Merchants Bancshares confirms dividend, extends stock buyback program

Merchants Bancshares, Inc (NASDAQ: MBVT), the parent company of Merchants Bank, announced that its Board of Directors declared today a dividend of 28 cents per share, payable February 20, 2014, to shareholders of record as of February 6, 2014. This quarter represents its 69th consecutive quarterly dividend payment and its 33rd consecutive quarter at the current payout level.
Merchants also announced the extension, through January 2015, of its stock buyback program, originally adopted in January 2007. Under the program, Merchants may repurchase up to 200,000 shares of its common stock on the open market from time to time, and has purchased 143,475 shares to date. Although Merchants did not repurchase any of its shares during 2013, Merchants would like to continue to preserve its capital management flexibility with an active buyback program.
Merchants plans to release earnings on or about January 28, 2014.
Michael R. Tuttle, Merchants' President and Chief Executive Officer, Janet P. Spitler, Merchants' Executive Vice President and Chief Financial Officer and Geoffrey R. Hesslink, Chief Operating Officer and Executive Vice President of Merchants will host a conference call to discuss these earnings results at 9:00 a.m. Eastern Time on Wednesday January 29, 2014. Interested parties may participate in the conference call by dialing U.S. number 1-888-317-6016, Canada number 1-855-669-9657, or international number 1-412-317-6016. The title of the call is Merchants Bancshares, Inc. Q4 2013 Earnings. Participants are asked to call a few minutes prior to register. A replay will be available until 9:00 a.m. Eastern Time on February 6, 2014. The U.S. replay dial-in telephone number is 1-877-344-7529. The international replay telephone number is 1-412-317-0088. The replay access code for both replay telephone numbers is 10036734. Additionally, a recording of the call will be available on our website at www.mbvt.com
Established in 1849, Merchants Bank is the largest Vermont-based bank, independent and locally operated. Consumer, business, municipal and investment customers enjoy personalized relationships, sophisticated online and mobile banking options, more than 30 community bank locations statewide, plus a nationwide network of over 55,000 surcharge-free Allpoint ATMs. Merchants Bank (Member FDIC, Equal Housing Lender, NASDAQ "MBVT"), and Merchants Trust Company employ approximately 300 full-time employees and 40 part-time employees statewide, and has earned several "Best Place to Work in Vermont" awards. American Banker ranks Merchants Bank #10 in America among 851 peers. www.mbvt.com.
SOUTH BURLINGTON, VT--(Marketwired - January 23, 2014) - Merchants Bancshares, Inc