September 25, 2017 4:50 AM ET


Company Overview of Merchants Bancshares, Inc.

Company Overview

As of May 12, 2017, Merchants Bancshares, Inc. was acquired by Community Bank System, Inc.

275 Kennedy Drive

South Burlington, VT 05403

United States

Founded in 1849

278 Employees



Key Executives for Merchants Bancshares, Inc.

Merchants Bancshares, Inc. does not have any Key Executives recorded.

Merchants Bancshares, Inc. Key Developments

Merchants Bancshares, Inc. Files Form 15

Merchants Bancshares, Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common stock under the Securities Exchange Act of 1934, as amended. The par value of the company's common stock was $0.01 per share.

Merchants Bancshares Intends To File With SEC A Certification On Form 15 Requesting The Termination Of Registration Of Common Stock

On May 12, 2017, pursuant to the terms and conditions of the Agreement and Plan of Merger, dated as of October 22, 2016 (Merger Agreement), by and between Community Bank System, Inc. (Community Bank System) and Merchants Bancshares, Inc. (Merchants), the merger of Community Bank System and Merchants (Merger), in which Merchants merged with and into Community Bank System, with Community Bank System as the surviving corporation, became effective. Trading in shares of Merchants Common Stock on the NASDAQ Global Select Market has been halted. As a consequence of the Merger, on May 12, 2017 Merchants requested that a Form 25 be filed with the SEC, to request the removal of the Merchants Common Stock from listing and registration on the NASDAQ Global Select Market and from registration under Section 12(b) of the Securities Exchange Act of 1934 (Exchange Act). Merchants intends to file with the SEC a certification on Form 15 under the Exchange Act requesting the termination of the registration of Merchants Common Stock under Section 12(g) of the Exchange Act and the suspension of Merchants’ reporting obligations under Sections 13 and 15(d) of the Exchange Act. The disclosure set forth in Item 2.01 is incorporated herein by reference.

Community Bank System and Merchants Bancshares Secure FRB and OCC Approvals

Community Bank System and Merchants Bancshares reported that they have received regulatory approvals from the Board of Governors of the Federal Reserve System and Office of the Comptroller of the Currency for their proposed merger. Community Bank System and Merchants also announced that they have set May 12, as the closing date for the merger, subject to the satisfaction of customary closing conditions. In light of the foregoing, the election process that is currently underway to permit the Merchants stockholders to elect the form of their merger consideration is being extended to May 9.

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