Merchants Bancshares, Inc. Announces
Leadership Change
The Board of Directors of Merchants
Bancshares, Inc. voted today to approve the appointment of Michael Tuttle, 51,
to succeed Joseph Boutin as President and CEO of Merchants Bancshares, Inc.,
effective on January 1, 2007.
The Board also elected Mr. Tuttle as a Director of Merchants, effective January
1, 2007, to serve the remainder of Mr. Boutin’s term that expires at Merchants’
annual meeting of shareholders in 2009. In addition to this appointment, Mr.
Tuttle will continue to serve as President, CEO and Director of Merchants’ main
operating subsidiary, Merchants Bank.
Raymond C. Pecor, Chairman of the
Board of Merchants Bancshares, Inc. commented, “This completes a transition we
started last year when Mike was appointed President and CEO of Merchants Bank.
Joe and Mike together have led the company through a significant period of
development that has benefited our customers, employees and shareholders during
the last twelve years. As Joe steps down as holding company President and CEO,
the Board of Directors is very pleased that Mike will integrate the roles of
Chief Executive Officer for both the Bank and the holding company. The board is
very grateful to Joe for his exceptional leadership, and looks forward to
continuing to work with Mike.”
Mr. Boutin commented, "I've had the
pleasure of working with Mike since 1990. His knowledge of our industry, our
organization and the Vermont community combined with his work ethic will inure
to the benefit of our employees, shareholders and customers."
Mr. Tuttle will integrate responsibility for holding
company matters with oversight of the Bank. Mr. Tuttle, a long-time resident of
South Burlington, first
came to Merchants Bank in 1986 as a Commercial Lender, and served in that
position until 1990. He returned to the Bank in February of 1995 as the Senior
Commercial Lender, shortly after Mr. Boutin became the President of both
Merchants Bank and Merchants Bancshares, Inc. in October of 1994. Mr. Tuttle
held the post of Chief Operating Officer from 1996 until the Bank’s Board of
Directors appointed him President, CEO and Director as of January of
2006.
Mr. Tuttle commented, “Joe’s hard
work and dedication to our company have earned him the respect of Merchants’
employees and our community. We all wish him the very best. I look forward to
continuing, in my new role, the work that Joe and I began many years
ago.”
The continuing mission of Merchants
Bank is to provide Vermonters with a true community bank. It fulfills this
commitment through a branch-based system that includes 36 bank offices and 43
ATMs throughout Vermont, personal bankers dedicated to top-quality customer
service, and streamlined products: FreedomLYNX® Banking, which
consists of Free Checking for Life®, a Money Market Account, Free
Online Banking and Bill Pay, Overdraft Coverage, Direct Deposit, a Free Debit
Card and Free Automated Phone Banking; TimeLYNX® Certificates of
Deposit; HomeLYNX® Home Equity Loans; RealLYNX®
Residential Mortgages and CommerceLYNX® Business Banking. Merchants
Bank also includes a trust and investment division, known as Merchants Trust
Company, serving individuals and institutions. For more information about
Merchants Bank, visit mbvt.com. Merchants’ stock is traded on the NASDAQ
National Market system under the symbol MBVT. Member FDIC. Equal Housing
Lender.
Some of the statements
contained in this press release may constitute forward-looking statements. Forward-looking statements relate to
expectations, beliefs, projections, future plans and strategies, anticipated
events or trends and similar expressions concerning matters that are not
historical facts. The
forward-looking statements reflect Merchants’ current views about future events
and are subject to risks, uncertainties, assumptions and changes in
circumstances that may cause Merchants’ actual results to differ significantly
from those expressed in any forward-looking statement. Forward-looking statements should not be
relied on since they involve known and unknown risks, uncertainties and other
factors that are, in some cases, beyond Merchants’ control and which could
materially affect actual results.
The factors that could cause actual results to differ materially from
current expectations include changes in general economic conditions in Vermont,
changes in interest rates, changes in competitive product and pricing pressures
among financial institutions within Merchants’ markets, and changes in the
financial condition of Merchants’ borrowers. The forward-looking statements contained
herein represent Merchants’ judgment as of the date of this release, and
Merchants cautions readers not to place undue reliance on such statements. For further information, please refer to
Merchants’ reports filed with the Securities and Exchange Commission.
Tara Perkins
Director of Public Relations &
Business Development
444 South Union
Street
Burlington, VT 05401
p 802.863.2568 : f
802.863.4179
www.postscriptinc.com