MBVT Merchants Bancshares, Inc.

Merchants Bancshares, Inc. 2008 Stock Option Plan

Merchants Bancshares, Inc. 1996 Compensation Plan for Non-Employee Directors

Merchants Bancshares, Inc. Long-Term Incentive Stock Option Plan

Merchants Bancshares, Inc. Executive Employment Agreements

(Full title of the plan)

Mark E. Tryniski

c/o Community Bank System, Inc.

President and Chief Executive Officer

Community Bank System, Inc.

5790 Widewaters Parkway

DeWitt, New York 13214

(315) 445-2282

(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent For Service)

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ¨

DEREGISTRATION OF SECURITIES

These post-effective amendments (the “Post-Effective Amendments”) remove from registration all securities registered under the following Registration Statements on Form S-8 (collectively, the “Registration Statements”) filed by Merchants Bancshares, Inc., a Delaware corporation (the “Company”), with the U.S. Securities and Exchange Commission (the “SEC”), pertaining to the registration of the securities offered under certain employee benefit and equity plans and agreements.

On May 12, 2017, pursuant to the terms of the Agreement and Plan of Merger, dated as of October 22, 2016, by and between Community Bank System, Inc., a Delaware corporation (“Community Bank System”), and the Company, the Company merged with and into Community Bank System as the surviving corporation (the “Merger”), whereupon the separate corporate existence of the Company ceased.

As a result of the Merger, any and all offerings of securities registered pursuant to the Registration Statements have been terminated. In accordance with undertakings made by the Company in the Registration Statements to remove from registration by means of post-effective amendments any of the securities that remain unsold at the termination of the offerings, Community Bank System, as successor to the Company, hereby terminates the effectiveness of the Registration Statements and removes from registration the securities registered, but not sold as of the date hereof, under the Registration Statements.