NUVO Bank & Trust Co.’s shareholders “overwhelmingly” approved a merger between NUVO and Merchants Bancshares, the bank said yesterday.
In a statement, NUVO said that a little more than 97 percent of its voting shareholders approved the deal, by which Merchants will acquire NUVO. The bank said that 84 percent of its shareholders voted.
Under the terms of the deal, NUVO’s shareholders can elect to receive 0.2416 shares of Merchants stock, $7.15 in cash, or a combination of stock and cash for each outstanding share of NUVO common stock.
The merger, which is still awaiting regulatory approval, is expected to close around the end of November.



