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News ReleasesCommunity Bancorp. Reports Earnings and Dividend
March 13, 2008 For immediate release
For more information contact: Richard White or
Steve Marsh at (802)-334-7915
Derby, VT: Community Bancorp., the parent company of Community National Bank, has reported earnings for the fourth quarter of 2007 ending on December 31, 2007 of $897,018 or $0.20 per share, as compared to $1,113,343 or $0.26 per share for the fourth quarter of 2006. Earnings for the year ended December 31, 2007 were $3,357,330 or $0.77 per share compared to $3,375,448 or $0.79 per share for the same period a year ago. Both figures for 2007 include some one-time merger related expenses incurred in connection with the Company’s acquisition of the former LyndonBank as of December 31, 2007.
The Company’s Board of Directors at a meeting on March 11, 2008, declared a cash dividend of $0.17 per share, payable May 1, 2008 to shareholders of record as of April 15, 2008. The Board also set the Annual Meeting date for June 10, 2008, and the record date for the Annual Meeting of April 8, 2008.
Community National Bank is an independent bank with assets of approximately $490 million that has been serving its communities since 1851, with offices now located in Derby, Derby Line, Island Pond, Barton, Newport, Troy, St. Johnsbury, Montpelier, Barre, Lyndonville, Morrisville and Enosburg Falls.
Forward-Looking Statements: This press release contains forward-looking statements, including, without limitation, statements about the company’s financial condition, results of operations, earnings outlook and business affairs. Although these statements are based on management’s current expectations and estimates, actual conditions, results, earnings and business may differ materially from those contemplated by such forward-looking statements, as they could be influenced by numerous factors which are unpredictable and outside the company’s control. Factors that may cause actual results to differ materially from such statements include, among others, the following: (1) competitive pressures increase among financial services providers in the company’s northern New England market area or in the financial services industry generally, including pressures from nonbank financial service providers, from increasing consolidation and integration of financial service providers and from changes in technology and delivery systems; (2) interest rate changes in such a way as to reduce the Company’s interest margins and its funding sources; (3) general economic or monetary conditions, either nationally or regionally, are less favorable than expected, resulting in a deterioration in credit quality or diminished demand for the company’s products and services; and (4) changes in laws or government rules, or the way in which courts interpret those laws or rules, adversely affect the company’s business or impose additional costs and regulatory requirements.
December 18, 2007
COMMUNITY BANCORP. ANNOUNCES QUARTERLY DIVIDEND
Derby, VT For Immediate Release
For more information, contact Richard C. White at 802-334-7915 Community Bancorp., the parent company of Community National Bank, has declared a dividend of seventeen cents per share payable February 1, 2008 to shareholders of record as of January 15, 2008.
Community National Bank is an independent bank that has been serving its communities since 1851, with offices now located in Derby, Derby Line, Island Pond, Barton, Newport, Troy, St. Johnsbury, Montpelier and Barre.
Community Bancorp. Names Stephen P. Marsh Chief Executive Officer
December 11, 2007
For more information contact: Richard White or Steve Marsh at (802)-334-7915
Derby, VT: Community Bancorp., the parent company of Community National Bank, announced today that Stephen P. Marsh, currently the President and Chief Operating Officer of the Company and the Bank, will become the Chief Executive Officer (CEO) of both corporations effective January 1, 2008. He will also retain his current position as President and his membership on the Board of Directors of both corporations. The current CEO, Richard White will remain employed with the Company and Bank as Chairman of the Board.
In making the announcement, Mr. White said “I am absolutely delighted with Steve’s promotion at this time, and I am looking forward to spending a little more time with my grandchildren. Steve has done a great job for us over the years, and I am confident that the Company and the Bank will do well under his capable leadership.”
Mr. Marsh joined the Bank in 1973, and during his more than thirty years of service has worked in virtually all of its operational areas. He was recruited by former Community National Bank Presidents Lloyd Selby and Arthur Judd and worked closely with them, rising through the ranks to become the Bank’s Cashier, Chief Financial Officer and, since 2004, President and Chief Operating Officer. He has served continuously on the Board of Directors of both corporations since 1998.
When Mr. Marsh joined the Bank it had 17 employees, two branches, and $15 million in assets. With the completion of the upcoming merger with LyndonBank, it is expected that Community National Bank will have approximately 160 employees, 15 branches and over $500 million in assets. Marsh attributes the Bank’s success to its focus on its long standing mission of being “In these Communities to Serve” and the dedication of the Bank’s employees to their customers.
