discover
the bank that can make your
journey a financial success.
MA
BERKSHIRE
Great Barrington
South Egremont
Millerton
Sheffield
Canaan
Salisbury
Lakeville
Sharon
CT
LITCHFIELD
Dover Plains
ULSTER
NY
DUTCHESS
New Paltz
Poughkeepsie
Red Oaks Mill
Fishkill
ORANGE
Newburgh
Annual Report 2018
Salisbury Bancorp, Inc. is the holding company for Salisbury Bank and Trust Company
introduction
discover
new possibilities
No matter how far you have come in your personal or business life there are always
new opportunities to discover. Making the choice to explore and find better banking
solutions should be the next step toward achieving your financial objectives.
Salisbury Bank and its Riverside Division are connecting consumers, non-profit
organizations and business owners to the banking products and services that save
time, reduce burden and strengthen financial awareness. There are new possibilities for
those willing to transition to a higher-level banking experience; one filled with modern
conveniences and personal attention whenever needed.
it's time to explore what's possible
Our bank has a rich history that dates back to 1848, helping our customers save for their
future and get the loans they need to grow. We have remained strong for our communities
by staying true to our core vision:
We will treat every customer as if they are our only customer.
Community banking at Salisbury Bank means you’ll be heard and supported by experienced
professionals that listen. You’ll find needed guidance and answers that are based on trust
and a deeper understanding of your commitment to succeed. There’s no limit to the
possibilities our technology and people can offer, if you’re willing to discover the pathway
to greater success with Salisbury Bank.
2 SALISBURY BANK AR18
our corporation
Salisbury Bancorp, Inc. is an independent, publicly-owned
banking and financial services company that became
the bank holding company for Salisbury Bank and
Trust Company on August 24, 1998. The Company’s
sole subsidiary is Salisbury Bank and Trust Company
(“Salisbury Bank”), which is chartered as a state bank
and trust company by the state of Connecticut.
Salisbury Bank was formed in 1925 by the merger of
the Salisbury Savings Society, founded in 1848, and
the Robbins Burrall Trust Company, founded in 1874.
Salisbury Bank is a commercial bank offering a broad
range of services including an extensive array of
deposit services, multiple mortgage products, and
various other types of loans designed to meet the
financial needs of its customers.
Salisbury Bank has a full-service Trust and Wealth
Advisory Division which offers financial planning,
trust and estate administration, and investment
management services.
In December of 2014, Salisbury Bank acquired
Riverside Bank which now operates as a Division of
Salisbury Bank and Trust Company.
Salisbury Bank operates fourteen full-service banking
ANNUAL
SHAREHOLDERS
MEETING
Wednesday
May 15, 2019
at 4:00 PM
The Hotchkiss School
11 Interlaken Road
Lakeville, CT 06039
Griswold Science Building
located off Route 41
our core vision
We will treat every
customer as if they
are our only customer.
our core values
Service to the customer
above all else.
Always do the right thing.
Be positive, enthusiastic,
and have fun.
offices located in Lakeville, Salisbury, Sharon, and
Never be satisfied.
Canaan, Connecticut; Great Barrington, South Egremont,
and Sheffield, Massachusetts; Dover Plains, Fishkill,
Millerton, New Paltz, Newburgh, Poughkeepsie, and Red
Oaks Mill, New York; serving customers primarily from
Litchfield County in Connecticut; Dutchess, Columbia,
Orange, and Ulster Counties in New York; and Berkshire
County in Massachusetts.
Call it right.
SALISBURY BANK AR18 3
Dear Shareholders,
170 Years of Service and a Bright
Future Ahead
There are two significant milestones among
your Company’s successes in 2018. The
Company marked its 170th year of service. In
addition, the Company surpassed the billion-
dollar size in total assets. Such milestones
are a source of pride, but more importantly,
they offer insight as to the reasons for our
past achievements and keys to our future
success. Salisbury Bank and Trust Company
was founded in 1848. Such longevity is an
achievement in its own right. More than two-
thirds of the 18,000 banks that existed just 30
years ago are no longer in existence. However,
longevity is most meaningful when it reflects
a sustained commitment to excellence. We
strive for such excellence and build upon the
trust earned through 170 years of valuing
our customer relationships and serving the
evolving banking needs of individuals and
their families, businesses and communities.
Throughout its history, Salisbury’s reputation
for providing trusted community banking and
wealth management services has been a key to
our success. With it, we have grown our assets,
profits and geographic footprint to serve an
expanding customer base. Customers know
they can trust Salisbury Bank and Trust Company
and rely upon our commitment to serving their
needs. Over time, banking products have
evolved and the delivery channels for such
products and services have diversified, but
our fundamental commitment to relationship
banking has been unwavering. Salisbury’s
commitment to excellence, trustworthiness,
service and relationship banking will continue to
be key components to our future success.
Expanding Our Riverside Division
During 2018, we expanded and improved our
customer service branch network in our New
York based “Riverside Division”. In March
we raised the flag at our office in the Town of
Newburgh, conveniently located at 801 Auto
2018
shareholder
letter
“We are well-capitalized
pursuant to all regulatory
standards, with
sustainable earnings to
enable us to continue to
support our anticipated
organic growth.”
4 SALISBURY BANK AR18
Park Place. This new and improved location
offers a full-service banking center allowing us
to better serve our existing clients as well as
an opportunity to acquire new relationships.
