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The Merchants Bank

History:

Merchants Bancshares, Inc., a Delaware Corporation, is the bank holding company of the wholly owned subsidiary, Merchants Bank. Merchants Bancshares, Inc. is one of the largest bank holding companies headquartered in the State of Vermont in terms of deposits. The Company acquired controlling interest in the Bank on January 27, 1984, upon exchange of substantially all of the outstanding shares of common stock of the Bank for an equal number of shares of the Company. The objective of forming a bank holding company was to expand the banking and other financial services being offered and the markets in which such services are available.

Merchants Bank was organized in 1849, and took a national charter in 1865, becoming The Merchants National Bank of Burlington, Vermont. The present name was adopted on September 6, 1974, when the Bank converted from a national bank to a state-chartered bank.

Merchants Bank is a full-service, commercial bank offering a complete range of retail and commercial services to businesses, industry, private and government institutions and individuals. The Bank maintains 34 full-service banking offices and five additional ATM-only locations throughout Vermont.

We employ approximately 260 full-time employees and 50 part-time employees.

Merchants Bancshares, Inc. and its wholly owned subsidiary, Merchants Bank, will continue to offer premier customer service and innovative banking products. The mission of Merchants Bank is to provide Vermonters with community banking. This commitment is fulfilled through a community, branch-based system that extends throughout the State of Vermont, employees dedicated to quality customer service and innovative banking products such as Cash Rewards Checking.

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