Merchants Bank in Burlington, Vermont (VT)
Overview, Financial Summary, Detailed Financial Reports, Branches

Merchants Bank - Overview

  • General
  • FDIC Certificate #: 6268
    Status: Active
    Federal Reserve ID: 166803
    Bank Holding Company (Regulatory Top Holder): Merchants Bancshares, Inc. (RSSDID: 1023239, Location: South Burlington, VT)
    Date Established: January 01, 1849
    Trust Powers Granted: Yes
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 34 (Domestic: 34, Interstate: No)
    OTS Docket #: 9006
    FDIC's unique #: 4233
    Numeric code: 21
    Regulator: FDIC
    Insurance Fund Membership: Deposit Insurance Fund (DIF)
    Insured commercial Banks: Yes
    FDIC Insured: Yes
    Deposit Insurance Fund member: Yes
    Ownership Type: Non-Stock
    FFIEC Call Report 31 Filer: No
    State Chartered: Yes
    Subchapter S Corporations: No
    Asset Concentration Hierarchy: Commercial Lending Specialization
    Date of Deposit Insurance: January 01, 1934
    Last Structure Change Effective Date: November 14, 2011
    Last Structure Change Process Date: December 09, 2011
    Last Data Update: December 09, 2011
    Data Source Date: April 05, 2012
  • Location
  • Address: 164 College Street, Burlington, VT 5401
    County: Chittenden
    Quarterly Banking Profile Region: New York
    FDIC Geographic Region: New York
    FDIC Supervisory Region: New York
    FDIC Field Office: Springfield Ma
    Office of the Comptroller the Currency (OCC) District: Northeast
    Office of Thrift Supervision Region: Northeast
    Metropolitan Statistical Area (MSA): Burlington, VT (#1305)
    Core Based Statistical Area (CBSA): Burlington-South Burlington, VT (#15540)
    CBSA Metro Statistical Area: Burlington-South Burlington, VT (#15540)
  • History of Changes
  • Name Change
  • Financial Summary
  • Total assets: $1,615.1 mil
    Equity capital: $127.0 mil
    Deposits held in domestic offices: $1,179.4 mil
    Return on assets (ROA): 1.04% ($16.8 mil)
    Quarterly return on assets: 1.01% ($16.3 mil)
    Return on Equity (ROE): 12.92% ($16.4 mil)
    Quarterly return on equity: 12.65% ($16.1 mil)
    Net income: $15.8 mil
    Quarterly Net income: $4.0 mil
    Pretax return on assets: 1.29% ($20,835.4 mil)
    Quarterly Pretax return on assets: 1.26% ($20,350.8 mil)

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

2000 - 2011 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

Assets and Liabilities (December 31, 2011)

