Merchants Bank in Burlington, Vermont (VT)



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Merchants Bank
GeneralFDIC 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
WWW: http://www.mbvt.com
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
LocationAddress: 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 ChangesName Change
Financial SummaryTotal 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)
Total employees (full-time equivalent)311
Total assets$1,615,145
Cash and due from depository institutions$35,884
Interest-bearing balances$25,521
Securities$512,309
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$1,016,980
Loan loss allowance $10,619
Trading account assets$0
Bank premises and fixed assets$12,878
Other real estate owned$358
Goodwill and other intangibles$0
All other assets$36,736
Life insurance assets$1,615,145
Total liabilities and capital$1,488,154
Total liabilities$1,179,367
Total deposits$981,618
Interest-bearing deposits$1,179,367
Deposits held in domestic offices$90
% insured (estimated)262527.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$22,562
Other borrowed funds $0
Subordinated debt $23,698
All other liabilities $126,991
Total equity capital$126,991
Total bank equity capital$126,991
Perpetual preferred stock$0
Common stock$2,186
Surplus$22,438
Undivided profits $102,367
Memoranda
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $2,177
Earning assets $0
Long-term assets (5+ years) $5,121
Average Assets, year-to-date $1,554,810
Average Assets, quarterly $902,083
Volatile liabilities $1,519,574
Insider loans $1,589,584
FHLB advances $868,072
Loans and leases held for sale $1,568,502
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $122,945
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $203,765
Derivatives$4,097
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $58,791
Total interest expense $7,456
Net interest income $51,335
Provision for loan and lease losses $635
Total noninterest income $12,867
Fiduciary activities $2,516
Service charges on deposit accounts $3,732
Trading account gains & fees $0
Additional noninterest income $6,619
Total noninterest expense $45,030
Salaries and employee benefits $20,501
Premises and equipment expense $7,178
Additional noninterest expense $17,351
Pre-tax net operating income $18,537
Securities gains (losses) $994
Applicable income taxes $3,747
Income before extraordinary items $15,784
Extraordinary gains - net $0
Net income attributable to bank $15,784
Net charge-offs $0
Cash dividends $15,784
Sale, conversion, retirement of capital stock, net $151
Net operating income $7,953
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets4.03%
Cost of funding earning assets 0.51%
Net interest margin 3.52%
Noninterest income to earning assets 0.88%
Noninterest expense to earning assets 3.09%
Net operating income to assets 0.99%
Return on assets (ROA) 1.04%
Pretax return on assets 1.29%
Return on equity (ROE) 12.92%
Retained earnings to average equity (YTD only) 6.41%
Net charge-offs to loans 0.02%
Credit loss provision to net charge-offs 420.53%
Efficiency ratio126.97%
Assets per employee$70,138
Cash dividends to net income (YTD only)5.19%
Condition Ratios (%)
Loss allowance to loans 50.39%
Loss allowance to noncurrent loans 1.03%
Noncurrent assets plus other real estate owned to assets 487.78%
Noncurrent loans to loans 0.16%
Net loans and leases to deposits0.21%
Net loans and leases to core deposits 86.23%
Equity capital to assets 90.04%
Core capital (leverage) ratio 7.86%
Tier 1 risk-based capital ratio 7.84%
Total risk-based capital ratio 14.16%
Memoranda
Average assets$15
Average earning assets$1,519,574
Average equity $122,199
Average loans $1,459,474
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Total Fiduciary and Related Assets (December 31, 2011)
(Dollar figures in thousands)
Total fiduciary and related assets$1
Number of Fiduciary Accounts and Related Asset Accounts1
Fiduciary powers grantedYes
Fiduciary or related activityYes
Managed Assets$431,380
Number of Accounts1
Personal trust and agency accounts$419,305
Employee benefit-defined contribution accounts$100,310
Employee benefit-defined benefit accounts$6,477
Other retirement accounts$11,586
Corporate trust and agency accounts$71,723
Investment management agency accounts$0
Other fiduciary accounts$175,601
Fiduciary accounts held in foreign offices$53,608
Non-managed Assets$0
Number of Accounts1098
Personal trust and agency accounts$0
Employee benefit-defined contribution accounts$71,723
Employee benefit-defined benefit accounts$0
Other retirement accounts$12,075
Corporate trust and agency accounts$2
Other fiduciary accounts$0
Fiduciary accounts held in foreign offices$11,084
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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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