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For Immediate Release
April 27, 1999

Contact:

Beryl Wolfe
(207) 775-5115

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

Peoples Heritage Dividend Up 4.5% Over Same Quarter 1998

Portland, Maine, April 27, 1999 -- Peoples Heritage Financial Group, Inc. (NASDAQ: PHBK) announced today that its Board of Directors has approved an 11.5 cent per share quarterly dividend based on earning for the first quarter ended March 31, 1999. The quarterly dividend is up 4.5% over the dividend paid for the same quarter a year ago and is level with the dividend paid following the previous quarter ended December 31, 1998.

The dividend will be paid on May 17, 1999 to shareholders of record on May 7, 1999. Operating earnings for the quarter ended March 31, 1999 were $37.6 million, or 36 cents per diluted share.

Peoples Heritage Financial Group is a $12.6 million financial services holding company with total assets of $12.6 million. Its banking subsidiaries include Peoples Heritage Bank in Maine, Bank of New Hampshire, Family/SIS Bank in Massachusetts and Glastonbury Bank & Trust in Connecticut. The Company also operates subsidiaries in trust services, insurance brokerage, investment planning, mortgage banking and equipment leasing.

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