Merchants in Vt. Names Interim Finance Chief After CFO Quits

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Merchants Bancshares in South Burlington, Vt., has named an interim principal financial officer after its chief financial officer resigned.

Thomas Meshako resigned from the $2 billion-asset Merchants to "pursue other interests," according to a regulatory filing Friday.

Merchants will pay Meshako $110,000 in severance. Meshako, who was 54 at the time of Merchants' proxy statement in April, had been CFO since November 2014. He was previously the finance director at the $5.9 billion-asset Brookline Bancorp in Boston.

Merchants hired Eric Segal as interim principal financial officer, principal accounting officer and treasurer. Segal, 58, will serve in these roles while Merchants searches for a permanent replacement. Segal is head of the banking and financial institutions practice at CFO Consulting Partners in New York.

Merchants also retained CFO Consulting Partners for advice on its acquisition of Nuvo Bank & Trust in Springfield, Mass., which was completed last month.

Merchants announced in November that its president, Geoffrey Hesslink, would succeed Michael Tuttle as chief executive.

The company reported net income in the first nine months of last year of $10.3 million, up 7% from a year earlier.

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