Chittenden Completes Acquisition of Maine Bank & Trust

Apr 30, 2001, 01:00 ET from Chittenden Corporation

    BURLINGTON, Vt., April 30 /PRNewswire/ -- Chittenden Corporation
 (NYSE:   CHZ) announced today that it has completed its acquisition of Maine
 Bank & Trust, a $234 million commercial bank headquartered in Portland, Maine.
     In announcing the acquisition, Paul A. Perrault, Chittenden's Chairman,
 President and Chief Executive Officer, said, "We are extremely pleased to
 welcome Maine Bank & Trust into the Chittenden group and to move into the
 southern Maine market.  We feel that MB&T fits our model of locally controlled
 commercial banks, in strong regional markets, very well.  This is a great
 opportunity for Chittenden.  In addition, the combination will broaden the
 array of financial services that Maine Bank & Trust offers to its customers."
     Samuel A. Ladd, III, President and Chief Executive Officer of Maine Bank &
 Trust, commented, "Joining Chittenden accelerates our ability to provide a
 wider range of services to our market.  Chittenden understands community
 banking and the need to keep local bankers with authority in place.  This
 transaction follows a relationship that the two firms have established over
 many years.  In working together, we have found that our banking policies and
 philosophies are very similar.  This is good news for Maine and for our
 customers and employees."
     Mr. Perrault also stated, "This acquisition is an excellent example of
 Chittenden's strategic objectives in mergers and acquisitions.  It provides us
 the opportunity to be a meaningful player in a substantial marketplace with a
 well-managed franchise that is poised for growth.  The operating plan
 emphasizes local bankers delivering a comprehensive product line."
     Maine Bank & Trust had total assets of $234 million, deposits of $202
 million, and $28 million of stockholders' equity at March 31, 2001.  The
 Company had $172 million in loans, of which $126 million were commercial
 loans.  In addition, MB&T has approximately $704 million in assets under
 administration, of which $516 million is under full discretionary management.
 It presently operates fifteen banking offices in southern Maine.
     Chittenden also announced that Owen W. Wells would join the Chittenden
 Corporation Board of Directors.  Said Perrault, "We are pleased to have Owen
 join our Board and expect that he will be a strong member who will make
 significant contributions."
 
     Chittenden is a bank holding company with total assets of $3.7 billion at
 March 31, 2001. Its subsidiary banks are Chittenden Bank, The Bank of Western
 Massachusetts, and Flagship Bank and Trust Company.  Chittenden Bank also
 operates under the names First Savings of New Hampshire and Mortgage Service
 Center, and it owns The Pomerleau Agency, and Chittenden Securities, Inc.  The
 Company offers a broad range of financial products and services, including
 deposit accounts and services; consumer, commercial, and public sector loans;
 insurance; brokerage; and investment and trust services to individuals,
 businesses, and the public sector.
 
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SOURCE Chittenden Corporation
    BURLINGTON, Vt., April 30 /PRNewswire/ -- Chittenden Corporation
 (NYSE:   CHZ) announced today that it has completed its acquisition of Maine
 Bank & Trust, a $234 million commercial bank headquartered in Portland, Maine.
     In announcing the acquisition, Paul A. Perrault, Chittenden's Chairman,
 President and Chief Executive Officer, said, "We are extremely pleased to
 welcome Maine Bank & Trust into the Chittenden group and to move into the
 southern Maine market.  We feel that MB&T fits our model of locally controlled
 commercial banks, in strong regional markets, very well.  This is a great
 opportunity for Chittenden.  In addition, the combination will broaden the
 array of financial services that Maine Bank & Trust offers to its customers."
     Samuel A. Ladd, III, President and Chief Executive Officer of Maine Bank &
 Trust, commented, "Joining Chittenden accelerates our ability to provide a
 wider range of services to our market.  Chittenden understands community
 banking and the need to keep local bankers with authority in place.  This
 transaction follows a relationship that the two firms have established over
 many years.  In working together, we have found that our banking policies and
 philosophies are very similar.  This is good news for Maine and for our
 customers and employees."
     Mr. Perrault also stated, "This acquisition is an excellent example of
 Chittenden's strategic objectives in mergers and acquisitions.  It provides us
 the opportunity to be a meaningful player in a substantial marketplace with a
 well-managed franchise that is poised for growth.  The operating plan
 emphasizes local bankers delivering a comprehensive product line."
     Maine Bank & Trust had total assets of $234 million, deposits of $202
 million, and $28 million of stockholders' equity at March 31, 2001.  The
 Company had $172 million in loans, of which $126 million were commercial
 loans.  In addition, MB&T has approximately $704 million in assets under
 administration, of which $516 million is under full discretionary management.
 It presently operates fifteen banking offices in southern Maine.
     Chittenden also announced that Owen W. Wells would join the Chittenden
 Corporation Board of Directors.  Said Perrault, "We are pleased to have Owen
 join our Board and expect that he will be a strong member who will make
 significant contributions."
 
     Chittenden is a bank holding company with total assets of $3.7 billion at
 March 31, 2001. Its subsidiary banks are Chittenden Bank, The Bank of Western
 Massachusetts, and Flagship Bank and Trust Company.  Chittenden Bank also
 operates under the names First Savings of New Hampshire and Mortgage Service
 Center, and it owns The Pomerleau Agency, and Chittenden Securities, Inc.  The
 Company offers a broad range of financial products and services, including
 deposit accounts and services; consumer, commercial, and public sector loans;
 insurance; brokerage; and investment and trust services to individuals,
 businesses, and the public sector.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X82216527
 
 SOURCE  Chittenden Corporation

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