<SEC-DOCUMENT>0000723188-17-000022.txt : 20170426
<SEC-HEADER>0000723188-17-000022.hdr.sgml : 20170426
<ACCEPTANCE-DATETIME>20170426153844
ACCESSION NUMBER:		0000723188-17-000022
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20170426
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170426
DATE AS OF CHANGE:		20170426

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COMMUNITY BANK SYSTEM, INC.
		CENTRAL INDEX KEY:			0000723188
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				161213679
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13695
		FILM NUMBER:		17784012

	BUSINESS ADDRESS:	
		STREET 1:		5790 WIDEWATERS PKWY
		CITY:			DEWITT
		STATE:			NY
		ZIP:			13214
		BUSINESS PHONE:		8007242262

	MAIL ADDRESS:	
		STREET 1:		5790 WIDEWATERS PARKWAY
		CITY:			DEWITT
		STATE:			NY
		ZIP:			13214

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMMUNITY BANK NA, a subsidiary of Community Bank System Inc
		DATE OF NAME CHANGE:	20130729

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMMUNITY BANK NA, a subsidiary of Community Bank System Inc.
		DATE OF NAME CHANGE:	20130726

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMMUNITY BANK SYSTEM INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter). </div>
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<td style="FONT-WEIGHT: normal">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.</td>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt"><font style="FONT-WEIGHT: bold">Item 8.01</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-WEIGHT: bold">Other Events</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt">On April 26, 2017, Community Bank System, Inc. ("Community Bank System") and Merchants Bancshares, Inc. ("Merchants") issued a joint press release announcing that they have received regulatory approvals from the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency for the proposed merger.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt">Community Bank System and Merchants have set Friday, May 12, 2017 as the closing date for the merger, subject to the satisfaction of customary closing conditions.&#160; In light of the foregoing, the deadline for Merchants' stockholders to elect their form of merger consideration is being extended to May 9, 2017 at 5:00 PM (Eastern time).&#160; Additional information about the election process is set forth in the press release attached hereto as Exhibit 99.1.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Important Information for Investors and Shareholders</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt">Community Bank System has filed with the Securities and Exchange Commission (the "SEC") a registration statement on Form S-4 containing a proxy statement of Merchants and a prospectus of Community Bank System, and Community Bank System will file other documents with respect to the proposed merger.&#160; A definitive proxy statement/prospectus was mailed to shareholders of Merchants.&#160; Investors and security holders of Merchants are urged to read the proxy statement/prospectus and other documents that were filed with the SEC carefully and in their entirety because they contain important information.&#160; Investors and security holders are able to obtain free copies of the registration statement and the proxy statement/prospectus and other documents filed with the SEC by Community Bank System through the website maintained by the SEC at http://www.sec.gov.&#160; You are also able to obtain these documents free of charge from Merchants at http://www.mbvt.com/ under the heading "Investor Relations" and then "SEC Filings" or from Community Bank System by accessing its website at www.communitybankna.com under the heading of "Investor Relations" and then "SEC Filings &amp; Annual Report."&#160; Copies of the proxy statement/prospectus can also be obtained, free of charge, by directing a request to Merchants Bancshares, Inc., P.O. Box 1009, Burlington, Vermont 05402, Attention: Investor Relations, Telephone: (800) 322-5222 or to Community Bank System, Inc., 5790 Widewaters Parkway, DeWitt, New York 13214, Attention: Investor Relations, Telephone: (315) 445-2282.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Cautionary Notice Regarding Forward-Looking Statements</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt">This communication contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is intended to be protected by the safe harbor provided by the same. Forward-looking statements can be identified by the use of the words "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. It is possible that actual results and outcomes may differ, possibly materially, from the anticipated results or outcomes indicated in these forward-looking statements. Risks and uncertainties to which these statements are subject include, but are not limited to, the following: the timing to consummate the proposed merger; the risk that a condition to closing of the proposed merger may not be satisfied; the parties' ability to achieve the synergies and value creation contemplated by the proposed merger; the parties' ability to promptly and effectively integrate the businesses of Community Bank System and Merchants Bancshares, Inc.; the diversion of management time on issues related to the merger; the failure to consummate or delay in consummating the merger for other reasons; changes in laws or regulations; and changes in general economic </div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">conditions. For additional information concerning factors that could cause actual conditions, events or results to materially differ from those described in the forward-looking statements, please refer to the factors set forth under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Community Bank System's most recent Form 10-K report and to Community Bank System's most recent Form 8-K reports, which are available online at www.sec.gov. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of Community Bank System or Merchants Bancshares, Inc. Forward-looking statements are made only as of the date of this communication, and neither Community Bank System nor Merchants Bancshares, Inc. undertakes any obligation to update any forward-looking statements contained herein to reflect events or conditions after the date hereof.</div>

