Power of Attorney

Know all by these presents, that the undersigned Thomas R. Havers, (the
"Reporting Person") hereby constitutes and appoints Lisa Razo or Janet
Spitler as the Reporting Person's true and lawful attorneys-in-fact to:

(1) execute for and on behalf of the Reporting Person, in the Reporting
Person's capacity as an officer or Director of Merchants Bancshares, Inc.
its subsidiary, Merchants Bank, Forms 3, 4 and 5 in accordance with Section
16(a) of the Securities Exchange Act of 1934 and the rules thereunder;

(2) do and perform any and all acts for and on behalf of the Reporting
Person which may be necessary or desirable to complete and execute any such
Form 3, 4 or 5 and timely file such form with the United States Securities
and Exchange Commission and any stock exchange or similar authority; and

(3) take any other action of any type whatsoever in connection with the
foregoing which, in the opinion of such attorney-in-fact, may be of benefit
to, and in the best interest of, or legally required by, the Reporting
Person.

The Reporting Person hereby grants to each such attorney-in-fact full power
and authority to do and perform any and every act and thing whatsoever
requisite, necessary, or proper to be done in the exercise of any of the
rights and powers herein granted, as fully to all intents and purposes as
the Reporting Person might or could do if personally present, with full
power of substitution or revocation, hereby ratifying and confirming all
that such attorney-in-fact, or such attorney-in-facts substitute or
substitutes, shall lawfully do or cause to be done by the virtue of this
power of attorney and the rights and powers herein granted. The Reporting
Person acknowledges that the foregoing attorneys-in-fact, in serving in
such capacity at the request of the Reporting Person, are not assuming, nor
is the company assuming any of the Reporting Persons' responsibilities to
comply with Section 16 of the Securities Exchange Act of 1934.

This Power of attorney shall remain in full force and effect until the
Reporting Person is no longer required to file Forms 3, 4 and 5 with
respect to the Reporting Persons' holdings of and transactions in
securities issued by the Company, unless earlier revoked by the Reporting
Person in a signed writing delivered to the foregoing attorney-in-fact.

IN WITNESS WHEREOF, the Reporting Person has caused this Power of Attorney
to be executed as of this 30th day of November, 2004.

/s/Thomas R. Havers


THOMAS R. HAVERS
Signature