Merchants Bancshares, Inc. completes merger with NUVO Bank & Trust Company

South Burlington, VT Merchants Bancshares, Inc. has completed the merger of NUVO Bank & Trust Company (NUVO), located in Springfield, Mass. NUVO’s banking business will be operated as a division of Merchants Bank, a wholly owned subsidiary of Merchants. Total compensation paid by Merchants for NUVO’s outstanding stock is comprised of 517,100 shares of common stock and $5.106 million in cash. Merchants also paid an aggregate of $878,000 to cash out NUVO stock options and a portion of its common stock warrants and issued replacement warrants to purchase Merchants common stock on adjusted terms.

Shown (from left) are: M. Dale Janes, regional president; Marie Thresher, executive VP and COO; Jeff Sattler, managing director and Geoffrey Hesslink, president and CEO.

With completion of the merger, Merchants Bancshares now has consolidated assets of $2 billion and 33 banking locations, including the new office in Springfield, Mass.

“We are pleased to welcome NUVO’s clients, employees and shareholders to our Bank”, said Geoffrey Hesslink, Merchants Bank president and CEO. “We are excited to expand our footprint beyond Vermont and entering the Springfield and greater Western Massachusetts commercial banking market. We look forward to providing our new customers with Merchants’ exceptional service and banking products, supported by our growing team that now includes NUVO’s banking professionals.”

Donald Chase, the chair of NUVO’s board of directors, will join the boards of directors of Merchants Bancshares and Merchants Bank. Joining Merchants Bank’s management team are M. Dale Janes, NUVO’s CEO, who will serve as Merchants Bank’s regional president – Western Mass., and Jeffrey Sattler, NUVO’s president and chief loan officer, who will serve as Merchants Bank’s managing director for Western Mass.

“The Board and management of Merchants are delighted to have successfully completed this strategic acquisition and welcome Don Chase to the Board,” said Merchants Bancshares resident and CEO Michael Tuttle.

Merchants Bancshares is the parent company of Merchants Bank, headquartered in South Burlington. Established in 1849, Merchants Bank is one of the largest Vermont-based bank, independently and locally operated. Consumer, business, municipal and investment customers enjoy personalized relationships, sophisticated online and mobile banking options, with 32 branches in Vermont and 1 in Massachusetts. Merchants Bank (Member FDIC, Equal Housing Lender) has earned several “Best Places to Work in Vermont” awards. American Banker ranks Merchants Bank a “Top 200” in America among 851 peers.