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Article: Chittenden of Vt. In $111M Deal For Maine Bank.(Merrill Merchants Bancshares Inc.)(Statistical data)
- Article from:
- American Banker
- Article date:
- January 22, 2007
- Author:
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Chittenden Corp. in Burlington, Vt., is expanding in Maine with its first deal in four years.
The $6.4 billion-asset banking company announced Friday that it had agreed to pay $111.4 million in cash and stock for Merrill Merchants Bancshares Inc. in Bangor.
The seller's Merrill Merchants Bank has $449 million of assets, $360 million of deposits, and 11 branches.
It would become the sixth bank owned by Chittenden, which has 125 branches in Vermont, Maine, Massachusetts, and New Hampshire.
"We think it's a terrific company that we've known for many years," Paul A. Perrault, Chittenden's chairman, president, and chief executive officer, ...