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 27 for distribution on April 10.

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

In addition, Merrill Merchants Bancshares has declared a cash dividend of $.11 per share on the company’s common stock for the first quarter of 2003. This is an increase of 26 percent 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 on April 30. Company stock is traded under the symbol MERB on the Nasdaq.

Clift also announced that the 2003 annual meeting of shareholders will be held at 5 p.m. Thursday, April 17, at the Bangor Conference Center, located at 701 Hogan Road in Bangor.