In April we acquired the former Orange Bank
& Trust Company branch located at 701 Route
9, Fishkill, NY. We further leveraged the
benefits of this expansion by relocating our
existing Fishkill office from Main Street Plaza
into this new location in May.
These enhanced branch locations underscore
our commitment to serving existing and
future customers through efficient, convenient
locations that enable our employees to be
even more proficient and helpful.
A Direction and Plan for
Improvement and Growth
We are pleased to have exceeded the one
billion dollars in assets milestone in 2018, and
our continued prudent and profitable growth
enhances our financial strength and builds
franchise value.
As the marketplace continues to shift around
us, consumer expectations are increasing.
Banks face demands from a changing
demographic customer base and tech-savvy
consumers seeking increased convenience
and privacy protections.
To respond to such challenges and better
position Salisbury for the future, we
implemented a management reorganization
in December 2018, which should improve
operating efficiency and effectiveness. This
restructuring initiative primarily impacts our
retail and operational areas. We believe it
will benefit the Bank in many ways such as
improving internal processes, enhancing
communication, deepening our bench
strength, enriching customer experience and
supporting our succession efforts in key areas.
Continued investments in our technology
products, use of data, strong leadership,
employee development, and overall customer
experience are all part of our strategic plan for
continued growth.
Discovering the Possibilities
Our strategies and improvements are
customer-centered, and we consistently draw
upon and replenish the strong reservoir of
trust we have built with our customers and the
communities we serve. We are encouraged
by the opportunities that exist within our own
customer base. It is evident that when our
customers are introduced to our digital and
relationship banking solutions and given the
opportunity to experience them, they discover
a better banking experience which further
enhances their loyalty to us.
Financial Results
Loan and Deposit Growth
Net loans receivable increased $108 million
or 13% for the year while deposits increased
$111 million or 14% for the year. The increase
in net loans was primarily organically driven
and reflected broad-based growth within both
our commercial and residential portfolios.
Deposit balances increased across all product
categories and included $20 million in
brokered deposits, which helped fund our
loan growth.
Trust and Wealth Advisory Division
Wealth assets under administration increased
by $38 million or 6% for the year, with the
majority of that growth, $34 million, coming
in the non-discretionary or custody services
category which tends to be lower yielding
than those assets managed with discretion on
the part of our team. Wealth management is
a core strength of our franchise and continues
to differentiate us from our competitors and
offers a greater diversification of our income
stream. The growth of our Trust and Wealth
Advisory Division is fueled by our commitment
to trust and relationship banking.
SALISBURY BANK AR18 5
Capital
Our capital levels are strong and we are
“well-capitalized” pursuant to all regulatory
standards, with sustainable earnings to enable
us to continue to support the anticipated
organic growth rates of the Bank. Book value
and tangible book value grew 5% and 7%,
respectively, and reflected the strong earnings
for the year.
Earnings
Full year 2018 net income of $8.8
million increased $2.5 million from 2017.
Approximately $1.2 million of this increase
reflected a lower tax rate as a result of the
Tax Cuts and Jobs Act enacted in December
2017. Our core earnings for 2018 were
strong. Net interest income increased $1.9
million from 2017 and reflected our strong
loan and deposit growth. Non-interest
income increased $0.7 million from last year
and partly reflected the growth in assets
under administration. These increases
were partly offset by a higher provision for
loan losses, which reflected our robust loan
growth, and higher non-interest expenses.
Overall, earnings per share for 2018 were
$3.15 compared with $2.25 in 2017.
Our Employees Are Our Strength
Recognizing our dedicated and loyal
employees, we were pleased to present
several awards at our annual employee
celebration event on March 2, 2019. These
achievements exemplify how dedication,
teamwork, and commitment to our success
and to the success of the customers and
communities we serve, can provide personal
and professional advancement. We could not
be prouder of our employees.
Employee of the Year Award: Darrel Long
Rookie of the Year Award: Aidan Gilligan
Volunteer of the Year Award: Doug Cahill
President’s Award: Shelly Humeston
Personnel Recognitions and Leadership
Growth
Nicole Chase joined the Bank as Assistant
Vice President, Branch Manager of the
Lakeville and Salisbury branches. Nicole
brings 18 years of banking experience to her
position, which will enable her to lead our
teams and ensure our customers continue to
receive the level of personalized service they
have come to know and expect.
Amanda Goewey was promoted to Vice
President, Berkshire Regional Manager and
was chosen as one of the select few as New
Leaders in Banking. The Connecticut Bankers
Association along with the Connecticut
Banking magazine asked bankers throughout
Connecticut to nominate their peers for the
leadership award. Amanda has 15 years of
banking experience having held various roles
in our retail, compliance, and loan areas. She
is dedicated to the communities she serves
and supports various local initiatives. She is
a positive role model to her staff and others
within our organization.
Michael Jordan was promoted to Vice
President, IT Security and Service Solutions
Manager. As Vice President, he will
continue in his role to manage the overall
responsibilities of all IT Security functions and
strategies within the Bank, as well as oversee
the Service Solutions function. Michael
has been with the Bank for 12 years and
has served as Assistant Vice President, IT
Security, and Service Solutions Manager for
the past 6 years. Michael has embraced the
Bank’s vision and core values, and strives to
incorporate them in his daily work.
