SOUTH BURLINGTON, Vt.,
March 23, 2017 /PRNewswire/ --
Merchants Bancshares, Inc. (NASDAQ: MBVT) (the "Company") today
announced that its stockholders have voted to approve the
previously announced merger of the Company with Community Bank
System, Inc. Consummation of the merger is subject to
regulatory approval and the satisfaction of other customary closing
conditions.
On October 24, 2016, the Company
and Community Bank System announced that they had entered into a
definitive merger agreement under which Community Bank System will
acquire the Company in a cash and stock transaction for total
consideration valued at approximately $304
million. Under the terms of the agreement, the Company's
stockholders will have the option to receive, at their election,
consideration per share equal to (i) 0.9630 shares of
Community Bank System common stock, (ii) $40.00 in cash or
(iii) the combination of 0.6741 shares of Community Bank
System common stock and $12.00 in
cash, subject to an overall proration to 70% stock and 30%
cash.
About Merchants Bancshares, Inc.
Merchants
Bancshares, Inc. reported total assets at December 31,
2016 of approximately $2.06 billion.
Merchants Bancshares, Inc. is the holding company for
Merchants Bank. The bank's business, municipal, consumer, and
investment customers enjoy personalized relationships,
sophisticated online and mobile banking options, with 31 branches
in Vermont and 1 location in
Massachusetts, operating as NUVO,
a division of Merchants Bank. Merchants Bancshares, Inc. is
listed on the NASDAQ Stock Market and trades under the symbol MBVT.
For more information about Merchants Bank visit www.mbvt.com.
Cautionary Note Regarding Forward-Looking
Statements
Certain statements contained in this press
release that are not historical facts may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by the use of the words "will,"
"anticipate," "expect," "intend," "estimate," "target," and words
of similar import. Forward-looking statements are not
historical facts but instead express only management's beliefs
regarding future results or events, many of which, by their nature,
are inherently uncertain and outside of management's control.
Merchants Bancshares does not undertake any obligation to update
any forward-looking statement to reflect circumstances or events
that occur after the date the forward-looking statements are
made.
Contact: Jamie Oberle,
Merchants Bank, at (802) 865-1603
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SOURCE Merchants Bancshares, Inc.
