<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2007-08-03</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000726517</issuerCik>
        <issuerName>MERCHANTS BANCSHARES INC</issuerName>
        <issuerTradingSymbol>mbvt</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001220435</rptOwnerCik>
            <rptOwnerName>DAVIS JEFFREY L</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>275 KENNEDY DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SOUTH BURLINGTON</rptOwnerCity>
            <rptOwnerState>VT</rptOwnerState>
            <rptOwnerZipCode>05403</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2007-08-03</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>36640</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>23.08</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Family Estate</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2007-08-03</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>6779.84</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>23.08</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>595</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Trust</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>20549</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5658.36</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Custodian for Child</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>484.51</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Minor Child</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1260</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Spouse</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Mr. Davis's indirect ownership of Merchants' stock by minor child includes dividends acquired through a dividend reinvestment plan, which provides for the regular reinvestment of dividends, broad-based participation and operates on substantially the same terms for all plan participants.</footnote>
        <footnote id="F2">Mr. Davis's indirect ownership of Merchants' stock by custodian for child includes dividends acquired through a dividend reinvestment plan, which provides for the regular reinvestment of dividends, broad-based participation and operates on substantially the same terms for all plan participants.</footnote>
    </footnotes>

    <remarks>This Form 4 is filed to disclose the sale to Merchants Bancshares, Inc. (the &quot;Company&quot;) of an aggregate 43,419.84 shares of Company stock owned by the Estate of Dudley Hale Davis, the 1994 Dudley H. Davis Irrevocable Trust and the 1987 Dudley H. Davis Irrevocable Trust, of which Mr. Davis is executor and trustee. The per share sale price for this transaction of $23.08 represents an average of the previous five days' market close prices of the Company's stock. This transaction and its terms were approved by the Company's Board of Directors prior to execution.</remarks>

    <ownerSignature>
        <signatureName>Lisa A. Razo, P.O.A. for Jeffrey L. Davis</signatureName>
        <signatureDate>2007-08-06</signatureDate>
    </ownerSignature>
</ownershipDocument>
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X0202
4
2007-08-03
0
0000726517
MERCHANTS BANCSHARES INC
mbvt
0001220435
DAVIS JEFFREY L
275 KENNEDY DRIVE
SOUTH BURLINGTON
VT
05403
1
0
0
0
Common Stock
2007-08-03
4
S
0
36640
23.08
D
0
I
By Family Estate
Common Stock
2007-08-03
4
S
0
6779.84
23.08
D
595
I
By Trust
Common Stock
20549
D
Common Stock
5658.36
I
By Custodian for Child
Common Stock
484.51
I
By Minor Child
Common Stock
1260
I
By Spouse
Mr. Davis's indirect ownership of Merchants' stock by minor child includes dividends acquired through a dividend reinvestment plan, which provides for the regular reinvestment of dividends, broad-based participation and operates on substantially the same terms for all plan participants.
Mr. Davis's indirect ownership of Merchants' stock by custodian for child includes dividends acquired through a dividend reinvestment plan, which provides for the regular reinvestment of dividends, broad-based participation and operates on substantially the same terms for all plan participants.
This Form 4 is filed to disclose the sale to Merchants Bancshares, Inc. (the "Company") of an aggregate 43,419.84 shares of Company stock owned by the Estate of Dudley Hale Davis, the 1994 Dudley H. Davis Irrevocable Trust and the 1987 Dudley H. Davis Irrevocable Trust, of which Mr. Davis is executor and trustee. The per share sale price for this transaction of $23.08 represents an average of the previous five days' market close prices of the Company's stock. This transaction and its terms were approved by the Company's Board of Directors prior to execution.
Lisa A. Razo, P.O.A. for Jeffrey L. Davis
2007-08-06