Banknorth Group Inc. of Burlington, Vt., has announced plans to merge two of its Vermont subsidiaries.

Woodstock National Bank in Woodstock would be merged into First Vermont Bank, based in Brattleboro. The combined bank would have about $735 million of assets.

"We have been looking for ways we can best serve the customers of Woodstock National and are pleased to have this opportunity to join forces with our affiliate to the south and west," said Woodstock chairman Thomas Debevoise. "The timing is right, and the board is enthusiastic about our decision."

Woodstock, with $75 million of assets, has been operating in central Vermont since 1806.

First Vermont, with nine branches in southern and central Vermont, was founded in 1906. The deal is expected to be completed in the fall.

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