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<td style="FONT-SIZE: 10pt; WIDTH: 60%">Exhibits.</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 88%; TEXT-ALIGN: left">&#160;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Description</font></td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 8%; TEXT-ALIGN: left">&#160;99.1</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 88%; TEXT-ALIGN: left">&#160;Press Release, dated&#160;<font style="FONT-SIZE: 10pt; DISPLAY: inline">April 26, 2017</font></td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">SIGNATURES</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>

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<div>Community Bank System, Inc.</div>
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<td style="WIDTH: 50%">By:&#160; <u>/s/ George J. Getman</u></td>
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<div>Name:&#160; George J. Getman</div>
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<td style="WIDTH: 50%">Title:&#160; EVP and General Counsel</td>
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<td style="WIDTH: 40%">Dated:&#160; April 26, 2017</td>
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<div style="FONT-SIZE: 16pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">Exhibit 99.1</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">Announce Receipt of FRB and OCC Approvals, Closing Date of May 12, 2017, and Details Regarding Election Procedures</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">SYRACUSE, N.Y. and SOUTH BURLINGTON, VT &#8212; April 26, 2017 &#8212; Community Bank System, Inc. ("Community Bank System") (NYSE: CBU) and Merchants Bancshares, Inc. ("Merchants") (NASDAQ: MBVT) announced that they have received regulatory approvals from the Board of Governors of the Federal Reserve System and Office of the Comptroller of the Currency for their proposed merger.</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Community Bank System and Merchants also announced that they have set Friday, May 12, 2017 as the closing date for the merger, subject to the satisfaction of customary closing conditions.&#160; In light of the foregoing, the election process that is currently underway to permit the Merchants stockholders to elect the form of their merger consideration is being extended to May 9, 2017.&#160; Additional information about the election process is provided below.</div>

