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                                  EXHIBIT 4(i)


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                                                                    EXHIBIT 4(i)

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                      COMMON SECURITIES GUARANTEE AGREEMENT

                     Peoples Heritage Financial Group, Inc.

                          Dated as of January 31, 1997

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                                TABLE OF CONTENTS

                                                                            Page

                                    ARTICLE I
                         DEFINITIONS AND INTERPRETATION

SECTION 1.1.  Definitions and Interpretation...................................2

                                   ARTICLE II
                                    GUARANTEE

SECTION 2.1.  Guarantee........................................................3
SECTION 2.2.  Waiver of Notice and Demand......................................3
SECTION 2.3.  Obligations Not Affected.........................................3
SECTION 2.4.  Rights of Holders................................................4
SECTION 2.5.  Guarantee of Payment.............................................4
SECTION 2.6.  Subrogation......................................................5
SECTION 2.7.  Independent Obligations..........................................5

                                   ARTICLE III
                    LIMITATION OF TRANSACTIONS; SUBORDINATION

SECTION 3.1.  Limitation of Transactions.......................................5
SECTION 3.2.  Ranking..........................................................6

                                   ARTICLE IV
                                   TERMINATION

SECTION 4.1.  Termination......................................................6

                                    ARTICLE V
                                  MISCELLANEOUS

SECTION 5.1.  Successors and Assigns...........................................7
SECTION 5.2.  Amendments.......................................................7
SECTION 5.3.  Notices..........................................................7
SECTION 5.4.  Benefit..........................................................8
SECTION 5.5.  Governing Law....................................................8

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                      COMMON SECURITIES GUARANTEE AGREEMENT

         This GUARANTEE AGREEMENT (the "Common Securities Guarantee"), dated as
of January 31, 1997, is executed and delivered by Peoples Heritage Financial
Group, Inc., a Maine corporation (the "Guarantor"), for the benefit of the
Holders (as defined herein) from time to time of the Common Securities (as
defined herein) of Peoples Heritage Capital Trust I, a Delaware business trust
(the "Issuer").

                                   WITNESSETH:

         WHEREAS, pursuant to an Amended and Restated Declaration of Trust (the
"Declaration"), dated as of January 31, 1997, among the Trustees of the Issuer
named therein, the Guarantor, as sponsor, and the holders from time to time of
undivided beneficial interests in the assets of the Issuer, the Issuer is
issuing on the date hereof 3,093 common securities designated the 9.06% Common
Securities (the "Common Securities"), having an aggregate stated liquidation
amount of $3,093,000.

         WHEREAS, as incentive for the Holders to purchase the Common
Securities, the Guarantor desires to irrevocably and unconditionally agree, to
the extent set forth in this Common Securities Guarantee, to pay to the Holders
of the Common Securities the Guarantee Payments (as defined herein) and to make
certain other payments on the terms and conditions set forth herein; and

         WHEREAS, the Guarantor is also executing and delivering a guarantee
agreement (the "Series A Capital Securities Guarantee") for the benefit of the
holders of the Series A Capital Securities (as defined in the Declaration) and
upon consummation of the Exchange Offer (as defined in the Declaration) will
execute and deliver a guarantee agreement (the "Series B Capital Securities
Guarantee") for the benefit of the holders of the Series B Capital Securities
(as defined in the Declaration), each in substantially identical terms to this
Common Securities Guarantee, except that if an Event of Default (as defined in
the Declaration) has occurred and is continuing, the rights of Holders of the
Common Securities to receive Guarantee Payments under this Common Securities
Guarantee are subordinated to the rights of holders of Capital Securities to
receive Guarantee Payments under the Series A Capital Securities Guarantee and
the Series B Capital Securities Guarantee, as the case may be;

         NOW, THEREFORE, in consideration of the purchase by each Holder of
Common Securities, which purchase the Guarantor hereby acknowledges shall
benefit the Guarantor, the Guarantor executes and delivers this Common
Securities Guarantee for the benefit of the Holders.

