BURLINGTON, Vt., March 11 /PRNewswire-FirstCall/--
Chittenden Corporation (NYSE: CHZ) announced today the pro rata allocation
payments of merger consideration for shareholders of the former Granite State
Bankshares, Inc. (which traded on Nasdaq under the symbol GSBI) based upon
Granite State Bankshares shareholder elections and terms of the transaction.
The transaction closed on February 28, 2003.
Based on total elections, former Granite shareholders who elected to
receive cash will receive cash consideration for approximately 83.14% of their
shares of Granite common stock tendered for cash at the rate of $46 per share
and the balance in shares of Chittenden common stock at the rate of 1.64
shares of Chittenden common stock for each share of Granite common stock.
Shares for which Chittenden common stock was elected and nonelecting
shareholders will receive all consideration in the form of Chittenden stock at
the rate of 1.64 shares of Chittenden common stock for each share of Granite
common stock. Granite's stockholders who did not participate in the election
process will be notified of the procedure for such stockholders to submit
their Granite stock certificates and to receive the merger consideration
payable to them.
Chittenden is a bank holding company headquartered in Burlington, Vermont,
with pro forma total assets of $6.1 billion at December 31, 2002. Its
subsidiary banks are Chittenden Bank, The Bank of Western Massachusetts,
Flagship Bank and Trust Company, Maine Bank & Trust, Ocean National Bank and
Granite Bank. Chittenden Bank also operates under the name Mortgage Service
Center, and it owns The Chittenden Insurance Group 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.
SOURCE Chittenden Corporation
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Company News On-Call:
http://www.prnewswire.com/comp/124292.html
Related links:
www.chittenden.com
CONTACT:
Kirk Walters of Chittenden Corporation,
+1-802-660-1561
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