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For Immediate Release
March 25, 2003

Contact:
Brian Arsenault
(207) 761-8500
E-mail: barsenault@banknorth.com

Web Site: http://www.tdbank.com/

International Consultant Steve Martin Elected to Banknorth Board

PORTLAND, Maine - Steven T. Martin, an international industrial consultant and former executive vice president of a Fortune 200 company, has been elected to the Board of Directors of Banknorth Group, Inc. He will take office in April of this year.

Banknorth Group, Inc. (NYSE: BNK) is one of the country's 35 largest commercial banking and financial services companies with $26 billion in assets.

Martin, owner of Martin Associates with offices in Ramsey, New Jersey and Key Largo, Florida, is also a founding member of The Quadriga Alliance, a collaboration between several U.S. and German-based consulting practices which facilitates cross-border transactions between the Americas, Europe and Russia.

Martin previously served as executive vice president of Ingersoll-Rand Company, a Fortune 200 industrial company based in New Jersey. Until his retirement in December 2000, he headed the Security and Safety Sector and the Bearings and Components Group and also had company-wide responsibility for the Fluid Power and Tool and Material Handling Groups as well as Latin America, Asia-Pacific and Canada. The businesses reporting to Martin had annual sales approximating $3.5 billion in 2000.

At Ingersoll-Rand, Martin actively participated in strategic planning, business planning and development, mergers, acquisitions and divestitures, focusing on realigning the company to minimize cyclicality, improve the growth rate and build an e-commerce portfolio.

"Steve Martin's extensive background in growth businesses, strategic planning and business development will be of great benefit to our board as we continue to build Banknorth," said William J. Ryan, chairman, president and chief executive officer of Banknorth Group, Inc.

Martin, a resident of Key Largo, Florida, received his bachelor of science degree in engineering from Rensselaer Polytechnic Institute in Troy, N.Y. He has also attended the Harvard School of Business. In addition to Banknorth, he is also a Director of Southco, Inc., a Director of Hydrophilix, Inc., and a member of the Advisory Board of W.W. Holdings, LLC. He is a former Director of the American School for the Deaf, and a former Trustee of the Connecticut Science Museum.

Banknorth Group's banking subsidiary, Banknorth, N.A., has more than 350 branches and nearly 500 ATMs in six states, including 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 and its banking affiliates also operate subsidiaries in insurance (Banknorth Insurance Group), investments (Bancnorth Investment Planning Group, Inc.), 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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