BURLINGTON, Vt. -- Banknorth Group Inc. said it had agreed to acquire North American Bank Corp. and its sole subsidiary, New Hampshire's Farmington National Bank, for $20.6 million in cash.

The acquisition, which will be accounted for as a purchase, is the first for Banknorth in the state of New Hampshire. The company said the deal was part of a plan to expand in "growth areas of Northern New England."

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