Power of Attorney

Know all by these presents, that the undersigned Anita Bourgeois,
(the "Reporting Person") hereby constitutes and appoints Jamie
Oberle 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 a reporting person pursuant to
Section 16 of the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), and the rules thereunder of Merchants
Bancshares, Inc. (the "Company"), Forms 3, 4 and 5 in accordance
with Section 16(a) of the Exchange Act;

(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, in the best interest of, or legally
required by, the Reporting Person, it being understood that the
documents executed by such attorney-in-fact on behalf of the
Reporting pursuant to this Power of Attorney shall be in such
form and shall contain such terms and conditions as such
attorney-in-fact may approve in her discretion.

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 Exchange Act.

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 Person's 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 26th day of May, 2016.

/s/ Anita Bourgeois
Anita Bourgeois