We are truly honored to have both Amanda
and Michael as employees and leaders on our
team.
In February, Charlene Fitzgerald was hired
as Vice President, Customer Support and
Electronic Services Manager. Charlene has 40
years of experience in banking. She brings to
her position significant industry knowledge
and management experience which are
6 SALISBURY BANK AR18
valuable assets to further enhance our
Customer Support Department.
As part of our management reorganization,
Betsy Summerville was named Executive
Vice President, Chief Retail and Loan
Operations Officer, and Amy Raymond was
named Executive Vice President, Chief Retail
Banking Officer. These title changes are more
reflective of their new responsibilities.
Working to Meet the Economic and
Civic Needs of Our Communities
As a community bank, we take great pride in
knowing that we play a critical role in satisfying
the financial, social, and civic needs of the
people who live in the cities, towns, and
neighborhoods we serve.
This past year we held 11 Community Days.
Each day included a free shred day and the
donation of items to local food pantries in
the communities we serve. We shredded and
recycled 54,400 pounds of paper and collected
880 food items.
Salisbury Bank YOUniversity program is our
free financial education initiative. We held 7
free seminars open to all community members
with 192 participants. Topics included:
Internet Security, Creating Business Plans, and
Navigating Changes in Medicare.
This year marked the tenth year of our “Time
to Shine” Annual Scholarship Program. We
awarded ten students with scholarships in
the amount of $2,500 each to assist them in
achieving their college degree objectives in
a variety of programs. I want to thank our
Scholarship Committee for their excellent
work in selecting students of academic
achievement, who possess a variety of interests
and leadership experience, show consistent
community involvement, and have the desire to
make the world a better place.
hours of their time to support many causes
and nonprofit organizations. This year our
employees volunteered over 6,000 hours to
a wide variety of organizations in our local
communities.
Thank you to all of our customers and
employees that contributed to the more than
1,650 items collected during our eleventh
annual “Fill-the-Basket” food drive, which
helped local food pantries feed those in need.
We kicked-off the thirty-first year of our “We
Believe” program, bringing holiday magic
to special children. With the support of the
community, we were able to put a smile on the
faces of area children who may not otherwise
get to experience the joy of the holiday season.
By all accounts 2018 was a successful year as
we made great progress with both our financial
and non-financial goals. Strong growth in
our loan and deposit portfolios as well as in
our assets under administration in our Wealth
Management area, combined with a more
rigorous approach to expense management,
produced record earnings for your Company.
While we are proud of our accomplishments,
we are keenly aware that we cannot be satisfied
with past results but must continue to find ways
to increase profitability and keep up with the
incredible pace of change in our industry.
I am appreciative of the support from you,
our shareholders, our board of directors
and advisory board, our customers, and our
staff. Collectively this team is our competitive
advantage and I am confident that your board
of directors and leadership team will continue
to guide our Company consistent with our Core
Values and assure you that we will earnestly
work to earn your confidence and trust.
Sincerely,
We are especially proud of the employees
who support our Bank’s mission to give back
to the communities that they call home. Each
year our employees volunteer thousands of
Richard J. Cantele, Jr.
President and
Chief Executive Officer
SALISBURY BANK AR18 7
history of
salisbury
bancorp, inc.
Total Assets
Total Deposits
$16 MM SBLF
Redemption
Opened new
banking center in
Newburgh, NY
Issuance of
$10 MM
Subordinated
Debt
170 year
anniversary
Opened
Millerton, NY
branch
Opened
Sheffield, MA
branch
Opened
Dover, NY
branch
$16 MM of
perpetual
preferred shares
through SBLF
and redemption
of $8.8 MM
under TARP
Webster Bank
NA branch
acquisition
(Deposits:
$11.5 MM)
Acquisition
of Riverside
Bank
(Assets:
$239.0 MM)
Union Savings
Bank branch
acquisition
(Deposits:
$20.0 MM)
Opened Great
Barrington, MA
branch
Acquisition
of Fishkill, NY
branch
Reached
$1 Billion in
assets
Acquisition of
New Paltz, NY
branch
$1,121.55
$986.98
Dollars ($MM)
$1200.0
$1000.0
$800.0
$600.0
$400.0
$200.0
People’s Bank
branch acquisition
(Deposits: $26.4 MM)
$8.8 MM of
perpetual
preferred shares
under TARP
Wealth AUA
pass over
$380 MM
$891.19
$855.43
New York
Community
Bank branch
acquisition
(Deposits:
$3.5 MM)
Opened
Sharon, CT
branch
Acquisition
of Canaan
National
Bancorp, Inc.