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                                    ARTICLE I
                         DEFINITIONS AND INTERPRETATION

SECTION 1.1       Definitions and Interpretation

         In this Common Securities Guarantee, unless the context otherwise
requires:

             (a) Capitalized terms used in this Common Securities Guarantee but
         not defined in the preamble above have the respective meanings assigned
         to them in this Section 1.1;

             (b) Terms defined in the Declaration as of the date of execution of
         this Common Securities Guarantee have the same meaning when used in
         this Common Securities Guarantee unless otherwise defined in this
         Common Securities Guarantee;

             (c) a term defined anywhere in this Common Securities Guarantee has
         the same meaning throughout;

             (d) all references to "the Common Securities Guarantee" or "this
         Common Securities Guarantee" are to this Common Securities Guarantee as
         modified, supplemented or amended from time to time;

             (e) all references in this Common Securities Guarantee to Articles
         and Sections are to Articles and Sections of this Common Securities
         Guarantee unless otherwise specified; and

             (f) a reference to the singular includes the plural and vice versa.

         "Guarantee Payments" means the following payments or distributions,
without duplication, with respect to the Common Securities, to the extent not
paid or made by the Issuer: (i) any accrued and unpaid Distributions that are
required to be paid on such Common Securities to the extent the Issuer has funds
on hand legally available therefor at such time, (ii) the redemption price,
including all accrued and unpaid Distributions to the date of redemption (the
"Redemption Price") to the extent the Issuer has funds on hand legally available
therefor at such time, with respect to any Common Securities called for
redemption by the Issuer and (iii) upon a voluntary or involuntary termination
and liquidation of the Issuer (other than in connection with the distribution of
Debentures to the Holders in exchange for Common Securities as provided in the
Declaration), the lesser of (a) the aggregate of the liquidation amount and all
accumulated and unpaid Distributions on the Common Securities to the date of
payment, to the extent the Issuer has funds on hand legally available therefor,
and (b) the amount of assets of the Issuer remaining available for distribution
to Holders in liquidation of the Issuer (in either case, the "Liquidation
Distribution"). If an Event of Default has occurred and is continuing, no


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Guarantee Payments with respect to the Common Securities shall be made until
holders of Capital Securities shall be paid in full the Guarantee Payments to
which they are entitled under the Series A Capital Securities Guarantee and the
Series B Capital Securities Guarantee.

         "Holder" means any holder, as registered on the books and records of
the Issuer, of any Common Securities.

         "Other Guarantees" means all guarantees to be issued by the Guarantor
with respect to common securities (if any) similar to the Common Securities
issued by other trusts to be established by the Guarantor (if any), in each case
similar to the Issuer.


                                   ARTICLE II
                                    GUARANTEE

SECTION 2.1.      Guarantee

         The Guarantor irrevocably and unconditionally agrees to pay in full to
the Holders the Guarantee Payments (without duplication of amounts theretofore
paid by the Issuer), as and when due, regardless of any defense, right of
set-off or counter-claim which the Issuer may have or assert. The Guarantor's
obligation to make a Guarantee Payment may be satisfied by direct payment of the
required amounts by the Guarantor to the Holders or by causing the Issuer to pay
such amounts to the Holders.

SECTION 2.2.      Waiver of Notice and Demand

         The Guarantor hereby waives notice of acceptance of this Common
Securities Guarantee and of any liability to which it applies or may apply,
presentment, demand for payment, any right to require a proceeding first against
the Issuer or any other Person before proceeding against the Guarantor, protest,
notice of nonpayment, notice of dishonor, notice of redemption and all other
notices and demands.

SECTION 2.3.      Obligations Not Affected

         The obligations, covenants, agreements and duties of the Guarantor
under this Common Securities Guarantee shall in no way be affected or impaired
by reason of the happening from time to time of any of the following:

             (a) the release or waiver, by operation of law or otherwise, of the
         performance or observance by the Issuer of any express or implied
         agreement, covenant, term or condition relating to the Common
         Securities to be performed or observed by the Issuer;


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             (b) the extension of time for the payment by the Issuer of all or
         any portion of the Distributions, Redemption Price, Liquidation
         Distribution or any other sums payable under the terms of the Common
         Securities or the extension of time for the performance of any other
         obligation under, arising out of, or in connection with, the Common
         Securities (other than an extension of time for payment of
         Distributions, Redemption Price, Liquidation Distribution or other sum
         payable that results from the extension of any interest payment period
         on the Debentures permitted by the Indenture);

             (c) any failure, omission, delay or lack of diligence on the part
         of the Holders to enforce, assert or exercise any right, privilege,
         power or remedy conferred on the Holders pursuant to the terms of the
         Common Securities, or any action on the part of the Issuer granting
         indulgence or extension of any kind;

