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Merchants Bancshares Inc shares surge on merger news

Monday, October 24, 2016 12:25
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(Before It's News)

Vermont-based Merchants Bancshares Inc (NYSE:MBVT) shares rose over 31% on Monday as it emerged it had entered a merger deal with Community Bank System Inc (NYSE:CBU).

Under the deal, Community Bank System will acquire Merchants Bancshares, parent company of Merchants Bank, in a cash and share deal worth US$304 million.

The transaction has been unanimously approved by both boards.

Merchants has total assets of nearly US$1.9bn, deposits of $1.5 billion and 32 banking offices. In addition, it is the third largest institution by deposit market share in Vermont, with a growing presence in Western Massachusetts

Geoffrey R. Hesslink, president and chief executive of Merchants Bancshares said: “We are proud to become part of a long standing, solid and complementary franchise like Community Bank.

“We look forward to working closely with Community Bank System to complete the combination.”

The merger is expected to close in the second quarter of 2017.

Merchants shares were last seen up 30.3% at $42.80.

Story by ProactiveInvestors

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