(Assets:
$107.2 MM)
$609.28 $600.81
$562.35
Opened
Salisbury, CT
branch
$461.96
$423.1
Merger with
Robbins
Burrall Trust
Company
(1874)
$283.6
$205.0
Salisbury
Savings
Society
founded
$0.0
$5.0
$10.0
$0.0
1848
1925
1963
1983
2001
2004
2007
2009
2011
2012
2014
2015
2017
2018
8 SALISBURY BANK AR18
selected consolidated financial data
(in thousands except ratios and per share amounts) (unaudited)
2018
2017
Total assets
Loans receivable, net
Deposits
FHLBB advances
Shareholders’ equity
Wealth assets under administration
Non-performing assets
Net interest and dividend income
$1,121,554
$986,984
909,279
801,703
926,739
815,495
67,154
54,422
103,459
97,514
648,027
610,218
8,324
7,354
33,151
31,283
Net interest and dividend income, tax equivalent
33,620
32,201
Provision for loan losses
Income before income taxes
Income tax provision
Net income
Per share data
1,728
10,533
1,709
8,824
1,020
9,170
2,914
6,256
Basic earnings per common share
$3.15
$2.25
Diluted earnings per common share
Dividends per common share
Book value per common share
Tangible book value per common share - Non-GAAP
3.13
1.12
36.86
31.45
2.24
1.12
35.01
29.39
earnings per
common share
$3.04
$3.15
$2.43
$2.25
2015
2016
2017
2018
deposits (in millions)
$927
$755
$782
$815
2015
2016
2017
2018
loans receivable,
net (in millions)
$909
$763
$802
$699
Common shares outstanding at end of period
2,807
2,785
Weighted average common shares outstanding,
to calculate basic earnings per share
2,763
2,755
2015
2016
2017
2018
Weighted average common shares outstanding,
to calculate diluted earnings per share
2,780
2,774
Profitability ratios
Net interest margin (tax equivalent)
Efficiency ratio (tax equivalent)
Effective income tax rate
Return on average assets
3.35%
3.58%
69.13%
66.79%
16.23%
31.78%
0.83%
0.63%
Return on average common shareholders’ equity
8.84%
6.42%
wealth assets under
administration
(in millions)
$610
$648
$516
$371
2015
2016
2017
2018
SALISBURY BANK AR18 9
discover
new possibilities
Supporting the
communities we work
and live in.
206
Number of jobs
we provided in our
community.
2018
$26,500
Scholarship funding to 13
graduates from local area
high schools.
$202,832,830
Dollar amount of business loans
we made in our market area to 296
businesses (for the year 2018).
7+192
Number of educational seminars
we had through Salisbury Bank
YOUniversity and the number of
community members who attended.
2,500
Non-perishable food
items donated to 14
community pantries
in Connecticut,
Massachusetts, and
New York.
10 SALISBURY BANK AR18
South Egremont
MA
BERKSHIRE
Great Barrington
Millerton
Sheffield
Canaan
Salisbury
Lakeville
Sharon
CT
LITCHFIELD
Dover Plains
ULSTER
New Paltz
NY
DUTCHESS
Poughkeepsie
Red Oaks Mill
Fishkill
ORANGE
Newburgh
54,400
Number of pounds of
personal documents
shredded at our 11 FREE
Community “Shred” Days.
208
Number of community
organizations that
we provided monetary
support to.
6,044
Number of hours our
employees volunteered
in our community.
$241,530
Total paid in municipal
property taxes (for the
year 2018).
$83,135,155
Dollar amount of home
mortgage loans lent to 283
community members.
South Egremont
MA
BERKSHIRE
Great Barrington
Millerton
Sheffield
Canaan
Salisbury
Lakeville
Sharon
CT
LITCHFIELD
Dover Plains
ULSTER
New Paltz
NY
DUTCHESS
Poughkeepsie
Red Oaks Mill
Fishkill
ORANGE
Newburgh
SALISBURY BANK AR18 11
Annual Employee
Award Winners
employee of the year
Darrel Long Vice President, Operations
Our “Employee of the Year” Award recognized Darrel
Long for his commitment to our core values, his leadership,
dedication, and service to the community. Darrel joined the
Bank in 2004 as Vice President, Operations when Salisbury
merged with Canaan National Bank with whom he began his
employment in 1999. He is rarely, if ever, seen without a smile on
his face and his warm and welcoming personality endears him to all.
Darrel consistently challenges the staff while actively supporting and
encouraging their development. He is ready and willing to step up and
help out whether it is at work or with one of the community organizations
he volunteers for, including the Canaan Fire Company, Canaan
Foundation, and The Open Door. We are very fortunate to have Darrel
on our team. The knowledge and experience he has gained over the
past 20 years provides valuable insight and skills to the Bank.
volunteer of the year
Doug Cahill Vice President, Director of Human Resources
During 2018, Doug volunteered for six bank-sponsored events.
As a community bank, we pledge to support, sponsor and
volunteer in the communities we serve. Doug has consistently
volunteered for bank sponsored events each year in addition to
the volunteer work he does with the Sharon Board of Education
and Sharon Day Care. Doug joined Salisbury Bank as Director
of Human Resources in August of 2005. He was promoted to
Vice President, Director of Human Resources in May of 2014.
We sincerely appreciate the volunteer work that Doug does for
both the Bank and for the community at large.
12 SALISBURY BANK AR18
president's award
Shelly Humeston Senior Vice President, Secretary
On any successfully functioning team, there is always “that”
person. There is the person who works tirelessly behind the
scenes to make things run right. It takes an individual with many
talents and the willingness to do whatever it takes in order for the
team to succeed. The person that makes everyone around them
look better. The person that rarely gets enough recognition for
all they do and at times may even get taken for granted. Shelly
Humeston is “that” person in our Company.
Trustworthy, selfless, humble, detail oriented, compassionate,
generous, accurate, proud, personally accountable, reliable and
thorough are several adjectives that come to mind when describing Shelly.
