Banknorth income up 11 percent over last year

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Banknorth Group says it posted net income of $90 million in the first quarter, up 11 percent from a year ago. The bank said income would have been higher but the bank pumped more money into marketing to attract Fleet Bank customers in advance of its merger.

Banknorth Group’s banking subsidiaries include Peoples Heritage in Maine, Bank of New Hampshire, Banknorth Massachusetts, Banknorth Vermont, Banknorth Connecticut and Evergreen Bank in upstate New York.

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