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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-C

                 REPORT BY ISSUER OF SECURITIES QUOTED ON NASDAQ
                          INTERDEALER QUOTATION SYSTEM

  Filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
                      and Rule 13a-17 or 15d-17 thereunder

                     Peoples Heritage Financial Group, Inc.
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                 (Exact name of issuer as specified in charter)

                 One Portland Square, Portland, Maine 04112-9540
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                    (Address of principal executive offices)

Issuer's telephone number, including area code    (207) 761-8500
                                              ----------------------------------

                    I. CHANGE IN NUMBER OF SHARES OUTSTANDING

Indicate any change (increase or decrease) of 5% or more in the number of shares
outstanding:

1. Title of security     Common Stock, par value $.01 per share(1)
                    ------------------------------------------------------------

2. Number of shares outstanding before the change 17,009,949 (as of March 15, 
   1996)                                          ------------------------------
   ----

3. Number of shares outstanding after the change 25,138,279
                                                 -------------------------------

4. Effective date of change April 2, 1996
                            ----------------------------------------------------

5. Method of change:
   Specify method (such as merger, acquisition, exchange, distribution, stock
   split, reverse split, acquisition of stock for treasury, etc.) ACQUISITION OF
   BANK OF NEW HAMPSHIRE CORPORATION ("BNHC") Give brief description of
   transaction UPON CONSUMMATION OF THE MERGER OF A WHOLLY-OWNED SUBSIDIARY OF
   THE ISSUER INTO BNHC, EACH OUTSTANDING SHARE OF BNHC COMMON STOCK WAS
   CONVERTED INTO THE RIGHT TO RECEIVE TWO SHARES OF THE ISSUER'S COMMON STOCK

                          II. CHANGE IN NAME OF ISSUER

1. Name prior to change       N/A
                       ---------------------------------------------------------

2. Name after change          N/A
                    ------------------------------------------------------------

3. Effective date of charter amendment changing name        N/A
                                                    ----------------------------

4. Date of shareholder approval of change, if required      N/A
                                                      --------------------------




Date    April 3, 1996                    /s/ William J. Ryan
    --------------------------           ---------------------------------------
                                         Name:  William J. Ryan
                                         Title: Chairman, President and  
                                                Chief Executive Officer

(1) Includes related preferred stock purchase rights pursuant to the issuer's
shareholder rights plan.