Shelly is indispensable to our team and is the go-to person whenever
anyone on the team needs to know how to do something, why we did
something, or where to find something. She ensures that everyone else is
getting the things they are supposed to be doing done and done on time.
We are lucky to have her on our team.
rookie of the year
Aidan Gilligan Commercial Credit Department
Aidan has clearly made an impression in his first year with the
Bank as he received multiple nominations for this award. He
joined the Commercial Credit Department in February 2018
without any prior banking experience. In a short period of time,
his desire and willingness to learn has been evident to not only
his supervisors, but to his colleagues to whom he has offered
much support. He has a strong sense of “teamwork”, likely
developed over many years of playing and coaching hockey.
We are extremely grateful that Aidan chose to join our team
and we look forward to his continued success.
SALISBURY BANK AR18 13
our customers
say it best...
“Our company’s growth
requires a bank that
understands business. We
chose Riverside Bank because
they can move swiftly and
help us strategically with our
ever changing needs.”
Dan Teutul
President & CEO
of Orange County
Ironworks, LLC
Orange County Ironworks, LLC (OCI), located in Montgomery,
New York is one of the nation’s leading structural steel fabricators
and erectors. Their steel beams are the foundation to some of
the tallest, most modern buildings in the New York Metropolitan
area. Their ornamental steel creations which include captivating
staircases become permanent works-of-art. OCI employs both
union and non-union workers and is a Hudson Valley treasure.
14 SALISBURY BANK AR18
“It’s their outstanding service and
community-focus that sets them
apart. I would recommend that
other non-profit organizations
consider doing their banking with
Riverside Bank.”
“Unlike big corporate banks that
you might come across, Riverside
Bank is unique in that they really
provide the time and attention
to support organizations such as
ours with unparalleled care.”
Liselle LaFrance
Executive Director
at Historic
Huguenot Street
Caitlin Cummings
Business Manager
at Historic
Huguenot Street
Historic Huguenot Street is located in New Paltz, NY. As an organization founded in 1894,
the site is one of the earliest preservation organizations of its kind in the United States.
Today, the 10-acre National Historic Landmark District includes a Visitor Center, seven historic
stone houses, a reconstructed 1717 Huguenot church, a replica Munsee wigwam, exhibit
and program spaces, archaeological sites, and a burial ground that dates to the very first
settlers. Huguenot Street also maintains an extensive archive that preserves early local history
collections and family papers, along with a research library.
SALISBURY BANK AR18 15
a pathway
to success
“I’d like to tell you about the
people at Salisbury Bank. They are
an awesome group. It’s not only
that they are friendly but they work
with you, to guide you through the
solutions to whatever questions you
have. They’re competent and readily
accessible and seen as a partner. It’s
comforting to know that they are
here for us.”
Amelia (Lia) J. Spiliotes
Chief
Executive
Officer at CHP
Joseph Law
Vice President,
Commercial
Loan Officer
at Salisbury Bank
Community Health Programs, Inc., located in Great Barrington, Massachusetts, offers
outstanding medical and dental care for clients of all ages across the Berkshire County region.
CHP’s “whole person” approach to care for all clients–from infants to elders–also includes
behavioral health, nutrition counseling and an array of services to support families and
children. CHP has over 33,000 clients and more than 220 employees.
16 SALISBURY BANK AR18
relationships
in local banking
“After speaking with several institutions, we realized Salisbury
Bank had the services and expertise we needed. Also, we believe
in staying local with people we know and trust. We would tell
anyone who wants to do business with Salisbury Bank that they
listen. They have a breadth of services that satisfy your needs,
large and small, and do so in a friendly, welcoming way.”
Henry &
Pam Todd
Salisbury Bank
Customers
Stacey Curtis
Assistant Vice
President,
Canaan Branch
Manager at
Salisbury Bank
SALISBURY BANK AR18 17
Bianca Martin
Assistant Vice
President, Millerton
Branch Manager
at Salisbury Bank
18 SALISBURY BANK AR18
Mobile Banking
e-Banking & e-Pay
•
View balances and transaction history.
• Make transfers between accounts and
make loan payments.
• Make bill payments when enrolled in
e-Pay.
• Make check deposits on the go.
•
•
•
•
•
Send money directly to friends, family
members, or others.
View and manage personal alerts.
View your cash flow and track your
expenses.
Find Salisbury Bank ATM and branch
locations.
Temporarily deactivate or activate your
Debit Card at any time.
Mobile Wallet
• Carry your debit or credit card
information in an app on your
smartphone or tablet.
• Use your Salisbury Bank debit card with
Apple Pay®, Google Pay®, Masterpass™,
and Samsung Pay®.
•
•
•
Pay for purchases online and at any
retailer that accepts mobile payments.
Fast and convenient.
Safe and secure.
Debit MasterCard®
• More convenient than cash - use the
card for everyday expenses.
•
•
•
Shop anywhere MasterCard® is
accepted.
Faster and easier than writing a check.
View all transactions online or on your
monthly account statement.
• Get cash from your checking or savings
account at any Salisbury Bank ATM and
thousands of ATMs worldwide.*
• Get your card instantly when you visit
our branch!**
•
•
•
•
Transfer funds between your Salisbury
Bank accounts or pay your Salisbury
Bank loan.
Set up and manage e-Banking alerts to
be notified of account activity.
