KPMG LLP
515 Broadway
Albany, NY 12207-2974
Consent of Independent Registered Public Accounting Firm
The Board of Directors
Merchants Bancshares, Inc.:
We consent to the incorporation by reference in the registration statements on Form S-3 (No. 333-41051 and No. 333-151572), Form S-3D (No. 333-20375), Form S-8 (No. 333-34871, No. 333-34869, No. 333-
151424, and No. 333-151425), and Form S-8 (No. 333-18845) as amended by Post Effective Amendment
No. 1 on Form S-8/A, of Merchants Bancshares, Inc. of our report dated March 5, 2013, with respect to the consolidated statements of income, comprehensive income, changes in shareholder's equity, and cash flows of Merchants Bancshares, Inc. and subsidiaries for the year ended December 31, 2012, which report appears in the December 31, 2014 annual report on Form 10-K of Merchants Bancshares, Inc.
Albany, New York
March 13, 2015
KPMG LLP is a Delaware limited liability partnership, the U.S. member firm of KPMG International Cooperative ("KPMG International"}, a Swiss entity.