The King of Pop
Stephen P. Marsh, President, CEO and Chairman of the Board of Community Bancorp. and Community National Bank (CNB), welcomed close to 200 shareholders at the Elks’ Club on Tuesday evening, May 15, 2012, for the Annual Shareholders’ meeting.
Mr. Marsh led the group in The Pledge of Allegiance and continued with introductions of new Community Bancorp. Shareholders, Community Bancorp. Directors, Executive Officers and honored guests Catherine Tribou and Kaylyn Landry from the Public Accounting Firm BerryDunn and Denise Deschenes from the law offices of Primmer Piper Eggleston and Cramer, PC. Marsh thanked Corporate Secretary Chris Bumps for preparing for the annual meeting and introduced CNB’s Executive Officers Kathy Austin, Terrie McQuillen and Louise Bonvechio who were invited to report on their respective areas.
Louise Bonvechio, Treasurer of Community Bancorp., and Senior Vice President, Chief Financial Officer and Cashier of Community National Bank, reported on CNB’s financials for 2011. Bonvechio talked about the economic environment and how the bank needed to sustain good steady growth to make up the difference in decreased earnings as assets and liabilities repriced in the lower interest-rate environment. The Bank was flush with cash in 2011, exceeding what was needed to keep up with loan demand, so the Bank grew the investment portfolio to maximize earnings on assets. Bonvechio also gave a brief review of CNB’s first-quarter results which resulted in a dividend of $0.14 per share payable May 1, 2012, to shareholders of record as of April 15, 2012. In closing remarks Bonvechio stated, “Our goal is to continue to be a well-capitalized financial institution.”
Terrie McQuillen, Vice President of Community Bancorp., Senior Vice President and Chief Credit Officer of Community National Bank reviewed
the lending activity for 2011 and 2012. Although CNB lenders were busy serving customers last year, CNB did not see growth in the loan portfolio as compared to 2010. McQuillen shared, “The Bank received many applications to refinance due to the falling mortgage rates; however, tightening of credit standards, lower real estate values and increased disclosure requirements have made the loan underwriting function more time consuming and expensive for everyone. While commercial customers were reluctant to borrow money during 2011, the Bank is seeing a trend of improving financial conditions for many commercial customers and commercial loan demand has increased in 2012. After the first quarter of 2012, CNB has closed $41 million in loans as compared to $30 million during the first quarter in 2011, and the Bank’s pipeline is strong.
Kathy Austin Executive Vice President of Community Bancorp. and Community National Bank addressed the meeting by stating, “The pace of change is extraordinary.” Austin talked about how advancements in the electronic world have challenged the Bank to stay in touch with our customers’ needs. CNB offers a number of services that allow customers to bank more conveniently such as SmartScan which allows business customers to scan checks and transmit deposits without having to leave their business location. Mobile banking will be launching a little later this year. The Bank has also used technology to improve the efficiency of many daily processes throughout the organization. CNB is currently working on using document imaging which will allow the bank to create documents, collect customer signatures and file the documents all electronically. Austin concluded with this sentiment, “With all things considered, it’s all about our people. We are in the people business and we strive to offer services that will work well for us and provide benefits for our customers.”
Continuing the meeting, Marsh introduced the Judges of Election, Deb Fournier, JP Fournier and Linda Parenteau and Proxy Voters Betsy Bumps and Rachel Ducharme and asked them to enter private quarters to tally the results of the shareholders votes.
Chairman Marsh invited President and CEO of Community Financial Services Group, LLC (CFSG) Mark Frederick to address the shareholders. CFSG is a Trust and Investment company that was created 10 years ago by Community National Bank, National Bank of Middlebury and Woodsville Guaranty Savings Bank, the three owners of the organization. CFSG offers assistance with Trust and Investment Accounts, Annuities, Retirement Planning and Insurance and Brokerage Accounts. CFSG employees are not compensated by commissions, so they can truly offer unbiased, comprehensive advice. Frederick shared an overview of the current economic climate which included European concerns and activity in Washington D.C. and also highlighted CFSG’s positive performance and continuous growth even through challenging times. He invited shareholders to consider visiting with a CFSG representative for a free initial consultation and to keep them in mind when referring others looking for investment services.
Marsh stepped to the podium and talked about a recent CEO network conference that he attended and about how confident he is with the work being done by CNB employees as they are carrying on traditions of the Bank’s predecessors. Mr. Marsh congratulated and announced employees who received promotions including Penny Johnson who was promoted to Assistant Vice President and Residential Lending Officer and Jennifer Daigle who was promoted to Assistant Vice President, Credit Administration. Marsh also introduced and commended his planning team, Kathy Austin, Louise Bonvechio, Terrie McQuillen, France Lambert and Tim Bronson and recognized all CNB employees for their hard work and dedication to the Bank and to the Bank’s customers.
Marsh announced Community Bancorp. Shareholders voted to reinstate Elwood Duckless, Rosemary Lalime, Anne Moore and Aminta Conant as Directors to serve until the annual meeting in 2015 and to ratify the selection of BerryDunn as the Bank’s external auditor for the fiscal year ending on December 31, 2012.
To conclude the meeting, Mr. Marsh asked Director Jacques Couture to give a blessing for the delicious meal served by members of the Elks’ Club.
The youngest group of dancers, all dressed up as mini Michael Jackson performed ABC.
From left to right, Victoria Ruf, Caresse Comeau-Elman and Simone Ruf dressed as Egyptian girls danced to another Michael Jackson hit: Remember the time.