PORTLAND (AP) – Banknorth Group has reached an agreement to purchase Foxborough Savings Bank for $89.6 million in cash.

The acquisition extends Banknorth’s presence in Massachusetts south of Boston. Foxborough Savings has $249 million in assets and offices in Foxboro, North Attleboro, Walpole and Wrentham.

Banknorth, which is headquartered in Portland, has purchased a number of Massachusetts banks in recent years and now operates 118 branches north and west of Boston and in the Worcester and Springfield markets.

The transaction has been approved by the board of directors of both banks and is subject to regulatory approval. The deal is expected to be completed next spring.

Banknorth Group is a bank holding company whose banking subsidiaries include Peoples Heritage in Maine, Bank of New Hampshire, Banknorth Massachusetts, Banknorth Vermont, Banknorth Connecticut and Evergreen Bank in upstate New York.

AP-ES-11-26-03 0913EST