Initiate and view stop payments on
checks.
Securely access up to 12 months of
account activity 24/7.
• Manage your Overdraft Options.
• Deactivate/Reactivate your Debit Card
and/or request a replacement Debit
Card.
• Add travel notification requests.
• Add and manage Authorized Users and
set up time restrictions.
• View your cash flow and track your
expenses.
e-Deposit
• Make deposits directly from the
convenience of your office, 24/7 or on
the go using your mobile device.
•
Save your business time, money, and
enhance cash flow.
• Manage your receivables more
efficiently.
• Reduce risk of check loss.
•
Safe and secure.
• We provide the scanner and assist with
your initial set up. No need to purchase,
install or maintain software. You may
also use this service on your mobile
device.
Merchant Services
• Accept credit card payments.
•
Point of sale systems.
• Mobile processing.
•
•
E-Commerce solutions.
Payroll solutions.
* Please see our Fee Schedule for fees associated with use of other bank’s ATMs and ATM/Debit
Card use for International transactions. ** Instant card issuance available at all locations, with the
exception of Egremont, Massachusetts; Salisbury, Connecticut; and Red Oaks Mill, New York.
SALISBURY BANK AR18 19
Noemi Medina
Teller
at Salisbury Bank
20 SALISBURY BANK AR18
you'll always
find a warm
greeting and
helpful advice
at every branch
Our customers appreciate the relationships
they have with our employees and
management staff. They know that we’re
here for them and they are our top
priority. There’s a trust that's built based
on the valued advice and digital banking
technology that save you time and money.
We’re providing a higher level of customer
service, we’re engaged and committed
to providing every customer with the best
banking experience.
discover more...
Stop in to any of our 14 branches located in
Connecticut, Massachusetts, and New York.
SALISBURY BANK AR18 21
business banking
regional strength,
personal service
Regardless of the type of financing your business requires you’ll
know we’re here to provide you with prompt, personal attention.
It's important that you work with a commercial banking team that
listens and knows how to structure the right loan for your needs.
We understand business. We’re flexible and experienced, which
means each loan is custom tailored to position you for success.
“Let us put you in
touch with one of
our knowledgeable
business banking
professionals.”
Maria J. Marrero
Loan Administrator
and Analyst at
Riverside Bank, a
Division of Salisbury
Bank and Trust
Company
22 SALISBURY BANK AR18
Salisbury Bancorp, Inc. and
Salisbury Bank and Trust Company
Board of Directors
Louis E. Allyn II
President, Allyndale Corporation
Polly Diane Hoe
Owner and President, Mardi-Bob Management, Inc.
Charles M. Andola
Owner and President, United Management
Consulting, Inc.
George E. Banta
Owner and President, Beekman Arms Properties,
Banta Motels and Restaurants
Arthur J. Bassin
Town Supervisor, Ancram, NY
Richard J. Cantele, Jr.
President and Chief Executive Officer,
Salisbury Bancorp, Inc. and
Salisbury Bank and Trust Company
David B. Farrell
CEO, NAPPI International,
Founder of Farrell & Company, LLC
Michael D. Gordon
President, Zimmer Brothers Jewelers
Nancy F. Humphreys
Former Citigroup New York, Citibank,
Managing Director and Treasurer of Global Corporate
Investment Bank North America (retired)
Holly J. Nelson
Marketing Project Strategist, Omega Institute
For Holistic Studies, Rhinebeck, NY, Member and
Tour Operator, Iceland Adventure, LLC, Sales and
Marketing Director for Iceland Tours and Travel
John F. Perotti
Former Chairman and Chief Executive Officer,
Salisbury Bancorp, Inc. and
Salisbury Bank and Trust Company (retired 2009)
Michael A. Varet
Chairman, Salisbury Bancorp, Inc.
and Salisbury Bank and Trust Company
Attorney, Senior Counsel, DLA Piper LLP (US)
Riverside Division Advisory Board
Thomas C. DeBenedictus
Independent Consultant
Ira Effron
Co-Chairman, Efco Products
Austin “Brud” Hodgkins
Senior Partner, The Hodgkins Agency, Insurance
Benefits and Estate Planning, CEO & Founder, Indoor
Organic Gardens of Poughkeepsie, LLC
Paul S. Hoffner
President, John Herbert Company
David S. MacFarland
Former President and Chief Executive Officer,
Riverside Bank (retired 2011)
John P. O’Shea
Chairman, Marshall & Sterling Enterprises, Inc.
David E. Petrovits
Founder, Blacktop Maintenance Corp.
Steven R. Turk
President, Rocking Horse Ranch Resort,
Splash Down Beach Water Park
Stephen P. Lumb (Chair)
Retired
Carl S. Wolfson
Attorney
SALISBURY BANK AR18 23
Officers of Salisbury Bancorp, Inc.
Richard J. Cantele, Jr.
President and Chief Executive Officer
Peter Albero
Executive Vice President and Chief Financial Officer
Shelly L. Humeston
Senior Vice President and Secretary
E-Consent
Shareholders may receive annual reports
and proxy materials over the internet. To
take advantage of the opportunity to receive
materials electronically, rather than by mail,
individuals who hold stock in their name
may enroll for electronic delivery at investor.
broadridge.com.
If you have already created a login ID at the
above site, just log in and follow the prompts
for E-Consent to enroll for electronic delivery
of account documents.
