John Hancock Bank and Thrift Opportunity Fund Suspends Managed Distribution Plan...

John Hancock Bank and Thrift Opportunity Fund Suspends Managed Distribution
Plan and Adopts Share Repurchase Plan

BOSTON, May 11 /PRNewswire-FirstCall/ -- At a regularly scheduled meeting,
held on May 7, 2009, the Board of Trustees concluded that it was in the best
interest of shareholders to voluntarily suspend the John Hancock Bank and
Thrift Opportunity Fund's (NYSE: BTO) (the "Fund") managed distribution plan
(the "Plan") effective with the Fund's June distribution. While the Plan is
suspended, the Fund will continue to pay out any net investment income earned
on the portfolio as well as any net realized capital gains on an annual basis,
as required. The Fund's next quarterly distribution will be declared on June
1, 2009.

The Fund's Plan was adopted by the Board of Trustees in May 2003 and was
implemented in January 2004. Under the Plan, the Fund made quarterly
distributions of an amount equal to at least 2.5% (or 10% annually) of the
Fund's net asset value ("NAV") determined at the preceding calendar year end.
The Plan was originally adopted to allow the Fund to distribute significant
capital gains accrued in the portfolio. Since the Plan was originally
adopted, the Fund has distributed nearly $400 million of long-term gains to
its shareholders.

Before coming to the conclusion to suspend the Plan, the Board took a number
of factors into consideration, including, but not limited to, the current
level of gains and losses in the portfolio as well as current market
conditions. Unprecedented market declines and extreme market volatility,
especially in the banking sector, have resulted in a substantial reduction of
capital gains available in the portfolio for distribution, thereby impairing
the Fund's ability to support the distribution level of the Plan without the
risk of distributions consisting substantially of return of capital. While
there has been some recent improvement in the sector, Management has
determined that the gains currently available in the Fund's portfolio are not
at the levels needed to sustain the Plan over the long-term. Furthermore,
this action may allow portfolio management the opportunity to retain capital
in order to take advantage of severely under-valued securities and attractive
market opportunities as they seek to enhance the Fund's total return profile
over the long-term. The suspension of the Plan does not impact the Fund's
overall objective of seeking long-term capital appreciation with moderate
income as a secondary objective. The Board will continue to regularly monitor
the Fund's distribution policy.

The Fund also announced today that its Board of Trustees, in evaluating
strategic options to enhance shareholder value, has approved a share
repurchase plan. Under the share repurchase plan the Fund may purchase, in
the open market, up to 10% of its outstanding common shares commencing
immediately through December 31, 2009.

Share repurchase plans can be accretive to the Fund's net asset value when
shares are purchased on the open market at a discount to NAV. They could also
have the benefit of providing additional liquidity in the trading of the
common shares.

There is no assurance that the Fund will purchase shares at any specific
discount levels or in any specific amounts. The Fund's repurchase activity
will be disclosed in its shareholder report for the relevant fiscal period.
There is no assurance that the market price of the Fund's shares, either
absolutely or relative to net asset value, will increase as a result of any
share repurchases.

John Hancock Bank and Thrift Opportunity Fund is a diversified, closed-end
fund. The Fund seeks long-term capital appreciation with moderate income as a
secondary objective by normally investing at least 80% of its assets in stocks
of regional banks and lending companies, including commercial and industrial
banks, savings and loan associations and bank holding companies.

Statements in this press release that are not historical facts are
forward-looking statements as defined by United States securities laws. You
should exercise caution in interpreting and relying on forward-looking
statements because they are subject to uncertainties and other factors which
are, in some cases, beyond the fund's control and could cause actual results
to differ materially from those set forth in the forward-looking statements.

About John Hancock Funds

The Boston-based mutual fund business unit of John Hancock Financial, John
Hancock Funds manages more than $35.8 billion in open-end funds, closed-end
funds, private accounts, retirement plans and related party assets for
individual and institutional investors at March 31, 2009.

About John Hancock Financial and Manulife Financial Corporation

John Hancock Financial is a unit of Manulife Financial Corporation (the
Company), a leading Canadian-based financial services group serving millions
of customers in 19 countries and territories worldwide. Operating as Manulife
Financial in Canada and in most of Asia, and primarily as John Hancock in the
United States, the Company offers clients a diverse range of financial
protection products and wealth management services through its extensive
network of employees, agents and distribution partners. Funds under management
by Manulife Financial and its subsidiaries were Cdn$405 billion (US$322
billion) at March 31, 2009.

Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and
under '0945' on the SEHK. Manulife Financial can be found on the Internet at
www.manulife.com.

The John Hancock unit, through its insurance companies, comprises one of the
largest life insurers in the United States. John Hancock offers a broad range
of financial products and services, including life insurance, fixed and
variable annuities, fixed products, mutual funds, 401(k) plans, long-term care
insurance, college savings, and other forms of business insurance. Additional
information about John Hancock may be found at www.johnhancock.com.

SOURCE John Hancock Bank and Thrift Opportunity Fund

Media, Kelly Stevens, +1-617-663-2422, or Investors, +1-800-843-0090