Banknorth Moves to New York Stock Exchange

Chairman, President, CEO Bill Ryan Rings The Opening Bell

NEW YORK (November 4, 2002) - Portland-based Banknorth Group, Inc., one of the 35 top banking companies in the U.S. with $22.5 billion in assets, moved to the New York Stock Exchange today where its common stock will be traded under the symbol BNK.

William J. Ryan, Chairman, President and Chief Executive Officer at Banknorth Group, rang The Opening Bell at the start of this morning's NYSE trading. Banknorth Group is the parent company of Peoples Heritage Bank in Maine, Bank of New Hampshire, Banknorth Vermont, Evergreen Bank in upstate New York, Banknorth Massachusetts and Banknorth Connecticut.

[TO MEDIA IN BANKNORTH STATES: A satellite feed of Mr. Ryan ringing The Opening Bell this morning at the NYSE with a brief interview is available from 2:30 to 2:45 p.m. today at the following location: Fiberline: Waterfront #1630; Satellite Telstar 6; C-Band, Transponder 15, Audio 6.2 and 6.8. A photo of Mr. Ryan ringing The Opening Bell is being moved on the AP wire and will also be available by e-mail by calling Wolfe PR at (207) 775-5115. If questions, call Danielle Martinez at the NYSE at (212) 656-2268 or Beryl Wolfe in Maine at (207) 775-5115.]

"The Exchange is privileged to welcome Banknorth Group, Inc. to our family of listed companies," said New York Stock Exchange Chairman and CEO Dick Grasso. "Banknorth exemplifies the qualities of leadership that define NYSE listed companies. We look forward to our partnership with Banknorth and its shareholders."

On Oct. 21, the company announced record quarterly net income of $76.9 million, or 51 cents per diluted share, for the three months ended September 30, 2002, an increase of 24% from net income of $62.2 million, or 45 cents per diluted share, for the same quarter a year ago. Exclusive of special charges, third quarter earnings were $78.3 million, or 52 cents per diluted share, up 26 % from $62.2 million, or 45 cents per diluted share, for the same quarter a year ago.

"Moving to the NYSE was the next logical step for us, given our expansion throughout New England and our continued strong earnings," said Banknorth's Ryan. "Our growth was a key factor in our decision to make the move and we look forward to continued growth as part of this great institution."

The Company had been publicly traded on the NASDAQ since 1986 as BKNG and previously as PHBK when the company's name was Peoples Heritage Financial Group. The move to the NYSE was effective this morning.

The acquisitions of Warren Bancorp (NASDAQ: WRNB, headquartered in Peabody, Massachusetts, and American Financial Holdings, Inc. (NASDAQ: AMFH), parent company of American Savings Bank in Connecticut, are pending regulatory approvals and votes by the shareholders of both companies. It is anticipated that these acquisitions will increase the Company's total assets to over $26 billion.

Banknorth Group, Inc., headquartered in Portland, Maine, is one of the country's 35 largest commercial banking companies with $22.5 billion in assets. The Company's banking subsidiary, Banknorth, N.A., operates banking subsidiaries in Maine (Peoples Heritage Bank), New Hampshire (Bank of New Hampshire), Massachusetts (Banknorth Massachusetts), Connecticut (Banknorth Connecticut), Vermont (Banknorth Vermont), and upstate New York (Evergreen Bank). The Company also operates subsidiaries and divisions in insurance, investment planning, money management, leasing, merchant services, mortgage banking, government banking and other financial services.


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