Chittenden Corporation is a bank holding company that owns 100% of the outstanding common stock of Chittenden Trust Company, Flagship Bank and Trust Company, The Bank of Western Massachusetts, Maine Bank & Trust, Ocean National Bank and Chittenden Connecticut Corporation, a non-bank mortgage company. The Company engages in substantially one line of business, the provision of financial services through its banking subsidiaries. Through its subsidiaries, the Company offers a variety of lending services, with loans totaling approximately $3 billion as of December 31, 2002. Chittendens loan portfolio as of December 31, 2002 totaled $2.974 billion against $2.838 billion at year-end 2001. The Companys lending activities are conducted primarily in Vermont, Massachusetts, New Hampshire and Maine, with additional activity related to nearby market areas in New York and Connecticut.