Chittenden to acquire Maine bank

first_imgJanuary 19, 2007 03/07CHITTENDEN TO ACQUIRE MERRILL MERCHANTS BANCSHARES, INC.Burlington, VT — Chittenden Corporation (NYSE: CHZ) and Merrill Merchants Bancshares, Inc.(NASDAQ: MERB) (Merrill), announced today that they signed a definitive merger agreementwhereby Chittenden will acquire Merrill and its subsidiary, Merrill Merchants Bank, forapproximately $111.4 million in cash and stock. Consummation of the agreement is subject tothe approval of the shareholders of Merrill, as well as various regulatory agencies.Theacquisition is expected to close in the second quarter of 2007. Following the completion of thetransaction, Merrill Merchants Bank will operate as a separate unit of Chittenden Corporation,maintaining its name and senior management team.In announcing the agreement, Paul A. Perrault, Chittenden’s Chairman, President and ChiefExecutive Officer, said, I am delighted that Merrill Merchants will join the Chittenden family ofbanks. Their well-established history of relationship banking has resulted in strong growth andhigh performance, and therefore will blend into our culture and strategies very nicely. By usingChittendens broad capabilities and products, they will be able to deepen their relationships andattract new ones. With a very strong and experienced management team remaining in place,this is a great strategic fit for both companies.Edwin Clift, Chairman and Chief Executive Officer of Merrill Merchants Bancshares, Inc.,commented, “Merrill has accomplished a great deal as an organization and has operated at ahigh level of performance. We have known the management group at Chittenden for a numberof years, and in working together have found that our banking policies and philosophies are verysimilar. Chittenden understands community banking and the need to keep local bankers withauthority in place. Our Board of Directors carefully considered the interests of our shareholdersand employees and determined Chittenden to be an ideal merger partner for us. Thistransaction is good news for our communities, customers, and employees.”Under the terms of the merger agreement, shareholders of Merrill can elect to receive $31.00per share in cash, with total cash consideration of approximately $44.57 million, or 1.02 sharesof Chittenden common stock for each share of Merrill stock they own, with total stockconsideration of approximately 2.20 million shares of Chittenden common stock. Elections willbe subject to allocation procedures that are intended to ensure that 60% of the Merrill commonstock outstanding immediately prior to consummation of the merger will be converted toChittenden common stock. The transaction is intended to qualify as a reorganization for federalincome tax purposes, and as a result, the shares of Merrill common stock exchanged for sharesof Chittenden common stock are expected to be transferred on a tax-free exchange basis.Chittenden was advised by its legal counsel, Goodwin Procter LLP. Merrill was advised by,Keefe, Bruyette & Woods, Inc., and its legal counsel was Thacher Proffitt & Wood LLP,Washington, D.C.Merrill and its subsidiary, Merrill Merchants Bank, are headquartered in Bangor, Maine. Merrillhad total assets of $449 million, $339 million in loans, deposits of $360 million, and $39 millionof stockholders’ equity at December 31, 2006. Merrill presently operates 11 banking offices incentral and eastern Maine.last_img read more

Secretary Markowitz to Present the 2008 Vermont Centennial Nonprofit Awards

first_imgSecretary of State Deb Markowitz to Present the 2008 Vermont Centennial Nonprofit AwardsVermont’s Oldest Nonprofits to be Honored at a Statehouse CeremonyVermont Secretary of State Deb Markowitz will be presenting the 2008 Vermont Centennial Nonprofit Awards on Thursday, September 25, 2008, at 4:30 p.m. at a ceremony in the historic Vermont Statehouse. Twenty-six of Vermont’s oldest nonprofits will be honored for over 100 years of continuous operation in Vermont. Secretary Markowitz will be joined by Governor Jim Douglas in expressing appreciation for the contributions of these organizations to the state’s heritage.For more information about the awards and a list of the 2008 recipients, please visit the Secretary of State’s website at http://www.sec.state.vt.us/centennial_nonprofit.html(link is external)###last_img read more

US Agriculture Secretary Vilsac to attend town meeting, Organic Farming conference in Burlington Saturday

first_imgSenator Bernie Sanders will host US Department of Agriculture Secretary Tom Vilsack at a dairy town meeting at the Burlington Hilton at 10 am on Saturday, February 13, 2010. Sanders also will host Vilsack as the keynote speaker at the Northeast Organic Farming Association annual conference at the University of Vermont’s Ira Allen Chapel in Burlington at 11:45 a.m.  Sen. Patrick Leahy will host the secretary as he speaks to the St. Albans Cooperative Creamery Annual Meeting in St. Albans at 1:15 p.m.  Vilsack, Leahy, Sanders and Rep. Peter Welch also will meet with Vermont anti-hunger leaders.What: Town Meeting with Secretary of Agriculture Tom VilsackWho: Senator Bernie Sanders, Senator Patrick Leahy, Secretary of Agriculture Tom Vilsack, Congressman Peter Welch, and Vermont Agriculture Secretary Roger AlbeeWhen: 9:30 a.m. coffee, 10 a.m. meeting, media availability immediately following the meeting from approximately 11:10 to 11:25 p.m., Saturday, February 13, 2010Where: Hilton Hotel, Lake Champlain Room, 60 Battery Street, Burlington What: Secretary Vilsack Addresses Northeast Organic Farming Association Annual Winter ConferenceWho: Senator Bernie Sanders, Secretary of Agriculture Tom Vilsack, Senator Patrick Leahy, Congressman Peter Welch, and Vermont organic farmersWhen: 11:45 a.m., Saturday, February 13, 2010Where: Ira Allen Chapel, University of Vermont, 26 University Place, Burlington Source: Sanders’ office. BURLINGTON, February 12, 2010 –last_img read more

Vermont attorney general warns of foreclosure relief scams

first_imgVermont Attorney General William H Sorrell is warning local homeowners in financial distress to avoid offers of quick fixes for their mortgage or foreclosure problems. A series of recent consumer complaints to his office have focused attention on out-of-state companies, many of them in California, promising to “reduce your mortgage,” “lower your monthly house payments,” “get past due payments eliminated,” “stop foreclosure,” and similar claims.In fact, these “foreclosure rescue scams” have collected amounts from consumers in the $1,000-to-$2,500 range but have done nothing to assist homeowners. To make matters worse, it has generally been difficult to recover consumers’ funds, because the companies are often out of business by the time the investigation is begun.According to Attorney General Sorrell, “It is particularly outrageous to see companies scamming consumers who are already facing economic hardship. Vermonters should know that they have local resources available to help them at no cost.”Consumers who are having trouble making their mortgage payments, obtaining a loan modification, or dealing with a mortgage foreclosure in the courts should call the Vermont Department of Banking, Insurance, Securities and Health Care Administration’s Mortgage Assistance Program at 1-888-568-4547 (toll-free), or contact the nearest Homeownership Center (there is an online listing of these centers at http://www.vthomeownership.org(link is external)).Source: Vermont attorney general. 5.24.2010last_img read more