Com­mu­nity Ban­corp. Holds An­nual Share­hold­ers’ Meet­ing

Stanstead Journal - - FROM PAGE ONE -

Derby, VT

Stephen P. Marsh, Pres­i­dent, CEO and Chair of the Board of Com­mu­nity Ban­corp. and Com­mu­nity Na­tional Bank (CNB), wel­comed close to 200 share­hold­ers at the Elks’ Club on May 13, 2014, for the An­nual Share­hold­ers’ meet­ing.

Mr. Marsh led the group in The Pledge of Al­le­giance, asked for a mo­ment of si­lence for Share­hold­ers who were no longer with us and con­tin­ued with in­tro­duc­tions of new Share­hold­ers, Com­mu­nity Ban­corp. Di­rec­tors, Ad­vi­sory Board Mem­bers, Ex­ec­u­tive Of­fi­cers and hon­ored guests Janice Lat­ulippe, Jennifer Sanc­tu­ary and Cait­lyn Jewell from the Pub­lic Ac­count­ing Firm Ber­ryDunn and Denise Deschesnes from the law of­fices of Prim­mer Piper Eg­gle­ston and Cramer, PC.

Louise Bon­ve­chio, Trea­surer of Com­mu­nity Ban­corp., and Se­nior Vice Pres­i­dent, Chief Fi­nan­cial Of­fi­cer and Cashier of Com­mu­nity Na­tional Bank, re­ported that 2013 was a suc­cess­ful year with solid loan growth. Com­mu­nity Ban­corp. re­ported earn­ings of $5,086,655 or $1.03 per share for year end 2013 as com­pared to $4,400,690 or $0.88 per share at year end 2012. Bon­ve­chio stated that the Com­pany’s as­set mix re­flects a move­ment of funds out of lower-earn­ing in­vest­ments and into loans, par­tic­u­larly in commercial loans be­ing made in the cen­tral Ver­mont area. The Bank has also seen an im­prove­ment in as­set qual­ity and has been able to re­duce the pro­vi­sions for loan losses as fewer loan losses have been ex­pe­ri­enced.

Louise also shared that in the mid­dle of 2013, the Bank im­ple­mented a fee for the de­liv­ery of paper state- ments. This gave cus­tomers the in­cen­tive to switch to E-state­ments which has helped the bank lower ex­penses for state­ment de­liv­ery. Paper state­ments are still of­fered, but the fee for paper state­ments has helped de­fray some of the pro­cess­ing and de­liv­ery costs.

Con­tin­u­ing the meet­ing, Marsh in­tro­duced the Judges of Elec­tion: Deb Fournier, JP Fournier and Shel­lie Wright. He also in­tro­duced the Proxy Vot­ers: Betsy Bumps and Rachel Ducharme. The Judges of Elec­tion and the Proxy Vot­ers pro­ceeded to en­ter pri­vate quar­ters to tally the re­sults of the Share­hold­ers’ votes.

Pres­i­dent and CEO of Com­mu­nity Fi­nan­cial Ser­vices Group, LLC (CFSG) Mark Fred­er­ick was in­vited to ad­dress the share­hold­ers. CFSG is a Trust and In­vest­ment com­pany owned by Com­mu­nity Na­tional

cont'd from page 3 Bank, Na­tional Bank of Mid­dle­bury and Woodsville Guar­anty Sav­ings Bank. CFSG of­fers as­sis­tance with Trust and In­vest­ment Ac­counts, An­nu­ities, Re­tire­ment Plan­ning and In­sur­ance and Bro­ker­age Ac­counts. Fred­er­ick briefly shared in­for­ma­tion about the econ­omy and then fo­cused on the im­pres­sive ac­com­plish­ments and per­for­mance of CFSG. He also praised many of his co­work­ers and an­nounced Janet Car­tee’s re­tire­ment at the end of this year, wish­ing her well.

Mr. Marsh con­tin­ued the meet­ing by con­grat­u­lat­ing Janet Grat­ton for her re­cent pro­mo­tion to Elec­tronic Bank­ing Of­fi­cer and an­nounced Kathy Austin’s re­cent pro­mo­tion to in­clude Chief Op­er­at­ing Of­fi­cer in her ti­tle. He also shared in­for­ma­tion about his par­tic­i­pa­tion in a bankers’ fly-in event to Wash­ing­ton, D.C. where Vice Pres­i­dent Kelly Paul ac­com­pa­nied him. Marsh com­pli­mented Paul for her vast knowl­edge and ex­per­tise in the Com­pli­ance field. Mr. Marsh praised all of the CNB em­ploy­ees, both past and present, for their un­wa­ver­ing ded­i­ca­tion to help­ing the Bank con­tinue to grow while suc­cess­fully serv­ing our cus­tomers. He also thanked the Bank’s Ad­vi­sory Board Mem­bers for their sup­port and in­valu­able in­sights, and he praised the Com­mu­nity Ban­corp. Di­rec­tors for their keen abil­i­ties to pro­vide strong guid­ance and lead­er­ship.

Shar­ing voting re­sults, Marsh an­nounced Com­mu­nity Ban­corp. Share­hold­ers voted to re­in­state Thomas Adams, Jac­ques Cou­ture, Dorothy Mitchell and James Wheeler, Jr. as Di­rec­tors to serve un­til the an­nual meet­ing in 2017. Share­hold­ers also voted to amend the Com­pany’s Amended and Re­stated Ar­ti­cles of In­cor­po­ra­tion to in­crease the num­ber of au­tho­rized shares of com­mon stock to 15,000,000 and voted to rat­ify the se­lec­tion of Ber­ryDunn as the Bank’s ex­ter­nal au­di­tors for the fis­cal year end­ing on De­cem­ber 31, 2014.

Mr. Marsh con­cluded the meet­ing by thank­ing Cor­po­rate Sec­re­tary Chris Bumps for her work in pre­par­ing for the an­nual meet­ing and asked Di­rec­tor Jac­ques Cou­ture to give a bless­ing for the de­li­cious meal served by mem­bers of the Elks’ Club.

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