Banknorth Increases Quarterly Dividend

first_imgBanknorth Increases Quarterly DividendPORTLAND, Maine (July 27, 2004) Banknorth Group, Inc. (NYSE: BNK)announced today that its Board of Directors has increased the Company’squarterly dividend to 20 cents per share based on earnings for the quarterended June 30, 2004. The dividend increase represents a .5 cent per shareincrease over the quarterly dividend paid following the previous quarterended March 31, 2004 and a 1 cent per share increase over the quarterlydividend paid a year ago following the quarter ended June 30, 2003.”I am pleased to increase our dividend once again in accordance with ourpractice of returning approximately 35% of net income to shareholders inthe form of dividends paid each quarter, said William J. Ryan, BanknorthChairman, President and Chief Executive Officer.The dividend will be paid on August 16, 2004 to shareholders of record atthe close of business on August 6, 2004.At June 30, 2004, Banknorth Group, Inc., headquartered in Portland, Maineand one of the 30 largest commercial banks in the country, had $29.3billion in assets. Banknorth’s banking subsidiary, Banknorth, N.A.,operates banking divisions in Connecticut (Banknorth Connecticut); Maine(Peoples Heritage Bank); Massachusetts (Banknorth Massachusetts); NewHampshire (Bank of New Hampshire); New York (Evergreen Bank); and Vermont(Banknorth Vermont). The Company and Banknorth, N.A. also operatesubsidiaries and divisions in insurance, money management, merchantservices, mortgage banking, government banking and other financialservices and offer investment products in association with PrimeVestFinancial Services, Inc. The Company’s website is at www.banknorth.com(link is external)last_img

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