Salisbury Bancorp, Inc. (NASDAQ:SAL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 7, 2018, Salisbury Bancorp, Inc. (the “Company”) announced the departure effective December 31, 2018 of James E. Cotter, Executive Vice President and Chief Operating Officer of the Company’s subsidiary, Salisbury Bank and Trust Company (the “Bank”). Mr. Cotter has served as Executive Vice President and Chief Operating Officer of the Bank since February, 2016. Mr. Cotter will stay on through the end of the year to help transition his duties to other members of the Bank’s management team. Mr. Cotter’s departure is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. The Company has no current plans to fill the vacancy created by Mr. Cotter’s departure and is evaluating the costs and benefits of eliminating the position of Chief Operating Officer as part of the Bank’s cost-savings initiatives.
About Salisbury Bancorp, Inc. (NASDAQ:SAL)
Salisbury Bancorp, Inc. is a bank holding company for Salisbury Bank and Trust Company (the Bank). The Bank is a Connecticut-chartered and Federal Deposit Insurance Corporation (the FDIC) insured commercial bank. The Bank provides commercial banking, consumer financing, retail banking and trust and wealth advisory services through a network of over 10 banking offices and approximately nine automated teller machines (ATMs). The Bank originates commercial loans, commercial real estate loans, residential and commercial construction loans, residential real estate loans collateralized by one- to four- family residences, home equity lines of credit, fixed rate loans and other consumer loans. The Bank’s securities portfolio include the United States Government and Agency securities, mortgage-backed securities, collateralized mortgage obligations and tax exempt municipal bonds. The Bank uses deposits, repayments and sales, and borrowings to fund lending, investing and general operations.