(AP) – A Bangor-based banking company that operates eleven branches in eastern and central Maine is being bought out by a Vermont-based financial services corporation.
Merrill Merchants Bancshares Incorporated, which owns Merrill Bank, is being bought by Chittenden Corporation for eleven-point-four (m) million dollars in cash and stock.
Merrill Merchants was founded 15 years ago by a group of Bangor-area investors.
Edwin Clift, the chairman and CEO of Merrill Merchants, said the merger will allow the bank to be more competitive and offer more products and services to customers. He said the bank will keep its name, its board of directors and its staff.
The acquisition is expected to be completed this spring.