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                                                                    EXHIBIT 99.2

                                                           FOR IMMEDIATE RELEASE
                                               FOR FURTHER INFORMATION, CONTACT:

BRIAN ARSENAULT, SVP, CORPORATE COMMUNICATIONS:
207 761-8517


PEOPLES HERITAGE COMPLETES BANKNORTH MERGER
HOLDING COMPANY TO TAKE ON BANKNORTH NAME

Portland, Maine, May 10, 2000 -- Peoples Heritage Financial Group, Inc. (NASDAQ:
PHBK) announced today that it has completed the acquisition of Banknorth Group,
Inc. (NASDAQ: BKNG) effective at the end of the day. Even though Peoples
Heritage is the surviving entity, the Company will take on the Banknorth name
and trading symbol.

"We believe the Banknorth name better reflects the Company we have become with
affiliate banks in all the New England states except Rhode Island and into
upstate New York," said William J. Ryan who continues as Chairman, President and
Chief Executive Officer. "We also think the Banknorth name better reflects the
commercial banking company we have become with strong ties to our communities.

The Company will continue to be headquartered in Portland, Maine and will have
total assets of approximately $18.4 billion.

"This merger enhances our Massachusetts and New Hampshire franchises and
provides us the second largest deposit market share in Vermont to complement our
leading market shares in Maine and New Hampshire," said Mr. Ryan. "We also gain
entry into upstate New York"

Upon the completion of related subsidiary bank mergers and conversions, the
combined Company will operate Peoples Heritage Bank in Maine, Bank of New
Hampshire, NA (including Farmington National Bank), First Massachusetts Bank, NA
(including the current Family/SIS Bank), GBT in Connecticut (the former
Glastonbury Bank & Trust), a division of First Massachusetts Bank, Evergreen
Bank, NA in New York, and Howard Bank, NA (in combination with the former
Granite Savings Bank & Trust Co.), Franklin Lamoille Bank, NA and First Vermont
Bank, NA in Vermont, and The Stratevest Group, NA, an investment management
company based in Vermont. With the exception of Peoples Heritage Bank, a
Maine-chartered bank which is in the process of converting to a national bank,
all of the combined Company's banking subsidiaries will be national banks when
the bank mergers and conversions are completed.

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