If you have not created a login ID and
password on the above site, choose “Create
Profile”. You will need the account number
and social security number or tax ID number
associated with your Salisbury stock account
to create the login. After you have created
your login, follow the prompts for E-Consent
to enroll for electronic delivery of account
documents.
Please note:
• Your consent to electronic delivery is
entirely revocable
• You can always vote your proxy by
telephone or on the internet whether or
not you elect to receive your materials
electronically
Shareholders who hold their Salisbury stock
through a bank, broker, or other holder
of record should refer to the information
provided by that entity for instructions on
how to elect to view future annual reports
and proxy statements over the internet.
Employee Stock Ownership Plan (“ESOP”)
ESOP participants who have a company
email address and online access will
automatically be enrolled to receive the
Annual Report, Proxy Statement, and ESOP
Vote Authorization Form over the internet
unless they choose to opt out by emailing the
Secretary at shumeston@salisburybank.com.
24 SALISBURY BANK AR18
Officers of Salisbury Bank and Trust Company
Richard J. Cantele, Jr.
President and
Chief Executive Officer
John M. Davies
President of NY Region,
Chief Lending Officer
Peter Albero
Executive Vice President,
Chief Financial Officer
Todd M. Clinton, CRVPM
Executive Vice President,
Chief Risk Officer
Steven M. Essex, CFP, CTFA
Executive Vice President,
Head of Trust Wealth
Advisory Services
Richard P. Kelly
Executive Vice President,
Chief Credit Officer
Amy D. Raymond
Executive Vice President,
Chief Retail Banking Officer,
CRA Officer
Elizabeth A. Summerville
Executive Vice President,
Chief Retail and Loan
Operations Officer
Cynthia D. Bradley
Senior Vice President,
Loan Administration Manager
Shelly L. Humeston
Senior Vice President,
Secretary
Ronald K. Myers
Senior Vice President,
Finance
Todd J. Rubino
Senior Vice President,
Senior Commercial Loan
Officer
John D. Trott
Senior Vice President,
Senior Commercial Loan
Officer
Robert A. Wiseman
Senior Vice President,
Trust Operations Officer
Kevin Bennett
Vice President,
Commercial Loan Officer
Maurice S. Bowerman
Vice President, Trust Officer
Bonnie M. Brocco
Vice President,
Branch Manager,
Poughkeepsie Office
Jeffrey G. Burchell
Vice President,
Credit Administration
Team Leader
Spring J. Burke
Vice President,
Mortgage Advisor
Douglas A. Cahill, PHR,
SHRM-CP
Vice President,
Director of Human Resources
Anthony Casillo
Vice President,
Commercial Loan Officer
Kimberly J. Downey, CTFA
Vice President,
Trust Officer
Charlene Fitzgerald
Vice President,
Customer Support and
Electronic Services Manager
Megan E. Gawel
Vice President,
Branch Administrator,
Retail Banking
Amanda M. Goewey
Vice President,
Berkshire Regional
Branch Manager
Dee M. Harnish
Vice President,
Project Manager
J. Adam Higgins
Vice President,
Commercial Loan Officer
Michael C. Jordan
Vice President,
Information Technology
Security and Service Solutions
Manager
Barbara S. Joscelyn
Vice President,
Commercial Loan Officer
Joseph C. Law
Vice President,
Commercial Loan Officer
Amanda I. Lidstone, CRCM,
CAFP
Vice President, Risk
Management Officer, Privacy
Officer
Darrel S. Long
Vice President, Operations
Justin R. Markovits, Esq.,
LL.M.
Vice President, Trust Officer
Alicia Moir
Vice President, Controller
Julianna M. Sinchak, CFMP
Vice President,
Marketing and Sales
Administration Manager
Daniel R. Stanyon, CTFA
Vice President, Trust Officer
Darilyn F. Woods
Vice President, Trust Officer
David D. Wright
Vice President,
Commercial Loan Officer
Kathleen Bauer
Assistant Vice President,
Branch Manager, Fishkill and
Red Oaks Mill Offices
Kim Bergenty, CAFP
Assistant Vice President,
Risk Manager, Security Officer,
BSA Officer
Nicole Chase
Assistant Vice President,
Branch Manager, Lakeville
and Salisbury Offices
Jason L. Cullip
Assistant Vice President,
Information Technology
Security and Administration
Manager
Stacey R. Curtis
Assistant Vice President,
Branch Manager,
Canaan Office
Tara G. Decker
Assistant Vice President,
Branch Manager,
Sharon Office
Robin L. Foley
Assistant Vice President,
Loan Origination
Julie A. Gregory
Assistant Vice President,
Branch Manager,
Dover Plains Office
Eric C. Haffa
Assistant Vice President,
Branch Manager,
Newburgh Office
Robert J. Lotz
Assistant Vice President,
Financial Analyst
Andrea L. MacArthur
Assistant Vice President,
Retail Lending Manager
Bianca M. Martin
Assistant Vice President,
Branch Manager,
Millerton Office
Lisa D. Riley
Assistant Vice President,
Loan Servicing Manager
John Sorlie
Assistant Vice President,
Branch Manager,
New Paltz Office
Jean P. Stapf
Assistant Vice President,
Wealth Manager and Trust
Administrative Coordinator
Alton E. Golden
Assistant Branch Manager,
Retail Banking Officer,
Sharon Office
Michele O. Hanlon
Mortgage Servicing Officer
Denise Innello
Assistant Treasurer,
Assistant Branch Manager,
Red Oaks Mill Office
Lori A. Palmatier
Assistant Treasurer,
Senior Credit Analyst
Jennifer Peterson
Lending Compliance
Specialist, Assistant CRA
Officer
SALISBURY BANK AR18 25
shareholder information
Stock Symbol: SAL
Salisbury Bancorp, Inc. common stock is traded under the symbol SAL on NASDAQ
For more information:
Visit our website at
salisburybank.com and click
on “Shareholder Relations”, or
contact:
Shelly L. Humeston
Senior Vice President,
Secretary
Salisbury Bancorp, Inc.
