Banknorth Purchases Field and Quimby of Belfast, Maine

PORTLAND, Maine -- Banknorth Group, Inc. (NYSE: BNK) announced today it will expand its insurance presence in coastal Maine by purchasing Field and Quimby, Inc., a community insurance agency in Belfast, Maine.

Banknorth Insurance Group currently owns Morse, Payson & Noyes, W.C. Ladd & Sons and New England Benefits in Maine. It also has agencies and offices in New Hampshire, Massachusetts, Connecticut, New York and Vermont.

Field and Quimby has been in business since 1838 and has been owned by Dick Hussey of Belfast since 1975. The firm serves customers primarily in the area of personal home and automobile insurance.

"This merger will allow us to serve more customers in the mid-coast region and to enhance our visibility in one of the fastest growing communities in Maine," said Peter Sparta, president and chief executive officer of Banknorth Insurance Group. "Field and Quimby has an excellent reputation in the region, so it will be a welcome member of the Banknorth family."

"We plan to expand our offerings to our current customers with this acquisition," said Hussey. "So it's good for our customers and good for the community to have a large, Maine-based company at the helm."

The Field & Quimby office at 58 High Street will be merged into the W.C. Ladd office at 106 Main Street during August.

Banknorth Insurance Group is the largest insurance group in New England and the 44th largest in the country, with agencies throughout Maine, New Hampshire, Connecticut, New York and Vermont. The company offers a full range of personal insurance services such as home and auto, as well as a full range of commercial insurance services such as risk management, property and casualty, professional liability, employee benefits and group-sponsored plans.

Banknorth Group, Inc., headquartered in Portland, Maine, is a $26 billion banking and financial services company. 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). In addition to insurance, the company also offers investment planning, trust and wealth management services, leasing, merchant services, mortgage banking, government banking and other financial services.

For more information about Banknorth Insurance Group or its agencies, visit online at www.banknorthinsurance.com.

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