Banknorth Group Named to Forbes List of "Best Managed Companies in America"

Banknorth Group, Inc. was named one of Forbes Magazine's "Best Managed Companies in America" in their January 12, 2004 issue.

Banknorth was named as the only company in the banking category for the U.S. The magazine stated that the 26 companies chosen are "all solid achievers in their respective industries. These companies exude excellence -- in how they're managed and in financial performance."

The article, which can be read on the Banknorth website at www.banknorth.com/investorrelations/inthenews.aspx, said Banknorth President, Chairman and Chief Executive Officer Bill Ryan's management and personal visits over the years to community banks throughout New England have contributed to the company's growth.

"Such courtesies, a reputation as a straight shooter and a history of solid execution have made Banknorth the acquisition of choice for community banks in the region," the article stated.

"One reason Banknorth has been able to tally steady 10%-plus earnings growth is its focus on regional small businesses," it also stated.

Banknorth Group, headquartered in Portland, Maine, is one of the country's 35 largest commercial banking companies with $25.7 billion in assets and $28.7 billion on a pro forma basis. The Company's 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). The Company and Banknorth, N.A. also operate subsidiaries and divisions in insurance, money management, merchant services, mortgage banking, government banking and other financial services and offers investment products in association with PrimeVest Financial Services, Inc. The Company's website is at www.banknorth.com.

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