The exchange circular offering 2.5 shares of Merrill Bankshares Company stock for each of the outstanding shares of Washburn Trust was mailed to each stockholder on Jan. 28 and an effective date of not later than Feb. 20 was established.
Since the provision that at least 80 per cent of the outstanding stock of Washburn Trust be exchanged has now been satisfied, the offer has been declared effective.
Thompson was elected to the Board of Directors of Merrill Bankshares Company at its regular meeting on Monday. The directors also declared a quarterly dividend of 60 cents per share, payable March 1, to stockholders of record Feb. 24.
Thompson and Grant stated that it is important for the remaining stockholders of Washburn Trust Company to complete the exchange by Feb. 21 in order that they may on Feb. 24 be stockholders of record for the quarterly dividend payment on March first.
As a result of the exchange Merrill Bankshares Company now has two affiliates. Washburn Trust Company and The Merrill Trust Company.
Thompson and Grant also stated that each of the banks will retain its individual identity and will continue to operate with its own board of directors and local management. In this way, they explained, the most responsive and efficient service to each market area will be maintained. Other real advantages of the new relationship will include the expansion of services, staff support and increased resources.
Grant was elected to the Board of Directors of Washburn Trust Company at its annual meeting to be effective on consummation of the exchange.
[February 1969]