Banknorth Group OKs 19 cent dividend

PORTLAND – Banknorth Group, Inc. has approved a quarterly dividend of 19 cents per share based on earnings for the third quarter ended Sept. 30. The dividend is 27 percent higher than the quarterly dividend paid following the third quarter a year ago and level with the dividend paid following the second quarter of 2003.

The dividend will be paid Nov. 10 to shareholders of record on Oct. 31. The company announced record quarterly net income of $90.5 million, or 55 cents per diluted share, for the quarter ended Sept. 30.

Banknorth Group, headquartered in Portland, is one of the country’s 35 largest commercial banking companies with $25.7 billion in assets. The stock is traded on the New York Stock Exchange under the symbol BNK.

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).