Community Bancorp. Holds Annual Shareholders’ Meeting
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.