|Exhibit 3.1.2                                                                                                        
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|CERTIFICATE OF MERGER                                                                                                
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|OF                                                                                                                   
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|Merchants Bancshares, Inc. (a Vermont Corporation)                                                                   
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|INTO                                                                                                                 
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|Merchants Bancshares, Inc. (a Delaware Corporation)                                                                  
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|The undersigned corporation DOES HEREBY CERTIFY:                                                                     
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|FIRST:  That the name and state of incorporation of each of the constituent corporations of the merger is as follows:
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|NAME                       | STATE OF INCORPORATION
|-------------------------- | ----------------------
|                           |                       
|Merchants Bancshares, Inc. | Delaware              
|                           |                       
|Merchants Bancshares, Inc. | Vermont               
|                           |                       

|SECOND:  That an agreement of merger between the parties to the merger has been approved, adopted, certified, executed and acknowledged by each of the constituent corporations in accordance with the requirements of subsection (c) of section 252 of the General Corporation Law of the State of Delaware.
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|THIRD:  The name of the surviving corporation of the merger is Merchants Bancshares, Inc.                                                                                                                                                                                                                    
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|FOURTH:  That the Certificate of Incorporation of Merchants Bancshares, Inc. (a Delaware corporation) shall be the certificate of incorporation of the surviving corporation.                                                                                                                                

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|FIFTH:  That the executed agreement of merger is on file at the principal place of business of the surviving corporation. The address of said principal place of business is 123 Church Street, Burlington, Vermont 05401.
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|SIXTH:  That a copy of the agreement of merger will be furnished on request and without cost to any stockholder of any constituent corporation.                                                                           
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|SEVENTH:  The authorized capital stock of each foreign corporation which is a party to the merger is as follows:                                                                                                          
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|Corporation                                       | Class                              | Number of Shares | Par Value      
|------------------------------------------------- | ---------------------------------- | ---------------- | ---------------
|                                                  |                                    |                  |                
|Merchants Bancshares Inc.
(a Vermont corporation) | Class A Non-Voting
Preferred Stock | 200,000          | $2.50 per share
|                                                  |                                    |                  |                
|                                                  | Class B Voting
Preferred Stock     | 1,500,000        | $2.50 per share
|                                                  |                                    |                  |                
|                                                  | Common Stock                       | 10,000,000       | $1.25 per share
|                                                  |                                    |                  |                

|                    |                      | MERCHANTS BANCSHARES, INC.
(a Delaware corporation)
|------------------- | -------------------- | ---------------------------------------------------
|                    |                      |                                                    
|                    |                      | By:                                                
|                    |                      |                                                    
|                    |                      |                                                    
|                    |                      |                                                    
|ATTEST:             |                      |                                                    
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|By:                 | /s/ Susan D. Struble |                                                    
|                    |                      |                                                    
|                    | Secretary            |                                                    
|                    |                      |                                                    
|Date:  June 2, 1987 |                      |                                                    

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