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                    CFX: Declares Quarterly Common Dividend

Contact:   Mark A. Gavin, Executive Vice President
                 & Chief Operating Officer
           (603) 355-8603







                         CFX CORPORATION
                   DECLARES REGULAR QUARTERLY
                         COMMON DIVIDEND
                                
                                
                                
                                
                                
Keene,  N.H.,  March 13, 1998 -- The Board of  Directors  of  CFX
Corporation  (AMEX: CFX) has declared a regular quarterly  common
stock  dividend  of $.11 per share, payable April  17,  1998,  to
shareholders  of  record, March 20, 1998. Such dividend  reflects
the  normal  CFX rate of $.22 per share pro rated for the  period
(47  days) between CFX's last dividend record date (December  19,
1997)  and Peoples Heritage Financial Group Inc.'s (NASDAQ: PHBK)
last dividend record date (February 6, 1998).

CFX  Corporation  is  a multi-bank holding  company  with  total
assets  of  $2.9 billion as of December 31, 1997. The  Company's
three banking subsidiaries are CFX Bank, headquartered in Keene,
New  Hampshire,  Orange Savings Bank, headquartered  in  Orange,
Massachusetts, and The Safety Fund National Bank,  headquartered
in   Fitchburg,  Massachusetts.  CFX  Bank's  mortgage   banking
division, services approximately $1.4 billion in mortgage  loans
for others. The Company operates 56 full service offices, 3 loan
production offices, and 100 automated teller and remote  service
banking  locations  in New Hampshire and central  Massachusetts,
and operates a trust division with $506 million in assets.

CFX   previously  announced  that  it  has  signed  a  definitive
agreement to be acquired by Peoples Heritage. Peoples Heritage is
a  bank  holding  company headquartered in Portland,  Maine.  The
transaction is expected to be concluded in the second quarter  of
1998 and is subject to regulatory approvals.






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