Merrill Merchants stockholders OK stock, cash merger with Chittenden

By Lisa Kerner

Charlotte, N.C., May 9 - Merrill Merchants Bancshares, Inc. said 77% of its eligible shareholders voted on Wednesday to adopt the company's agreement and plan of merger with Chittenden Corp.

The stock and cash deal, valued at $111.4 million, is expected to close on May 31, according to a company news release.

Chittenden announced a definitive agreement on Jan. 19 to acquire Merrill and its subsidiary, Merrill Merchants Bank. Following the close of the transaction, Merrill Merchants Bank will operate as a separate unit of Chittenden under the same Merrill name and senior management.

Under the agreement, Merrill shareholders can elect to receive $31.00 per share in cash or 1.02 shares of Chittenden common stock for each Merrill share they own. Total cash consideration is expected to be $44.57 million, and total Chittenden common stock consideration is estimated at 2.20 million shares.

Merrill is a Bangor, Maine-based bank, and Chittenden is a bank holding company located in Burlington, Vt.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.