P.O. Box 1868
Lakeville, CT 06039-1868
860.435.9801
Transfer Agent
For shareholder inquiries
concerning dividend checks,
transferring ownership, address
changes, or lost or stolen stock
certificates, please contact our
transfer agent:
Broadridge Corporate
Issuer Solutions, Inc.
P.O. Box 1342
Brentwood, NY 11717-0718
888.520.5817
Dividend Reinvestment
and Stock Purchase Plan
For more information and
enrollment forms, visit
salisburybank.com and click
on “Shareholder Relations”, or
contact:
Shelly L. Humeston
860.435.9801
shumeston@salisburybank.com
Independent Auditors
Baker Newman Noyes
280 Fore Street
Portland, ME 04101-4177
Common Stock Price
$44.65
$37.50
$36.18
$33.48
$25.22
$23.35
$23.34
$22.05
$21.75
$26.89
$27.34
$50.00
$45.00
$40.00
$35.00
$30.00
$25.00
$20.00
$15.00
$10.00
$5.00
$0.00
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
26 SALISBURY BANK AR18
new york
Dover Plains
Julie A. Gregory
Assistant Vice President,
Branch Manager
5 Dover Village Plaza
P.O. Box 693
Dover Plains, NY 12522-0693
845.877.9850
Fishkill*
Kathleen Bauer
Assistant Vice President,
Branch Manager
701 Route 9, Suite 7
Fishkill, NY 12524-1887
845.896.9300
Millerton
Bianca M. Martin
Assistant Vice President,
Branch Manager
87 Main Street
P.O. Box 768
Millerton, NY 12546-0768
518.789.9802
Newburgh*
Eric C. Haffa
Assistant Vice President,
Branch Manager
801 Auto Park Place
Newburgh, NY 12550-6702
845.562.6766
New Paltz*
John Sorlie
Assistant Vice President,
Branch Manager
275 Main Street
New Paltz, NY 12561-1613
845.256.0003
Poughkeepsie*
Bonnie M. Brocco
Vice President,
Branch Manager
11 Garden Street
Poughkeepsie, NY 12601-3105
845.454.5511
Red Oaks Mill*
Kathleen Bauer
Assistant Vice President,
Branch Manager
2064 New Hackensack Road, Suite 1
Poughkeepsie, NY 12603-4862
845.463.2265
connecticut
massachusetts
Lakeville (Main Office)
Nicole Chase
Assistant Vice President,
Branch Manager
5 Bissell Street
P.O. Box 1868
Lakeville, CT 06039-1868
860.435.9801
Canaan
Stacey R. Curtis
Assistant Vice President,
Branch Manager
100 Main Street
P.O. Box 757
Canaan, CT 06018-0757
860.824.5423
Salisbury
Nicole Chase
Assistant Vice President,
Branch Manager
18 Main Street
P.O. Box 407
Salisbury, CT 06068-0407
860.435.9801
Sharon
Tara G. Decker
Assistant Vice President,
Branch Manager
5 Gay Street
P.O. Box 7
Sharon, CT 06069-0007
860.364.0500
Salisbury Trust Wealth
Advisory Services
Steven M. Essex
Executive Vice President,
Head of Trust Wealth
Advisory Services
5 Bissell Street
P.O. Box 1868
Lakeville, CT 06039-1868
860.435.5205
Great Barrington
Amanda M. Goewey
Vice President,
Berkshire Regional
Branch Manager
210 Main Street
P.O. Box 860
Great Barrington, MA 01230-0860
413.528.1201
Sheffield
Amanda M. Goewey
Vice President,
Berkshire Regional
Branch Manager
640 North Main Street
P.O. Box 1069
Sheffield, MA 01257-1069
413.229.5000
South Egremont
Amanda M. Goewey
Vice President,
Berkshire Regional
Branch Manager
51 Main Street
P.O. Box 313
South Egremont, MA 01258-0313
413.528.5100
3 states
-
14 branches
-
tri-state
service
salisburybank.com
*Riverside Division Locations
SALISBURY BANK AR18 27
3 states | 14 branches | tri-state service
MA
BERKSHIRE
Great Barrington
Sheffield
Canaan
Salisbury
Lakeville
Sharon
South Egremont
NY
Millerton
DUTCHESS
Dover Plains
CT
LITCHFIELD
ULSTER
New Paltz
Poughkeepsie
Red Oaks Mill
Fishkill
ORANGE
Newburgh
Salisbury Bancorp, Inc. is the holding company for Salisbury Bank and Trust Company
salisburybank.com