Banknorth Connecticut to Provide Access to Life Insurance, Annuity Products at Branch Locations

New service fills void by providing convenient way for customers to access life insurance, Banknorth Connecticut President says

NEW BRITAIN, Conn. - Banknorth Connecticut announced today that beginning in June it will provide access to life insurance and annuity products at most of its 48 locations, through the registered representatives of Bancnorth Investment Planning Group/PrimeVest Financial Services, Inc.

According to Banknorth Connecticut President John Patrick, this new capability fits Banknorth's corporate philosophy of providing community-based customer service and at the same time fills a need to offer these products on the local level.

"Most larger insurance and retirement services companies focus on the super-affluent and often ignore the needs of the middle and upper-middle income households. We want to change that by making these products easily available to our customers, through licensed professionals located at our branches," said Patrick.

"Research shows these customers are simply not being offered a convenient way to buy life insurance," he added. "By having these products available through our branch locations -- in neighborhoods where people live and work -- we hope to fill that void and change that trend. It also fits in with our overall convenience philosophy, to offer our customers one-stop services in their communities."

Several open houses are planned in June, to give customers the opportunity to learn about the new products and get answers to their questions about life insurance.

Under the new program, customers in Connecticut, working with a Bancnorth Investment Planning representative, will be able to obtain no-obligation quotes on affordable life insurance from The Savings Bank Life Insurance Company (SBLI) and other companies. Retirement products such as annuities and mutual funds are also available through registered representatives located at the 48 Banknorth Connecticut branches.

Banknorth Connecticut has 48 branches in 28 communities throughout Connecticut, including East Hartford, West Hartford, Glastonbury, New Britain, Middlebury, Torrington, Wallingford, Waterbury and others throughout the state.

Banknorth Group, Inc. (NYSE: BNK) is one of the country's 35 largest commercial banking companies with $26.3 billion in assets. Banknorth, N.A., is the parent company of Banknorth Connecticut and other banking divisions in New Hampshire, Maine, Massachusetts, Vermont and upstate New York. The company and its banking affiliates also operate subsidiaries insurance (Banknorth Insurance Group), a money management firm (Banknorth Investment Management Group, NA), 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 www.banknorth.com.

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Investment and insurance products are not bank deposits, are not insured by the FDIC or any federal government agency, are not obligations of nor guaranteed by an bank or bank affiliate, and may involved risk, including the possible loss of value or principal amount invested. Securities and some insurance products are provided by PrimeVest Financial Services, Inc., an independent registered broker/dealer. Member SIPC.