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For Immediate Release
October 31, 2000

Contact:

Beryl Wolfe
(207) 775-5115

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

Banknorth Announces Quarterly Dividend

For Further Information, Contact: Brian Arsenault, SVP, Corporate Communications 207 761-8517

Banknorth Declares Quarterly Dividend

Portland, Maine, October 31, 2000 ö The Board of Directors of Banknorth Group, Inc. (NASDAQ: BKNG) today voted a quarterly dividend of 12.5 cents per share, up from 12 cents per share from the dividend paid for the same quarter a year ago. The dividend will be paid on November 20, 2000 to shareholders of record on November 10, 2000.

Banknorth Group, headquartered in Portland, Maine, is one of the country's 50 largest commercial banking companies with assets of $18.5 billion. Its Maine and New Hampshire 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 through Evergreen Bank, NA and in north central Connecticut with GBT, a division of First Massachusetts Bank, NA.

Banknorth's subsidiary banks also operate subsidiaries in insurance brokerage, trust and investments, mortgage banking and leasing.

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