             (d) the voluntary or involuntary liquidation, dissolution, sale of
         any collateral, receivership, insolvency, bankruptcy, assignment for
         the benefit of creditors, reorganization, arrangement, composition or
         readjustment of debt of, or other similar proceedings affecting, the
         Issuer or any of the assets of the Issuer;

             (e) any invalidity of, or defect or deficiency in, the Common
         Securities;

             (f) the settlement or compromise of any obligation guaranteed
         hereby or hereby incurred; or

             (g) any other circumstance whatsoever that might otherwise
         constitute a legal or equitable discharge or defense of a guarantor, it
         being the intent of this Section 2.3 that the obligations of the
         Guarantor with respect to the Guarantee Payments shall be absolute and
         unconditional under any and all circumstances.

There shall be no obligation of the Holders to give notice to, or obtain consent
of, the Guarantor with respect to the happening of any of the foregoing.

SECTION 2.4.      Rights of Holders

         The Guarantor expressly acknowledges that any Holder may institute a
legal proceeding directly against the Guarantor to enforce its rights under this
Common Securities Guarantee, without first instituting a legal proceeding
against the Issuer or any other Person.

SECTION 2.5.      Guarantee of Payment

         This Common Securities Guarantee creates a guarantee of payment and not
of collection.


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SECTION 2.6.      Subrogation

         The Guarantor shall be subrogated to all (if any) rights of the Holders
against the Issuer in respect of any amounts paid to such Holders by the
Guarantor under this Common Securities Guarantee; provided, however, that the
Guarantor shall not (except to the extent required by mandatory provisions of
law) be entitled to enforce or exercise any rights which it may acquire by way
of subrogation or any indemnity, reimbursement or other agreement, in all cases
as a result of payment under this Common Securities Guarantee, if, at the time
of any such payment, any amounts are due and unpaid under this Common Securities
Guarantee. If any amount shall be paid to the Guarantor in violation of the
preceding sentence, the Guarantor agrees to hold such amount in trust for the
Holders and to pay over such amount to the Holders.

SECTION 2.7.      Independent Obligations

         The Guarantor acknowledges that its obligations hereunder are
independent of the obligations of the Issuer with respect to the Common
Securities and that the Guarantor shall be liable as principal and as debtor
hereunder to make Guarantee Payments pursuant to the terms of this Common
Securities Guarantee notwithstanding the occurrence of any event referred to in
subsections (a) through (g), inclusive, of Section 2.3 hereof.


                                   ARTICLE III
                    LIMITATION OF TRANSACTIONS; SUBORDINATION

SECTION 3.1.      Limitation of Transactions

         So long as any Common Securities remain outstanding, the Guarantor will
not (i) declare or pay any dividends or distribution on, or redeem, purchase,
acquire or make a liquidation payment with respect to any of the Guarantor's
capital stock (which includes common stock and preferred stock) or (ii) make any
payment of principal, interest or premium, if any, on or repay, repurchase or
redeem any debt securities of the Guarantor (including Other Debentures) that
rank pari passu with or junior in right of payment to the Debentures or (iii)
make any guarantee payments with respect to any guarantee by the Guarantor of
the debt securities of any subsidiary of the Guarantor (including under Other
Guarantees) if such guarantee ranks pari passu or junior in right of payment to
the Debentures (other than (a) dividends or distributions in shares of, or
options, warrants or rights to subscribe for or purchase shares of, common stock
of the Guarantor, (b) any declaration of a dividend in connection with the
implementation of a stockholders' rights plan, or the issuance of stock under
any such plan in the future, or the redemption or repurchase of any such rights
pursuant thereto, (c) payments under the Capital Securities Guarantee, (d) as a
result of a reclassification of the Guarantor's capital stock or the exchange or
the conversion of one class or series of the Guarantor's capital stock for
another class or series of the Guarantor's capital stock, (e) the purchase of
fractional


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interests in shares of the Guarantor's capital stock pursuant to the conversion
or exchange provisions of such capital stock or the security being converted or
exchanged and (f) purchases of common stock related to the issuance of common
stock or rights under any of the Guarantor's benefit plans for its directors,
officers or employees or any of the Guarantor's dividend reinvestment plans) if
at such time (i) there shall have occurred any event of which the Guarantor has
actual knowledge that (a) is, or with the giving of notice or the lapse of time,
or both, would be, an Event of Default and (b) in respect of which the Guarantor
shall not have taken reasonable steps to cure, (ii) if such Debentures are held
by the Property Trustee, the Guarantor shall be in default with respect to its
payment of any obligations under the Capital Securities Guarantee or (iii) the
Guarantor shall have given notice of its election of the exercise of its right
to extend the interest payment period pursuant to Section 16.01 of the Indenture
and any such extension shall be continuing.