  • Dollar figures in thousands
  • 311Total employees (full-time equivalent)
  • $1,615,145Total assets
  • $35,884Cash and due from depository institutions
  • $25,521Interest-bearing balances
  • $512,309Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $1,016,980Net loans & leases
  • $10,619Loan loss allowance
  • $0Trading account assets
  • $12,878Bank premises and fixed assets
  • $358Other real estate owned
  • $0Goodwill and other intangibles
  • $1,615,145Life insurance assets
  • $36,736All other assets
  • $1,488,154Total liabilities and capital
  • $1,179,367Total liabilities
  • $981,618Total deposits
  • $1,179,367Interest-bearing deposits
  • $90Deposits held in domestic offices
  • 262527.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $22,562Trading liabilities
  • $0Other borrowed funds
  • $23,698Subordinated debt
  • $126,991All other liabilities
  • $126,991Total equity capital
  • $126,991Total bank equity capital
  • $0Perpetual preferred stock
  • $2,186Common stock
  • $22,438Surplus
  • $102,367Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $2,177Income earned, not collected on loans
  • $0Earning assets
  • $5,121Long-term assets (5+ years)
  • $1,554,810Average Assets, year-to-date
  • $902,083Average Assets, quarterly
  • $1,519,574Volatile liabilities
  • $1,589,584Insider loans
  • $868,072FHLB advances
  • $1,568,502Loans and leases held for sale
  • $0Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $122,945Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $203,765Restructured Loans and leases
  • $4,097Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $58,791Total interest income
  • $7,456Total interest expense
  • $51,335Net interest income
  • $635Provision for loan and lease losses
  • $12,867Total noninterest income
  • $2,516Fiduciary activities
  • $3,732Service charges on deposit accounts
  • $0Trading account gains & fees
  • $6,619Additional noninterest income
  • $45,030Total noninterest expense
  • $20,501Salaries and employee benefits
  • $7,178Premises and equipment expense
  • $17,351Additional noninterest expense
  • $18,537Pre-tax net operating income
  • $994Securities gains (losses)
  • $3,747Applicable income taxes
  • $15,784Income before extraordinary items
  • $0Extraordinary gains - net
  • $15,784Net income attributable to bank
  • $0Net charge-offs
  • $15,784Cash dividends
  • $151Sale, conversion, retirement of capital stock, net
  • $7,953Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 4.03%Yield on earning assets
  • 0.51%Cost of funding earning assets
  • 3.52%Net interest margin
  • 0.88%Noninterest income to earning assets
  • 3.09%Noninterest expense to earning assets
  • 0.99%Net operating income to assets
  • 1.04%Return on assets (ROA)
  • 1.29%Pretax return on assets
  • 12.92%Return on equity (ROE)
  • 6.41%Retained earnings to average equity (YTD only)
  • 0.02%Net charge-offs to loans
  • 420.53%Credit loss provision to net charge-offs
  • 126.97%Efficiency ratio
  • 70,138Assets per employee
  • 5.19%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 50.39%Loss allowance to loans
  • 1.03%Loss allowance to noncurrent loans
  • 487.78%Noncurrent assets plus other real estate owned to assets
  • 0.16%Noncurrent loans to loans
  • 0.21%Net loans and leases to deposits
  • 86.23%Net loans and leases to core deposits
  • 90.04%Equity capital to assets
  • 7.86%Core capital (leverage) ratio
  • 7.84%Tier 1 risk-based capital ratio
  • 14.16%Total risk-based capital ratio
  • Memoranda
  • $15Average assets
  • $1,519,574Average earning assets
  • $122,199Average equity
  • $1,459,474Average loans

Total Fiduciary and Related Assets (December 31, 2011)

  • Dollar figures in thousands
  • $1Total fiduciary and related assets
  • 1Number of Fiduciary Accounts and Related Asset Accounts
  • YesFiduciary powers granted
  • YesFiduciary or related activity
  • $431,380Managed Assets
  • 1Number of Accounts
  • $419,305Personal trust and agency accounts
  • $100,310Employee benefit-defined contribution accounts
  • $6,477Employee benefit-defined benefit accounts
  • $11,586Other retirement accounts
  • $71,723Corporate trust and agency accounts
  • $0Investment management agency accounts
  • $175,601Other fiduciary accounts
  • $53,608Fiduciary accounts held in foreign offices
  • $0Non-managed Assets
  • 1098Number of Accounts
  • $0Personal trust and agency accounts
  • $71,723Employee benefit-defined contribution accounts
  • $0Employee benefit-defined benefit accounts
  • $12,075Other retirement accounts
  • $2Corporate trust and agency accounts
  • $0Other fiduciary accounts
  • $11,084Fiduciary accounts held in foreign offices

