Chittenden completes acquisition of Merrill Merchants Bancshares

By Lisa Kerner

Charlotte, N.C., May 31 - Chittenden Corp. completed its acquisition of Merrill Merchants Bancshares, Inc.

Merrill shareholders who elected cash will receive $31.00 per share. Shareholders who elected to receive Chittenden common stock will receive 1.02 shares of Chittenden common stock for each share of Merrill common stock.

Non-electing shareholders will receive $10.29 in cash and 0.6814 of a share of Chittenden common stock for each share of Merrill stock.

Merrill, a Bangor, Maine-based bank, agreed on Jan. 19 to be acquired by Chittenden in a stock and cash transaction worth an estimated $111.4 million.

"We believe that this is a favorable transaction for our shareholders and customers," Merrill chairman and chief executive officer Edwin Clift said in a company news release.

"Chittenden shares our belief in community banking and has clearly demonstrated its commitment to local decision-making through its previous acquisitions. We are pleased to be joining the Chittenden team and through this partnership look forward to providing additional, enhanced services to our customers."

Chittenden is a bank holding company located in Burlington, Vt.

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