BANGOR – Edwin Clift, President and Chief Executive Officer of Merrill Merchants Bancshares Inc, the parent company of Merrill Merchants Bank, announced Friday that the company had declared a 3 percent stock dividend to all shareholders of record as of March 29, 2004, for distribution on April 12, 2004.

“This is the ninth consecutive year the company has paid a stock dividend. Providing a return to our shareholders remains a top priority for the company,” Clift said.

In addition, the company has declared a cash dividend of $0.13 per share on the company’s common stock for the first quarter of 2004, an 18 percent increase over last year’s first quarter dividend.

Clift also announced that Merrill Merchants Bancshares Inc. has scheduled the annual meeting of shareholders for 5 p.m. Thursday, April 29, at the Bangor Conference Center, 701 Hogan Road.