Community Bancorp. (OTCMKTS:CMTV) Files An 8-K Other Events
Item 8.01. Other Events
Community Bancorp. (OTCMKTS:CMTV) Files An 8-K Other Events
On July 15, 2020, the Board of Directors of Community Bancorp. (the “Company”) (OTCQX: CMTV), the parent company of Community National Bank, established October 6, 2020 as the date of the Company’s 2020 annual meeting of shareholders (the “2020 Annual Meeting”). The Company’s annual meeting of shareholders is traditionally held in May, but was postponed this year due to the COVID-19 outbreak and the Vermont Governor’s stay-at-home order. Also on July 15 the Board decided to hold the 2020 Annual Meeting electronically, in a virtual meeting format.
to Securities Exchange Act Rule 14a-5(f), this Report is being filed to inform the shareholders of the rescheduled meeting date and to provide information regarding the adjusted deadlines for submission of shareholder proposals intended to be included in the Company’s proxy statement for the 2020 Annual Meeting under Securities Exchange Act Rule 14a-8, and shareholder proposals submitted outside the Rule 14a-8 process.
Because the 2020 Annual Meeting will be held more than thirty (30) days after the anniversary date of the Company’s 2019 annual meeting of shareholders, in accordance with Rule 14a-8, the deadline for receipt of shareholder proposals intended to be included in the Company’s proxy statement for the 2020 Annual Meeting has been extended to July 30, 2020, which the Company believes to be a reasonable time prior to mailing the proxy materials for the 2020 Annual Meeting. Any such proposals must comply with the requirements of Rule 14a-8 and the interpretations of the Rule, and may be omitted from the 2020 proxy statement if not in compliance with applicable requirements.
Additionally, the Company has extended the deadline contained in Section 2.13 of the Company’s Bylaws for submitting advance notice of the nomination of a candidate for election to the Board and any non-Rule 14a-8 shareholder proposal to July 27, 2020. Any such notice must be received by July 27 2020 and otherwise comply with the applicable advance notice provisions set forth in Section 2.13 of the Company’s Bylaws in order to be considered at the 2020 Annual Meeting. A copy of the Company’s Bylaws is filed with the Securities and Exchange Commission as Exhibit 3(iii) to the Company’s Current Report on Form 8-K filed on March 14, 2013. Shareholders are urged to read the complete text of the Bylaws.
Any shareholder proposals, whether submitted to Section 2.13 of the Company’s Bylaws or to Exchange Act Rule 14a-8, must be timely directed to: Corporate Secretary, Community Bancorp., 4811 US Route 5, Newport, VT 05855.
About Community Bancorp. (OTCMKTS:CMTV)
Community Bancorp. is a bank holding company for Community National Bank (the Bank). The Company, though the Bank, provides a range of retail banking services to the residents, businesses, nonprofit organizations and municipalities in northeastern and central Vermont. Its services include business banking, commercial real estate lending, residential real estate lending, retail credit, municipal and institutional banking, and retail banking. The Company offers a range of credit products for various general business purposes, including financing for commercial business properties, equipment, inventories and accounts receivable, as well as letters of credit. The Company also offers business checking and other deposit accounts, cash management services, repurchase agreements, automated clearing house (ACH), and wire transfer services and remote deposit capture. The Company’s principal sources of funds include deposits, and amortization and prepayment of loans and securities.
