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December 01, 2015 4:25 PM ET


Company Overview of Merchants Bank

Company Overview

Merchants Bank, a state-chartered bank, provides a range of retail and commercial banking products and services to businesses, industry, private and government institutions, and individuals in Vermont. It offers checking accounts, savings accounts, compare accounts, money market accounts, certificates of deposit, mortgages, bi-weekly mortgages, home equity lines and loans, auto loans, personal loans, lines of credit, term loans/commercial mortgages, debit cards, overdraft coverage, overdraft assurance, reorder checks, cash management services, and online and mobile banking services. Merchants Bank was formerly known as The Merchants National Bank Of Burlington and changed its name to Merchan...

275 Kennedy Drive

South Burlington, VT 05403

United States

Founded in 1849





Key Executives for Merchants Bank

Chief Executive Officer and President
Age: 50
Chief Financial Officer, Executive Vice President, Treasurer, Chief Financial Officer of Merchants Bancshares Inc, Executive Vice President of Merchants Bancshares Inc and Treasurer of Merchants Bancshares Inc
Age: 55
Chief Operating Officer and Executive Vice President
Age: 48
Director, Chief Executive Officer of Merchants Bancshares Inc, President of Merchants Bancshares Inc and Director of Merchants Bancshares Inc
Age: 60
President of Fair Haven Branch
Compensation as of Fiscal Year 2015.

Merchants Bank Key Developments

Merchants Bancshares Inc. and Merchants Bank Appoint Donald R. Chase to its Board

In accordance with the terms of the Agreement and Plan of Merger dated as of April 27, 2015 between Merchants Bancshares Inc. (“Merchants” or the “Company”) and NUVO Bank & Trust Company (“NUVO”), on October 22, 2015 the Boards of Directors of the Company and its wholly-owned subsidiary, Merchants Bank, increased the size of their respective Boards by one and appointed Mr. Donald R. Chase, NUVO’s Chairman of the Board, to fill the resulting vacancies, effective upon completion of the merger of NUVO with and into Merchants Bank (the “Merger”). As previously reported, the Merger was approved by NUVO’s shareholders on September 30, 2015, and is expected to close on or about December 4, 2015, subject to receipt of all required regulatory approvals. Also on October 22, 2015, the Boards of Directors of the Company and Merchants Bank appointed Mr. Chase to serve on the following standing committees, effective upon completion of the Merger: Audit and Risk Management Committee, Compensation Committee and Nominating and Governance Committee. Mr. Chase has served as Chairman of NUVO’s Board of Directors since 2008, and is the former President, Chief Executive Officer and a director of Westbank Corporation.

Michael Cataldo Joins Merchants Bank as Senior Vice President, Director of Operations

Merchants Bank announced that Michael Cataldo has joined Merchants Bank as Senior Vice President, Director of Operations. Cataldo's experience includes over 30 years within the financial services industry, specializing in Bank Operations. He most recently worked for Webster Bank where he was responsible for operating and managing back office operations for the $17 billion bank.

Donald R. Chase to Be Appoint to the Merchants Bancshares Inc. and Merchants Bank

On April 27, 2015, Merchants Bancshares Inc. (Merchants), the parent company of Merchants Bank, announced the execution of a definitive agreement and plan of merger with NUVO Bank & Trust Company, pursuant to which Merchants will acquire NUVO. The transaction will be structured as a merger of NUVO with and into Merchants Bank. In accordance with the agreement, Donald R. Chase, Chairman of the Board of Directors of NUVO, will be appointed to the Boards of Directors of Merchants and Merchants Bank. In addition, Merchants has entered into employment agreements with M. Dale Janes, NUVO's Chief Executive Officer, and Jeffrey S. Sattler, NUVO's President and Chief Loan Officer.

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