Tuttle takes over as head of Merchants Bancshares

first_imgMr. Boutin commented, “I’ve had thepleasure of working with Mike since 1990. His knowledge of our industry, ourorganization and the Vermont community combined with his work ethic will inureto the benefit of our employees, shareholders and customers.” Mr. Tuttle will integrate responsibility for holdingcompany matters with oversight of the Bank. Mr. Tuttle, a long-time resident ofSouth Burlington, firstcame to Merchants Bank in 1986 as a Commercial Lender, and served in thatposition until 1990. He returned to the Bank in February of 1995 as the SeniorCommercial Lender, shortly after Mr. Boutin became the President of bothMerchants Bank and Merchants Bancshares, Inc. in October of 1994. Mr. Tuttleheld the post of Chief Operating Officer from 1996 until the Bank’s Board ofDirectors appointed him President, CEO and Director as of January of2006. Tara PerkinsDirector of Public Relations &Business Development444 South UnionStreetBurlington, VT 05401p 802.863.2568 :  f802.863.4179www.postscriptinc.com(link is external) Raymond C. Pecor, Chairman of theBoard of Merchants Bancshares, Inc. commented, “This completes a transition westarted last year when Mike was appointed President and CEO of Merchants Bank.Joe and Mike together have led the company through a significant period ofdevelopment that has benefited our customers, employees and shareholders duringthe last twelve years. As Joe steps down as holding company President and CEO,the Board of Directors is very pleased that Mike will integrate the roles ofChief Executive Officer for both the Bank and the holding company. The board isvery grateful to Joe for his exceptional leadership, and looks forward tocontinuing to work with Mike.” The Board of Directors of MerchantsBancshares, Inc. voted today to approve the appointment of Michael Tuttle, 51,to succeed Joseph Boutin as President and CEO of Merchants Bancshares, Inc.,effective on January 1, 2007.The Board also elected Mr. Tuttle as a Director of Merchants, effective January1, 2007, to serve the remainder of Mr. Boutin’s term that expires at Merchants’annual meeting of shareholders in 2009. In addition to this appointment, Mr.Tuttle will continue to serve as President, CEO and Director of Merchants’ mainoperating subsidiary, Merchants Bank.center_img The continuing mission of MerchantsBank is to provide Vermonters with a true community bank. It fulfills thiscommitment through a branch-based system that includes 36 bank offices and 43ATMs throughout Vermont, personal bankers dedicated to top-quality customerservice, and streamlined products: FreedomLYNX® Banking, whichconsists of Free Checking for Life®, a Money Market Account, FreeOnline Banking and Bill Pay, Overdraft Coverage, Direct Deposit, a Free DebitCard and Free Automated Phone Banking; TimeLYNX® Certificates ofDeposit; HomeLYNX® Home Equity Loans; RealLYNX®Residential Mortgages and CommerceLYNX® Business Banking. MerchantsBank also includes a trust and investment division, known as Merchants TrustCompany, serving individuals and institutions. For more information aboutMerchants Bank, visit mbvt.com. Merchants’ stock is traded on the NASDAQNational Market system under the symbol MBVT. Member FDIC. Equal HousingLender.Some of the statementscontained in this press release may constitute forward-looking statements.  Forward-looking statements relate toexpectations, beliefs, projections, future plans and strategies, anticipatedevents or trends and similar expressions concerning matters that are nothistorical facts.  Theforward-looking statements reflect Merchants’ current views about future eventsand are subject to risks, uncertainties, assumptions and changes incircumstances that may cause Merchants’ actual results to differ significantlyfrom those expressed in any forward-looking statement.  Forward-looking statements should not berelied on since they involve known and unknown risks, uncertainties and otherfactors that are, in some cases, beyond Merchants’ control and which couldmaterially affect actual results. The factors that could cause actual results to differ materially fromcurrent expectations include changes in general economic conditions in Vermont,changes in interest rates, changes in competitive product and pricing pressuresamong financial institutions within Merchants’ markets, and changes in thefinancial condition of Merchants’ borrowers.  The forward-looking statements containedherein represent Merchants’ judgment as of the date of this release, andMerchants cautions readers not to place undue reliance on such statements.  For further information, please refer toMerchants’ reports filed with the Securities and Exchange Commission. Merchants Bancshares, Inc. AnnouncesLeadership Change Mr. Tuttle commented, “Joe’s hardwork and dedication to our company have earned him the respect of Merchants’employees and our community. We all wish him the very best. I look forward tocontinuing, in my new role, the work that Joe and I began many yearsago.”last_img

Published by

Leave a Reply

Your email address will not be published. Required fields are marked *