SECTION 3.2.      Ranking

         This Common Securities Guarantee will constitute an unsecured
obligation of the Guarantor and will rank (i) subordinate and junior in right of
payment to Senior Indebtedness (as defined in the Indenture), to the same extent
and in the same manner that the Debentures are subordinated to Senior
Indebtedness pursuant to the Indenture, it being understood that the terms of
Article XV of the Indenture shall apply to the obligations of the Guarantor
under this Common Securities Guarantee as if (x) such Article XV were set forth
herein in full and (y) such obligations were substituted for the term
"Securities" appearing in such Article XV, (ii) pari passu with the Debentures
and with the most senior preferred or preference stock now or hereafter issued
by the Guarantor and with any Other Guarantee and any guarantee now or hereafter
entered into by the Guarantor in respect of any preferred or preference stock of
any Affiliate of the Guarantor and (iii) senior to the Guarantor's common stock.


                                   ARTICLE IV
                                   TERMINATION

SECTION 4.1.      Termination

         This Common Securities Guarantee shall terminate (i) upon full payment
of the Redemption Price of all Common Securities, (ii) upon the distribution of
the Debentures to all the Holders and the holders of the Capital Securities or
(iii) upon full payment of the amounts payable in accordance with the
Declaration upon liquidation of the Issuer. Notwithstanding the foregoing, this
Common Securities Guarantee will continue to be effective or will be reinstated,
as the case may be, if at any time any Holder must restore payment of any sums
paid under the Common Securities or under this Common Securities Guarantee.


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                                    ARTICLE V
                                  MISCELLANEOUS

SECTION 5.1.      Successors and Assigns

         All guarantees and agreements contained in this Common Securities
Guarantee shall bind the successors, assigns, receivers, trustees and
representatives of the Guarantor and shall inure to the benefit of the Holders
then outstanding.

SECTION 5.2.      Amendments

         Except with respect to any changes which do not adversely affect the
rights of Holders (in which case no consent of Holders will be required), this
Common Securities Guarantee may be amended only with the prior approval of the
Holders of at least a majority in liquidation amount of all the outstanding
Common Securities. The provisions of Section 12.2 of the Declaration with
respect to meetings of Holders apply to the giving of such approval.

SECTION 5.2.      Notices

         All notices provided for in this Common Securities Guarantee shall be
in writing, duly signed by the party giving such notice, and shall be delivered,
telecopied or mailed by registered or certified mail, as follows:

             (a) if given to the Issuer, in care of the Administrative Trustee
         at the Issuer's mailing address set forth below (or such other address
         as the Issuer may give notice of to the Holders):

                              Peoples Heritage Capital Trust I
                              c/o Peoples Heritage Financial Group, Inc.
                              One Portland Square
                              Portland, Maine  04112-9540
                              Attention:  Chief Financial Officer
                              Telecopy:  (207) 761-8587

             (b) if given to the Guarantor, at the Guarantor's mailing address
         set forth below (or such other address as the Guarantor may given
         notice of to the Holders):

                              Peoples Heritage Financial Group, Inc.
                              One Portland Square
                              Portland, Maine  04112-9540
                              Attention:  Chief Financial Officer
                              Telecopy:  (207) 761-8587


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             (c) if given to any Holder, at the address set forth on the books
         and records of the Issuer.

         All such notices shall be deemed to have been given when received in
person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid, except that if a notice or other document is refused delivery
or cannot be delivered because of a changed address of which no notice was
given, such notice or other document shall be deemed to have been delivered on
the date of such refusal or inability to deliver.

SECTION 5.4.      Benefit

         This Common Securities Guarantee is solely for the benefit of the
Holders of the Common Securities and is not separately transferable from the
Common Securities.

SECTION 5.5.      Governing Law

         THIS COMMON SECURITIES GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF.


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         THIS COMMON SECURITIES GUARANTEE is executed as of the day and year
first above written.

                                        PEOPLES HERITAGE FINANCIAL GROUP, INC.



                                        By:
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                                           Name: William J. Ryan
                                           Title: Chairman, President and Chief
                                                  Executive Officer


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