Community Bancorp holds annual shareholders’ meeting

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 in Derby on May 14, 2013, for the annual shareholders’meeting.
Marsh announced Community Bancorp shareholders voted to reinstate Charles Bucknam, Stephen Marsh, Peter Murphy and Frederic Oeschger as Directors to serve until the annual meeting in 2016. Kathryn Austin was voted in as a Director to serve until the annual meeting in 2015. The Advisory (non-binding) ‘say on pay’vote to approve executive compensation was approved and the Advisory (non-binding) vote on the frequency of future advisory ‘say on pay’votes was set at 3 years. Shareholders also voted to ratify the selection of BerryDunn as the Bank’s external auditors for the fiscal year ending on December 31, 2013.
Stephen Marsh, left, with Elwood Duckless at the Community National Bank 2013 Annual Meeting
Marsh congratulated and announced employees who received promotions including Kimico Perry who was promoted to Vice President, Human Resources, Jane Clark who was promoted to Vice President, Deposit Operations and Training Director and Heather Bradley who was promoted to Assistant Vice President, Commercial Lending. Marsh then thanked all CNB employees for their hard work and dedication to the Bank and to the Bank’s customers. Marsh continued the meeting by thanking Elwood Duckless,’Duck’, for his many years of service as a Director of the bank, shared a few good memories and wished him well on his retirement.
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 2012. Community Bancorp. reported earnings of $4.4 million or $0.88 per share at year end 2012 compared to $3.6 million or $0.73 per share at year end 2011. Bonvechio stated that 2012 was a really good year and that the bank grew assets by 4.1%. CNB had strong growth in both the loan and deposit portfolios. The bank increased commercial loans as well as mortgage loans held in house and used liquidity gained through selling low-yielding bonds to make loans and higher-earning investments. Bonvechio also gave a brief review of CNB’s first-quarter results, ended March 31, 2013, reporting earnings of $1,041,778 or $0.21 per share compared to $964,849 or $0.19 per share for the first quarter of 2012. This spring has been busy with mortgage activity including many new purchases in addition to refinancing. CNB has also set aside lower provisions from loan losses as improving trends have been seen in our loan portfolio in a decrease in loan losses.
Marsh led the group in The Pledge of Allegiance and continued with introductions of new Shareholders, Community Bancorp Directors, Executive Officers and honored guests Patricia Faria and Janice Latulippe from the Public Accounting Firm BerryDunn and Denise Deschenes from the law offices of Primmer Piper Eggleston and Cramer, PC.
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 owned by three community banks, Community National 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. CFSG employees are not compensated by commissions, so they can truly offer unbiased, comprehensive advice. Frederick shared information about CFSG’s 2012 performance and gave and economic overview for the coming year. 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 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.
Source: CNB