Chittenden to acquire Merrill Merchants |
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Published
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Fri, 19 Jan 2007 15:27
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BURLINGTON, Vt. (AFX) - New England banker Chittenden Corp. on Friday said it will acquire Merrill Merchants Bancshares Inc. in a stock and cash deal valued at about $111.4 million.Merrill shareholders can choose to receive either $31 per share in cash or take 1.02 shares of Chittenden stock for each Merrill share held.Merrill Bancshares operates Merrill Merchants Bank, which as of Dec. 31 controlled $449 million in assets, as well as $339 million in loans, $360 million in deposits, and $39 million in stockholder equity. The bank operates 11 branches in central and eastern Maine.After the deal closes in the second quarter of 2007, Merrill Merchants Bank will operate separately from Chittenden and maintain its name and senior management team.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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