Merchants Bancshares,Inc. (MBVT)

[Penny Roger$]

Merchants Bancshares, Inc. (Merchants) is a bank holding company that operates through its primary wholly owned subsidiary, The Merchants Bank (Merchants Bank). Merchants Bank is a commercial bank. Merchants Bank and Merchants’ Trust division offer a range of deposit, loan, cash management and trust services to meet the financial needs of individual consumers, businesses and municipalities at 34 full-service banking offices throughout the state of Vermont as of December 31, 2010. Merchants’ Trust division offers investment management, financial planning and trustee services. As of December 31, 2010, this division had fiduciary responsibility for assets having a market value in excess of $ 460 million, of which more than $410 million constituted managed assets. MBVT Statutory Trust I, a wholly owned subsidiary of Merchants, was formed for the sole purpose of issuing non-voting capital securities.

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