Banknorth Directors Vote Quarterly Dividend

13.5 Cents Per Share Matches Previous Quarter

Portland, Maine, January 22, 2002 - Banknorth Group, Inc. (NASDAQ: BKNG) announced that its Board of Directors has approved a quarterly dividend of 13.5 cents per share based on earnings for the fourth quarter ended December 31, 2001. The dividend will be paid on February 14, 2002 to shareholders of record on February 4, 2002.

"With this dividend we continue our long standing practice of returning approximately 30 percent of earnings to shareholders each quarter," said William J. Ryan, Company Chairman, President and Chief Executive Officer.

Banknorth Group, Inc. is a $21.1 billion banking and financial services company. Its banking subsidiary, Banknorth NA, conducts banking operations through the following divisions: Peoples Heritage Bank in Maine, Bank of New Hampshire, Banknorth Massachusetts, Banknorth Vermont, Banknorth Connecticut, and Evergreen Bank in upstate New York. The Company and Bank also operate subsidiaries and divisions in money management, investment services, insurance, mortgage banking, leasing, government banking, merchant services and other financial services.

(end)