In addition to his leading role at the Bank, Marsh has been a leader in his community as well, having served as Chairperson of the North Country Hospital in Newport, Chairperson of the Morgan Select Board, and as the Moderator for the Town of Morgan. He currently is a Board Member of Housing Vermont, a Board Member of Fletcher Allen Health Care in Burlington, a Board Member of the Vermont State Human Resource Investment Council, a Board Member of Associated Industries of Vermont, and a Board Member of the Northeastern Vermont Development Association.
Mr. Marsh is the incoming Vice Chairman Vermont Bankers Association, after having served previously on the VBA’s Government Relations and Executive Committees. Marsh was recognized by the Vermont Bankers Association as its Outstanding Community Service Banker in 1998.
Mr. Marsh, age 59, is a native of Newport, VT and currently lives in the Town of Newport with his wife Alma.
About Community: Community Bancorp. is a registered bank holding company and the parent company of Community National Bank, an independent bank that has been serving its Vermont communities since 1851. Community National has offices in Derby, Derby Line, Island Pond, Barton, Newport, Troy, St. Johnsbury, Montpelier and Barre, Vermont. In August, 2007 it announced plans to merge with LyndonBank, Lyndonville, Vermont. The combined institution will serve customers through a network of full service branches in northern and central Vermont, with LyndonBank branches becoming branches of Community National, other than LyndonBank’s Vergennes, Vermont branch, which will be sold to the National Bank of Middlebury.
COMMUNITY BANCORP., LYNDONBANK AND NATIONAL BANK OF MIDDLEBURY ANNOUNCE EXECUTION OF AGREEMENT FOR BRANCH SALE
December 7, 2007
DERBY, LYNDONVILLE AND MIDDLEBURY, VT – Community Bancorp. (OTCBB: CMTV), the holding company for Community National Bank (“Community National”), LyndonBank (Pink Sheets: LYSB) and National Bank of Middlebury (“Middlebury”), announced today that they have signed a definitive Purchase and Assumption Agreement for the purchase by Middlebury of the Vergennes branch office of LyndonBank immediately following completion of the planned merger of LyndonBank with and into Community National. The parties expect these transactions to close on or about December 31, 2007.
Under the terms of the Purchase and Assumption Agreement, Middlebury will assume all of the deposits booked at LyndonBank’s Vergennes branch and will purchase certain branch loans and fixed assets, including the real estate. The Agreement contains customary representations, warranties, covenants and conditions to closing. As of October 22, 2007, there were approximately $9.7 million in deposits booked to the Vergennes branch.
The parties had signed a letter of intent in early October outlining the material terms of the transaction.
Completion of the branch sale is subject to regulatory approval. It is also contingent on completion of the Community National – LyndonBank merger, for which regulatory and shareholder approvals have already been obtained.
About Community National Bank
Headquartered in Derby, Vermont, Community National Bank is an independent bank and wholly-owned subsidiary of Community Bancorp. that has been serving its communities since 1851, with offices located in Derby, Derby Line, Island Pond, Barton, Newport, Troy, St. Johnsbury, Montpelier and Barre. As of September 30, 2007, Community Bancorp.’s total consolidated assets, deposits and net loans were approximately $350.8 million, $302 million and $253.1 million, respectively.
About LyndonBank
Founded in 1884 and headquartered in Lyndonville, Vermont, LyndonBank serves customers through 7 banking offices and offers a variety of products for consumers, businesses, government agencies, and non-profit organizations. As of September 30, 2007, LyndonBank’s total assets, deposits and net loans were approximately $156.6 million, $123.2 million and $112 million, respectively.
About National Bank of Middlebury
National Bank of Middlebury is a community bank and wholly-owned subsidiary of Middlebury National Corporation, founded in 1831 and headquartered in Middlebury, Vermont. It serves customers through its four full service offices in Middlebury and Bristol in Addison County and Brandon in Rutland County. As of September 30, 2007, Middlebury National Corporation’s total consolidated assets, deposits and net loans were approximately $217.5 million, $179 million and $156.3 million, respectively.
For more information, please contact Richard C. White, Chairman and CEO, Community Bancorp. (802) 334-7915; Stephen P. Marsh, President and COO, Community National Bank (802) 334-7915; Charles W. Bucknam, President and CEO, LyndonBank (802) 626-1111; or G. Kenneth Perine, President and CEO, National Bank of Middlebury (802) 388-4982.
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