Exhibit 99.2



                              FOR IMMEDIATE RELEASE
                        FOR FURTHER INFORMATION, CONTACT
                 BRIAN ARSENAULT, SVP, CORPORATE COMMUNICATIONS
                                 (207) 761-8517


          BANKNORTH BOARD AUTHORIZES 8 MILLION SHARE REPURCHASE PROGRAM

Portland, Maine, February 26, 2002 -- Banknorth Group, Inc. (NASDAQ: BKNG)
announced today that its Board of Directors has authorized the repurchase of up
to 8 million shares, or approximately 5 percent, of the Company's outstanding
common stock. The Company has completed the repurchase of approximately 11
million shares of a total of 13 million authorized for repurchase by the Board
in 2001.

Under the repurchase program, shares will be repurchased from time to time in
open market transactions as, in the judgement of management, market conditions
warrant. The Company repurchased approximately 11 million shares of its common
stock at an average price of $21.57 per share from January 2001 through February
2002.

"We believe that prudent repurchase programs are an excellent use of capital
that well serve our shareholders," said William J. Ryan, Chairman, President and
Chief Executive Officer. "By this action, our Board reaffirms our long-standing
practice of repurchasing shares when we believe that it can add to shareholder
value."

Banknorth Group, Inc., headquartered in Portland, Maine is one of the country's
35 largest commercial banking companies with total assets of $21.1 billion at
December 31, 2001. The Company's banking subsidiary, Banknorth, NA, operates
banking divisions in Connecticut, Maine, Massachusetts, New Hampshire, New York
and Vermont. Banknorth also operates subsidiaries and divisions in insurance,
investment planning, money management, leasing, merchant services, mortgage
banking, government banking and other financial services.

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