Stephen Boyle Named CFO at Banknorth Group

Portland, Maine (May 12, 2003) - Banknorth Group, Inc. (NYSE: BNK) has named Controller Stephen J. Boyle its new Chief Financial Officer. Boyle will continue to report to Chief Operating Officer Peter J. Verrill. Mr. Verrill formerly held both posts.

Mr. Boyle has served as Controller of Banknorth since 1997. He was formerly Director of Financial Reporting at Barnett Banks, Inc. in Florida and Manager of Corporate Accounting of Fleet Financial Group, Inc. in Providence, Rhode Island.

William J. Ryan, Banknorth Chairman, President and Chief Executive Officer, said that the growth of Banknorth in the last several years to a $26 billion company requires an expanded team at the senior management level. He said that Mr. Boyle's experience at large financial institutions before joining Banknorth will be of great value.

"Having Steve take over the management of the key functions of the finance area allows Peter to focus on "big picture" issues such as the strategic direction of our Company, mergers and acquisitions and technology advancements," said Mr. Ryan. "Peter will continue to provide overall direction to the Company's financial management."

Mr. Verrill's direct reporting areas include Mergers and Acquisitions, Risk Management, Asset/Liability Management, Technology and Strategic Planning, as well as Finance.

"Steve has been my right hand man since arriving here," said Mr. Verrill. "His heightened responsibilities as CFO will be of great value as we tackle the challenges of operating in an expanded footprint."

Mr. Boyle holds a BA in Economics from Wake Forest University and an MS in Accounting from New York University Business School. He is a member of the American Institute of Certified Public Accountants and serves on numerous civic boards.

He and his wife, Eileen, reside in York Harbor, Maine with their three sons.

Banknorth Group, Inc., headquartered in Portland, Maine, is a $26.3 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). The company also operates subsidiaries and divisions in insurance, investment planning, trust and investments services, leasing, merchant services, mortgage banking, government banking and other financial services.

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