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<div style="MARGIN-BOTTOM: 5pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Election Procedures for Merchants Stockholders</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Merchants stockholders previously received from American Stock Transfer &amp; Trust Company, LLC, the Exchange Agent for the merger, a Letter of Election and Transmittal to be used for the purpose of electing the form of merger consideration to be received in the merger.&#160; The deadline for completing and submitting the Letter of Election and Transmittal to the Exchange Agent has been extended to 5:00 P.M. (Eastern time) on May 9, 2017.&#160; Merchants stockholders must complete and submit the Letter of Election and Transmittal by that deadline if they wish to elect the form of merger consideration to be received in the merger, which election is subject to the allocation procedures set forth in the Merger Agreement and the Proxy Statement/Prospectus previously mailed to Merchants stockholders.&#160; If a Merchants stockholder's valid election as to the form of merger consideration is not received prior to the election deadline of 5:00 P.M. (Eastern time) on May 9, 2017, each of such stockholder's shares of Merchants common stock, upon consummation of the merger, will be converted into the right to receive 0.6741 shares of Community Bank System common stock and $12.00 in cash.&#160; Merchants stockholders who do not submit a Letter of Election and Transmittal by the election deadline will be sent a separate letter of transmittal following consummation of the merger for the purposes of exchanging their Merchants shares into the merger consideration.</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Merchants stockholders who need a duplicate copy of the Letter of Election and Transmittal and instructions or who have questions about making an election prior to the election deadline of 5:00 P.M. (Eastern time) on May 9, 2017 may contact<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif">&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">American Stock Transfer &amp; Trust Company, LLC</font>, the Exchange Agent for the merger, at:</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 27.35pt">American Stock Transfer &amp; Trust Company, LLC</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 27.35pt">6201 15th Avenue</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 27.35pt">Brooklyn, NY 11219</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 27pt">(877) 248-6417 or (718) 921-8317</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt; LINE-HEIGHT: 13.7pt">About Community Bank System, Inc.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-TOP: 12pt; LINE-HEIGHT: 13.7pt">Community Bank System, Inc. operates more than 200 customer facilities across Upstate New York and Northeastern Pennsylvania through its banking subsidiary, Community Bank, N.A. With assets of approximately $8.9 billion, the DeWitt, N.Y. headquartered company is among the country's 150 largest financial institutions. In addition to a full range of retail and business banking services, the Company offers comprehensive financial planning, insurance and wealth management services.&#160; The Company's Benefit Plans Administrative Services, Inc. subsidiary is a leading provider of employee benefits administration and trust services, and actuarial and consulting services to customers on a national scale.&#160; Community Bank System, Inc. is listed on the New York Stock Exchange and the Company's stock trades under the symbol CBU.&#160; For more information about Community Bank visit www.communitybankna.com or http://ir.communitybanksystem.com.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt; LINE-HEIGHT: 13.7pt">About Merchants Bancshares, Inc.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-TOP: 12pt; LINE-HEIGHT: 13.7pt">Merchants Bancshares, Inc. reported total assets at March 31, 2017 of approximately $2.02 billion. Merchants Bancshares, Inc. is the holding company for Merchants Bank.&#160; 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.&#160; For more information about Merchants Bank visit www.mbvt.com.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt; LINE-HEIGHT: 13.7pt">Important Information for Investors and Shareholders</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-TOP: 12pt; LINE-HEIGHT: 13.7pt">Community Bank System has filed with the Securities and Exchange Commission (the "SEC") a registration statement on Form S-4 containing a proxy statement of Merchants and a prospectus of Community Bank System, and Community Bank System will file other documents with respect to the proposed merger.&#160; A definitive proxy statement/prospectus was mailed to shareholders of Merchants.&#160; Investors and security holders of Merchants are urged to read the proxy statement/prospectus and other documents that were filed with the SEC carefully and in their entirety because they contain important information.&#160; Investors and security holders are able to obtain free copies of the registration statement and the proxy statement/prospectus and other documents filed with the SEC by Community Bank System through the website maintained by the SEC at http://www.sec.gov.&#160; You are also able to obtain these documents free of charge from Merchants at http://www.mbvt.com/ under the heading "Investor Relations" and then "SEC Filings" or from Community Bank System by accessing its website at www.communitybankna.com under the heading of "Investor Relations" and then "SEC Filings &amp; Annual Report."&#160; Copies of the proxy statement/prospectus can also be obtained, free of charge, by directing a request to Merchants Bancshares, Inc., P.O. Box 1009, Burlington, Vermont 05402, Attention: Investor Relations, Telephone: (800) 322-5222 or to Community </div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-TOP: 12pt; LINE-HEIGHT: 13.7pt">Bank System, Inc., 5790 Widewaters Parkway, DeWitt, New York 13214, Attention: Investor Relations, Telephone: (315) 445-2282.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 12pt; LINE-HEIGHT: 13.7pt">Cautionary Notice Regarding Forward-Looking Statements</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-TOP: 12pt; LINE-HEIGHT: 13.7pt">This communication contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is intended to be protected by the safe harbor provided by the same. Forward-looking statements can be identified by the use of the words "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. It is possible that actual results and outcomes may differ, possibly materially, from the anticipated results or outcomes indicated in these forward-looking statements. Risks and uncertainties to which these statements are subject include, but are not limited to, the following: the timing to consummate the proposed merger; the risk that a condition to closing of the proposed merger may not be satisfied; the parties' ability to achieve the synergies and value creation contemplated by the proposed merger; the parties' ability to promptly and effectively integrate the businesses of Community Bank System and Merchants Bancshares, Inc.; the diversion of management time on issues related to the merger; the failure to consummate or delay in consummating the merger for other reasons; changes in laws or regulations; and changes in general economic conditions. For additional information concerning factors that could cause actual conditions, events or results to materially differ from those described in the forward-looking statements, please refer to the factors set forth under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Community Bank System's most recent Form 10-K report and to Community Bank System's most recent Form 8-K reports, which are available online at www.sec.gov. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of Community Bank System or Merchants Bancshares, Inc. Forward-looking statements are made only as of the date of this communication, and neither Community Bank System nor Merchants Bancshares, Inc. undertakes any obligation to update any forward-looking statements contained herein to reflect events or conditions after the date hereof.</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">For further information contact:</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Community Bank System, Inc.</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Scott A. Kingsley, (315) 445-3121</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">E.V.P. and Chief Financial Officer</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">or</div>

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</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Merchants Bancshares, Inc.</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Geoffrey R. Hesslink, (802) 865-1603</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">President and Chief Executive Officer</div>
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">3</font></div>
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<DOCUMENT>
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<SEQUENCE>5
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
