Merchants Bancshares in South Burlington, Vt., is set to have a new chief executive.

The $1.8 billion-asset company said in a press release Tuesday that Geoffrey Hesslink will also become its president on Jan. 1. Hesslink will succeed Michael Tuttle, who will remain on Merchants' board. Tuttle has been president and CEO since 2007.

Hesslink, the president and CEO of Merchants' banking unit, will also join the company's board.

Merchants recently completed its $22 million acquisition of Nuvo Bank & Trust in Springfield, Mass.

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