BANGOR – Merrill Merchants Bancshares Inc. the parent company of Merrill Merchants Bank, has declared a 3 percent stock dividend to all shareholders of record as of March 28, 2002, for distribution on April 11.

“This is the seventh consecutive year the company has paid a stock dividend,” said Edwin N. Clift, president and chief executive officer of Merrill Merchants Bancshares. “Providing a return to our shareholders remains a top priority for the company.”

In addition, the company has declared a cash dividend of 9 cents per share on the company’s common stock for the first quarter of 2002. This is an increase of 29 percent or 2 cents per share over last year’s first-quarter dividend. The cash dividend will be payable to all shareholders of record as of April 16 and will be paid April 30.

Clift also announced that Merrill Merchants Bancshares will hold its 2002 annual meeting of shareholders at 5 p.m. Thursday, April 17, at Pilots Grill in Bangor.

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