( BW)(ME-BANKNORTH/CCBT-FINAN)(BNK)(CCBT) Banknorth Completes
Acquisitions
Business Editors
PORTLAND, Maine--(BUSINESS WIRE)--May 3, 2004--Banknorth Group,
Inc. (NYSE: BNK) announced today that it finalized its acquisitions of
CCBT Financial Companies, Inc. (NASDAQ: CCBT), the parent company of
Cape Cod Bank and Trust Company, and Foxborough Savings Bank (OTS:
FOXS.PK) on April 30, 2004.
"These acquisitions strengthen our increasing presence in
Massachusetts, a vital market for Banknorth," said William J. Ryan,
Chairman, President and Chief Executive Officer of Banknorth. "We are
now a significant banking presence south of Boston and into the
important Cape Cod market area."
At March 31, 2004, Banknorth Group, headquartered in Portland,
Maine, had $26.9 billion in assets. The two pending acquisitions are
expected to increase Banknorth's assets by more than $1.5 billion.
Banknorth'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 and Banknorth, N.A. also operate
subsidiaries and divisions in insurance, money management, merchant
services, mortgage banking, government banking and other financial
services and offer investment products in association with PrimeVest
Financial Services, Inc. The Company's website is at
www.banknorth.com.
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CONTACT: Banknorth Group, Inc.
Brian Arsenault, 207-761-8517