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                             CFX: Declares Dividend

Contact:

Mark A. Gavin, EVP/COO - 603 - 355-8604
Gregg R. Tewksbury, CFO - 603-355-8607







                         CFX CORPORATION
                   DECLARES REGULAR QUARTERLY
                         COMMON DIVIDEND





Keene, N.H., December 9, 1997 -- The Board of Directors of CFX
Corporation (AMEX: CFX) has declared a regular quarterly Common
Stock dividend of $.22 per share, payable January 16, 1998 to
shareholders of record, December 19, 1997.

CFX Corporation is a multi-bank holding company with total assets
of $2.8 billion as of September 30, 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 Mortgage, Inc., CFX Bank's
mortgage banking subsidiary, services approximately $895 million
in mortgage loans for others. The Company operates 56 full
service offices, 3 loan production offices, and 102 automated
teller and remote service banking locations in New Hampshire and
central Massachusetts. In addition, the Company operates a
mortgage division servicing approximately $951 million in
mortgage loans for others and operates a trust division with $429
million in assets.

CFX previously announced that it has signed a definitive
agreement to be acquired by Peoples Heritage Financial Group,
Inc. (NASDAQ: PHBK). Peoples Heritage is a bank holding company
headquartered in Portland, Maine. The transaction is expected to
be concluded at the end of the first quarter of 1998 and is
subject to regulatory and shareholder approvals.






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