Merrill Merchants reports earnings growth

BANGOR – Merrill Merchants Bancshares Inc., the parent company of Merrill Merchants Bank, has reported record earnings of $3.3 million for 2001, an increase of $635,000 or 24 percent over 2000. Diluted earnings per share increased 24 percent to $1.04 per common share in 2001 compared to $.84 in 2000.

“We are extremely pleased with our strong earnings growth for 2001,” said President and Chief Executive Officer Edwin N. Clift. “The residential lending area continues to exceed expectations with a record number of loans originated in 2001. Our commercial lending activity was also strong, and we were once again the number one community bank lender in Maine for the Small Business Administrations.”

Merrill Merchants ended 2001 with consolidated assets of $278.2 million, representing growth of $31.8 million or 13 percent for the year. Total net loans grew $21.8 million or 13 percent and deposits increased $18.9 million or 9 percent. Real estate lending was strong in 2001, with commercial real estate loans increasing 17 percent and residential and home construction lending increasing 35 percent.

Merrill Merchants experienced growth in all deposit categories with increases in demand deposit accounts of 15 percent, savings, money market and NOW accounts of 11 percent and certificates of deposit of 5 percent.

The company’s subsidiaries, Merrill Merchants Bank and Maine Acceptance Corp., are headquartered in Bangor. Merrill Merchant Bank provides consumer, commercial, and trust and investment services through its 11 locations in central and eastern Maine.