Exhibit 99.1


                           For Immediate Release
                         For Further Information:
               Brian Arsenault, SVP Corporate Communications
                               207 761-8517




Banknorth to Close on First & Ocean December 31


Portland, Maine, December 30, 2003 - Banknorth Group, Inc. (NYSE: BNK)
announced today that it will finalize its acquisition of First & Ocean BanCorp
(OTCBB: FIO), tomorrow, December 31, 2003.  First & Ocean BanCorp is the
parent company of First & Ocean National Bank, a Newburyport, Massachusetts
based bank with $274 million in assets.  Banknorth has received all required
regulatory approvals and First & Ocean shareholders previously voted their
approval of the acquisition. Banknorth will pay $49.7 million in cash for the
outstanding shares of First & Ocean.

First & Ocean operates primarily in Essex County, Massachusetts to the north
of Boston.  In Essex County, First & Ocean has branches in Newburyport (2),
Amesbury and Salisbury. The bank also operates a branch in nearby Seabrook,
New Hampshire.

Under the terms of the transaction, each share of First & Ocean common stock
will be exchanged for $176 in cash. Letters of transmittal will be mailed to
First & Ocean shareholders in early January, 2004 for surrender of their stock
certificates for payment.

Banknorth Group, headquartered in Portland, Maine, is one of the country's 35
largest commercial banking companies with $25.7 billion in assets.  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).  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 offers investment products in association with
PrimeVest Financial Services, Inc. The Company's website is at
www.banknorth.com.