What Is the History of Merchants Bank?


Quick Answer

Merchants Bank launched in 1849 on what is now lower Battery Street in Burlington, Vermont, notes the bank's website. The bank remained at this location until 1857 when it moved to College Street in Burlington, which put it closer to City Hall Park. The bank eventually built a new building on the same street in 1895, and the company remained there until 1963.

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Full Answer

As of 2015, Merchants Bank has 32 branch offices across Vermont and is the state's only statewide bank and its largest, notes MBVT. In 2014, the bank passed an anniversary milestone of being in business for 165 years. The bank marked the occasion with 165 donations to Vermont organizations.

Merchants bank offers several banking service types, including personal, commercial and government banking. Personal banking services include checking and savings accounts, money market accounts, certificates of deposit and individual retirement accounts. It also offers health savings accounts, mortgages, home refinance programs and home equity lines of credit and loans.

Commercial banking includes merchant checking accounts, business money market accounts, cash management, safe deposit boxes and remote deposits. It also offers payroll services and overdraft protection to commercial banking customers. CDARS certificates of deposit for commercial business are also available at Merchants Bank.

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