. V.P., Communications
(207) 761-8517
E-mail: beryl@wolfenews.com

Beryl Wolfe
(207) 883-6083

Web Site: http://www.tdbank.com/

Banknorth Announces Quarterly Dividend

PORTLAND, Maine - Banknorth Group, Inc. (NYSE: BNK) has announced that its Board of Directors has approved a quarterly dividend of 20 cents per share based on earnings for the fourth quarter ended December 31, 2004. The dividend is level with the dividend paid following the third quarter ended September 30, 2004.

The dividend will be paid on February 14, 2005 to shareholders of record at the close of business on February 4, 2005.

"I am pleased to continue our practice of returning approximately 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.

At December 31, 2004, Banknorth Group, Inc. headquartered in Portland, Maine had $28.7 billion in assets. Banknorth's banking subsidiary, Banknorth N.A., operates banking divisions in Connecticut (Banknorth Connecticut); Maine (Peoples Heritage Bank); Massachusetts (Banknorth Massachusetts); New Hampshire (Bank of New Hampshire); New York (Evergreen Bank); and Vermont (Banknorth Vermont). The Company and Banknorth, N.A. also operate subsidiaries and divisions in insurance, wealth management, merchant services, mortgage banking, government banking and other financial services and offer investment products in association with PrimeVest Financial Services, Inc. The Company's website is at www.banknorth.com.

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