Vermont Business Magazine Merchants Bank announced today the anticipated consolidation of their Malletts Bay branch in Colchester, Vermont, as of January 15, 2016. Customers will continue to have access to their accounts across the bank’s branch network, including three nearby branches (North Avenue and College Street in Burlington as well as a branch in Winooski) in addition to an ATM located within Costco, in Colchester. The consolidation follows an evaluation of their retail branch infrastructure in the face of consumers’ ongoing migration to online and mobile banking technology. With 32 branches and 38 ATMs state-wide, Merchants Bank continues to maintain one of the largest branch networks in Vermont.
CEO Geoffrey Hesslink, discussing the shift, stated “We continue to stay in touch with our personal, municipal and commercial banking clients to understand their needs. The feedback we’ve received is clear: customers want competitive pricing with excellent service. In today’s world, that means continued reliance on the hardworking people in our branches, supplemented increasingly with online services.”
Merchants Bank has steadily invested in the build out of their digital technology and call center servicing offerings. This has involved sizable investments that include upgrading their core processing system, setting up online and mobile banking with 24/7/365 access, enabling deposits of checks via smart phones, upgrading ATMs with deposit automation capabilities along with other servicing upgrades.
Established in 1849, Merchants Bank is Vermont’s largest and sole remaining statewide independent bank. Consumer, business, municipal and investment customers enjoy personalized relationships, sophisticated online and mobile banking options, and 32 branches statewide. Merchants Bank (Member FDIC, Equal Housing Lender, NASDAQ “MBVT”) and Merchants Trust Company employ approximately 292 full-time employees and 33 part-time employees statewide, and have earned several “Best Places to Work in Vermont” awards. American Banker ranks Merchants Bank a “Top 200” in America among 851 peers.www.mbvt.com