In an effort to resolve three lawsuits, Merchants Bancshares has offered to repay $9 million to trust clients whose money the bank invested in a mutual fund that lost a quarter of its value.

"We assume the lawsuits will go away because we have restored the funds to the individuals," said Joseph L. Boutin, president and chief executive of the Burlington, Vt.-based holding company. "There's no loss."

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.