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.
