Press Release January 22, 2007

Chittenden to Acquire Merrill Merchants Bancshares Inc.

Jan. 19, 2006 - Chittenden Corporation and Merrill Merchants Bancshares Inc. have signed a definitive merger agreement whereby Chittenden will acquire Merrill and its subsidiary, Merrill Merchants Bank, for approximately $111.4 million in cash and stock. The acquisition is expected to close in the second quarter of 2007.

Chittenden is a bank holding company headquartered in Burlington, VT and Merrill and its subsidiary, Merrill Merchants Bank, are headquartered in Bangor, ME.

Goodwin Procter attorneys William Mayer, Lisa Haddad, William Stern and Stephanie Webster represented Chittenden in this transaction.