MERB Merrill Merchants Banc (MM)

Merrill Merchants Bancshares, Inc. (the ๏ฟฝCompany๏ฟฝ) (Nasdaq: MERB) today announced that it received a letter of reprimand from Nasdaq๏ฟฝs Listing Qualifications Department on October 12, 2006. The Company was not in compliance with Marketplace Rule 4350(d)(2) during the period between September 23, 2005 and May 4, 2006. Michael T. Shea, an existing member of the Company๏ฟฝs board of directors, was appointed to the Company๏ฟฝs audit committee, effective May 4, 2006. Mr. Shea๏ฟฝs appointment filled the vacancy on the audit committee created by Susan Singer, who resigned from the Company๏ฟฝs board of directors on September 23, 2005. Prior to Mr. Shea๏ฟฝs appointment, the Company๏ฟฝs 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๏ฟฝs resignation. Nasdaq acknowledged in the same letter that, as a result of Mr. Shea๏ฟฝs appointment, the Company had regained compliance and the matter is now closed. Merrill Merchants Bancshares, Inc. (the "Company") (Nasdaq: MERB) today announced that it received a letter of reprimand from Nasdaq's Listing Qualifications Department on October 12, 2006. The Company was not in compliance with Marketplace Rule 4350(d)(2) during the period between September 23, 2005 and May 4, 2006. 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. 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.