Banknorth Purchases Bogino & DeMaria of Avon, Connecticut

PORTLAND, Maine -- Banknorth Group, Inc. (NYSE: BNK) announced today it will expand its insurance presence in the greater Hartford region of Connecticut by purchasing Bogino & DeMaria, Inc., a commercial insurance agency in Avon, Conn.

Banknorth Insurance Group currently owns The Watson Group, based in nearby Wethersfield, Conn. It also has agencies and offices in Massachusetts, New York, Maine, New Hampshire and Vermont.

Bogino & DeMaria was established in 1972 and provides property and
casualty insurance products for personal and commercial clients. The firm specializes in insurance and surety bonds for the construction industry. Owner Bob Bogino will remain and join the Banknorth Insurance Group.

ÒWith this merger, we will be able to serve more customers in and around Hartford, enhancing our visibility in one of the stateÕs most vibrant areas," said Peter Sparta, president and chief executive officer of Banknorth Insurance Group. "Bogino & DeMaria has an excellent reputation in the region, so it will be a welcome member of the Banknorth family."

ÒWe are particularly excited about the opportunity to enhance our surety bond business as well as develop cross-selling opportunities for life and employee benefits,Ó added Thomas A. Willsey, president of the Connecticut operations for Banknorth Insurance Group. ÒThis will be good for our customers and good for Bogino & DeMaria customers.Ó

This is the second acquisition of an insurance agency by the company recently. In July, Banknorth Insurance Group announced it purchased Field and Quimby, Inc., an insurance agency in Belfast, Maine.

Banknorth Insurance Group is the largest insurance group in New England and the 44th largest in the country, with agencies throughout Maine, New Hampshire, Connecticut, New York and Vermont. The company offers a full range of personal insurance services such as home and auto, as well as a full range of commercial insurance services such as risk management, property and casualty, professional liability, employee benefits and group-sponsored plans.

Banknorth Group, Inc., headquartered in Portland, Maine, is a $26 billion banking and financial services company. The companyÕs 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). In addition to insurance, the company also offers investment planning, trust and wealth management services, leasing, merchant services, mortgage banking, government banking and other financial services.

For more information about Banknorth Insurance Group or its agencies, visit online at www.banknorthinsurance.com

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