BURLINGTON, Vt. -- Banknorth Group Inc. completed its purchase last week of $162 million-asset North American Bank Corp. of Farmington, N.H., for about $19.1 million.
North American is the parent company of Farmington National Bank, which has offices in four New Hampshire communities. This is Banknorth's first push into its neighboring state.
Banknorth also reported thirdquarter earnings of $4.4 million, up 57.5% from $2,8 million for the same period in 1993.
The $1.7 billion-asset company also reported earnings of $10.2 million for the first nine months, up 107.4% from $4.9 million last year.
Return on assets for the third quarter was 1.04%, and return on equity was 13.42%. For the first nine months, the bank recorded an ROA of 0.81% and an ROE of 10.49%.
Nonperforming assets declined to $22.3 million, or 1.33% of all assets, from $40.4 million, or 2.45% of all assets, in September 1993. The bank suffered a net loss of $2 million from sales of investment securities in the first nine months and recorded a one-time third-quarter charge of $650,000 connected with the termination of a common trust fund. Chief financial officer Thomas J. Pmitt declined to say what the fund was for or why it was terminated until the bank issues its quarterly report.
