Profile: Merchants Bancshares Inc (MBVT.OQ)
7 Mar 2014
Merchants Bancshares, Inc. (Merchants), incorporated on April 20, 1987, is a bank holding company. The Merchants Bank is a Merchants’ primary subsidiary. Merchants Trust division offers investment management, financial planning and trustee services. As of December 31, 2012, the division had fiduciary responsibility for assets having a market value in excess of $555 million, of which more than $500 million constituted managed assets. MBVT Statutory Trust I a wholly owned subsidiary of Merchants, was formed for the sole purpose of issuing non-voting capital securities. Merchants offers a range of deposit, loan, cash management, and trust services to meet the financial needs of individual consumers, businesses and municipalities at 33 full-service banking offices throughout the state of Vermont as of December 31, 2012.
As of December 31, 2012, approximately 46% of its loan portfolio was consists of commercial, commercial real estate, and construction loans. As of December 31, 2012, Merchants serviced $2.97 million in residential mortgage loans for investors, such as the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC), and other financial investors and government agencies.
As of December 31, 2012, Merchants investment portfolio includes available for sale and held to maturity securities. The available for sale securities include the United States treasury obligations, the United States agency obligations, the United States Government Sponsored Enterprises, Federal Home Loan Bank (FHLB) obligations, Residential Real Estate Mortgage-backed Securities (Agency MBSs), Agency Commercial Mortgage Backed Securities (Agency CMBSs), Agency Collateralized Mortgage Obligations (Agency CMOs), Collateralized Loan Obligations (CLOs), Non-agency Collateralized Mortgage Obligations (Non-Agency CMOs), Agency CMOs and Asset Backed Securities (ABSs). Merchant’s investment portfolio totaled $509.09 million as of December 31, 2012.
Sources of Fund
The deposits include Demand, Savings and interest bearing checking, Money market accounts and Time deposits. During the year ended December 31, 2012, Merchant’s deposits totaled 1. 27 billion.
Merchants Bancshares Inc
275 Kennedy Drive
SOUTH BURLINGTON VT 05403