The King of Pop

Stanstead Journal - - FRONT PAGE -

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.

Photo Stephanie Anna Ruf

The youngest group of dancers, all dressed up as mini Michael Jack­son per­formed ABC.

Photo Stephanie Anna Ruf

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.

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