Banknorth Group, Inc. Makes Equities Magazine's List of 44 NASDAQ "Honor Roll" Companies

Banknorth also ranked 124th on Equities NASDAQ 1000

Portland, Maine (November 5, 2001) - Banknorth Group, Inc. has been named one of 44 "Honor Roll" companies nationwide as part of Equities Magazine's newly released NASDAQ 1000 list.

Banknorth, which is traded on the NASDAQ stock exchange under the symbol BKNG, also was ranked 124th overall on Equities NASDAQ 1000, a prestigious annual list of top performing companies that is similar to the Fortune 500 published by Fortune.

Only 44 of the 1,000 largest NASDAQ-traded companies made the Honor Roll this year, a reduction from 142 a year ago due in part to the dot com and high tech downturn.

The criteria for Honor Roll status includes year-over-year increases in four categories: assets, revenues, earnings and market value; plus an improvement in relative ranking in each of the categories, according to the magazine.

The NASDAQ 1000 list is based on market value.

"To make the Honor Roll means we have performed very well," said William J. Ryan, chairman, president and CEO of Banknorth Group, Inc. "We are in a very select group of companies, including Adelphia Communications and Pharmacopeia."

Equities Magazine focuses on the equities market and is read by those who own, manage and provide the growth capital for public companies. This marks the 18th year that the publication has compiled the NASDAQ 1000.

Banknorth, headquartered in Portland, Maine, is the country's 34th largest commercial banking company with total assets of $21 billion. The Company operates banking subsidiaries in Maine, New Hampshire, Massachusetts, Vermont, New York, and Connecticut.

Banknorth recently reported quarterly net income of $62.2 million for the third quarter, up 7 percent on a per diluted share basis to a record 45 cents from 42 cents during the same period last year. The Company's Board of Directors also recently approved a quarterly dividend of 13.5 cents per share, up 8 percent from the third quarter dividend last year.

Banknorth continues to expand. The Company recently completed the acquisitions of Andover Bancorp, Inc. (NASDAQ: ANDB) for approximately $333 million in stock, and MetroWest Bank (NASDAQ: MWBX) for approximately $166 million in cash. With the acquisitions, Banknorth's Massachusetts banking franchise, First Massachusetts Bank N.A., increases to 114 branches and nearly $9 billion in assets.

Banknorth and its banking affiliates also operate subsidiaries in insurance (Banknorth Insurance Group), investments (Bancnorth Investment Planning Group, Inc.), a money management firm (Banknorth Investment Management Group, N.A.), 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. For more information about Banknorth, visit the company online at http://www.banknorth.com.

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