List of branches

  • 34 Vermont Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    04233Merchants Bank164 College Street, Burlington, VT 5401January 01, 1849Full Service Brick and Mortar
    2209209Essex Junction Branch54 Pearl Street, Essex Junction, VT 5452December 19, 1963Full Service Brick and Mortar
    3209210South Burlington Branch50 White Street, South Burlington, VT 5403January 24, 1966Full Service Brick and Mortar
    4209211North Burlington Branch1014 North Avenue, Burlington, VT 5408January 22, 1968Full Service Brick and Mortar
    5209212Bristol Branch15 West Street, Bristol, VT 5443September 10, 1969Full Service Brick and Mortar
    68831Barre Branch105 North Main Street, Barre, VT 5641December 03, 1921Full Service Brick and Mortar
    8209213South Hero Branch301 Route 2, South Hero, VT 5486July 08, 1974Full Service Brick and Mortar
    9209214Shelburne Road Branch929 Shelburne Road, South Burlington, VT 5403September 03, 1974Full Service Brick and Mortar
    11209215Hinesburg Branch26 Ballard's Corner Road, Hinesburg, VT 5461December 18, 1978Full Service Brick and Mortar
    13209217Winooski Branch364 Main Street, Winooski, VT 5404October 22, 1979Full Service Brick and Mortar
    14209218Vergennes Branch25 Monkton Road, Vergennes, VT 5491May 10, 1980Full Service Brick and Mortar
    154240Catamount Branch5 Bank Street, North Bennington, VT 5257January 01, 1864Full Service Brick and Mortar
    16209240Manchester Branch4996 Main Street, Manchester Center, VT 5255August 10, 1965Full Service Brick and Mortar
    17209241Brattleboro Branch205 Main Street, Brattleboro, VT 5301Febuary 01, 1969Full Service Brick and Mortar
    19209243Wilmington Branch97 East Main Street, Wilmington, VT 5363March 22, 1972Full Service Brick and Mortar
    20209244Putnam Square Branch406 Main Street, Bennington, VT 5201December 26, 1973Full Service Brick and Mortar
    248838Johnson Branch103 Lower Main Street, Johnson, VT 5656January 01, 1915Full Service Brick and Mortar
    25231087Jericho Branch205 Vermont Route 15, Jericho, VT 5465May 22, 1972Full Service Brick and Mortar
    278657Enosburg Falls Branch371 Main Street, Enosburg Falls, VT 5450January 01, 1905Full Service Brick and Mortar
    29231089Malletts Bay Branch22 Bissette Drive, Colchester, VT 5446May 15, 1978Full Service Brick and Mortar
    30209221South Burlington Branch275 Kennedy Drive, South Burlington, VT 5403June 08, 1987Full Service Brick and Mortar
    3348012Bradford Branch144 Main Street, Bradford, VT 5033Febuary 01, 1993Full Service Brick and Mortar
    34209255Springfield Plaza Branch2 Chester Road, Suite 6, Springfield, VT 5156July 18, 1963Full Service Brick and Mortar
    364241Northfield Branch70 Depot Square, Northfield, VT 5663January 01, 1866Full Service Brick and Mortar
    374236Fair Haven Branch97 Main Street, Fair Haven, VT 5743January 01, 1864Full Service Brick and Mortar
    40209131Thetford Branch332 Route 113, East Thetford, VT 5043January 07, 1974Full Service Brick and Mortar
    44209224Hardwick Branch84 Vermont Route 15-West, Hardwick, VT 5843June 01, 1981Full Service Brick and Mortar
    45209225St. Johnsbury Branch481 Portland Street, St. Johnsbury, VT 5819August 23, 1982Full Service Brick and Mortar
    47209136Bellows Falls Branch41 Square, Bellows Falls, VT 5101May 01, 1935Full Service Brick and Mortar
    48276657Rutland-Green Mtn Plaza Br286 Route 7, South, Rutland, VT 5701June 30, 1996Full Service Brick and Mortar
    49209223Woodstock Avenue Branch92 Woodstock Avenue, Rutland, VT 5701November 01, 1999Limited Service Facility
    50418896St, Albans Branch180 Swanton Road, Saint Albans, VT 5478April 21, 2003Full Service Brick and Mortar
    51423093White River Junction Branch25 Ralph Lehman Drive, White River Junction, VT 5001September 08, 2003Full Service Brick and Mortar
    52455239Waterbury Branch994 Waterbury Stowe Road, Waterbury, VT 5676September 18, 2006Full Service Brick and Mortar

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