Merrill Merchants posts record earnings

BANGOR – Merrill Merchants Bancshares Inc., the parent company of Merrill Merchants Bank, has reported its seventh consecutive year of record earnings with net income of $2.6 million for the year ended Dec. 31, 2000, an increase of 17 percent over 1999. Diluted earnings per share increased 21 percent to 87 cents per common share in 2000, compared to 72 cents in 1999.

Merrill Bancshares ended 2000 with consolidated assets of $246.4 million representing growth of $32.7 million or 15 percent for the year. Total net loans grew $29.3 million or 22 percent and deposits increased $31.9 million or 19 percent including the $6.5 million of deposits acquired in a branch acquisition in February 2000. Trust assets under management increased 19 percent to $224.8 million at year-end.