Merrill Merchants Bancshares, Inc. Adds Third Independent Director To Audit Committee

  
    
  
  
    
      Merrill Merchants Bancshares, Inc. (the “Company”) 
      (Nasdaq: MERB) today announced that Michael T. Shea, an existing member 
      of the Company’s board of directors, was 
      appointed to the Company’s audit committee, 
      effective May 4, 2006. Mr. Shea’s appointment 
      filled the vacancy on the audit committee created by Susan Singer, who 
      resigned from the Company’s board of directors 
      on September 23, 2005.
    
    
      Prior to Mr. Shea’s appointment, the Company’s 
      audit committee consisted of two independent directors rather than the 
      three independent directors required under Nasdaq Marketplace Rule 
      4350(d)(2) as a result of Ms. Singer’s 
      resignation. On October 12, 2006, Nasdaq’s 
      Listing Qualifications Department informed the Company by letter that it 
      had not been in compliance with Marketplace Rule 4350(d)(2) during the 
      transition period between September 23, 2005 and May 4, 2006. However, 
      Nasdaq acknowledged in the same letter that, as a result of Mr. Shea’s 
      appointment, the Company had regained compliance and the matter is now 
      closed.
    
  
Merrill Merchants Bancshares, Inc. (the "Company") (Nasdaq: MERB)
today announced that Michael T. Shea, an existing member of the
Company's board of directors, was appointed to the Company's audit
committee, effective May 4, 2006. Mr. Shea's appointment filled the
vacancy on the audit committee created by Susan Singer, who resigned
from the Company's board of directors on September 23, 2005.

   Prior to Mr. Shea's appointment, the Company's audit committee
consisted of two independent directors rather than the three
independent directors required under Nasdaq Marketplace Rule
4350(d)(2) as a result of Ms. Singer's resignation. On October 12,
2006, Nasdaq's Listing Qualifications Department informed the Company
by letter that it had not been in compliance with Marketplace Rule
4350(d)(2) during the transition period between September 23, 2005 and
May 4, 2006. However, Nasdaq acknowledged in the same letter that, as
a result of Mr. Shea's appointment, the Company had regained
compliance and the matter is now closed.