Salisbury Bancorp, Inc. is the holding company for Salisbury Bank and Trust Company
we’re your growth
advantage
Annual
Report
2019
introduction
Salisbury Bank, we’re your
advantage
Although the ideas around personal and business finance may seem easy, actually putting them
into practice can be challenging at best. Achieving financial growth starts with financial awareness
and financial knowledge. Successful people are at an advantage because they surround themselves
with smart professionals that can provide trusted advice and the financial resources needed to
achieve their goals. It’s the advantage everyone with growth on their mind should be seeking.
Having an advantage can help you or give you a greater chance for success.
Salisbury Bank and Trust Company can be your financial advantage.
Today, many of the larger financial institutions are quick to proclaim their commitment to providing
solutions that fit your needs, when in reality it’s more likely your banking needs will have to fit into
their solutions. If you’re committed to success then you’ll need the advantage of knowing you’re
working with a banking partner that can provide you with the personal attention and tailored
banking solutions you need today and in the future. You need a bank that has the knowledge and
understanding beyond what can be learned by an individual’s credit score.
At Salisbury Bank, and its Riverside Division, our community banking approach is different.
We never start with an empty promise, instead we’ll work together with you. We ask, listen,
discover, and discuss realistic solutions that can help you achieve your goals. We’re devoted to
your success and the economic success within the communities we serve. We believe all of our
customers deserve our full attention equally.
Achieving financial growth will be easier with the right financial partner by your side. The banking
professionals at Salisbury Bank want to meet you, build a lasting relationship, and help you grow.
Experience the advantage with Salisbury Bank as your banking partner.
2 SALISBURY BANK AR19
Annual
Shareholders
Meeting
May 13, 2020
Wednesday at 4:00 PM
The Hotchkiss School
11 Interlaken Road
Lakeville, CT 06039
Griswold Science Building
located off Route 41
our vision
We will treat every
customer as if they
are our only customer.
our core values
Service to the customer
above all else.
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
Always do the right thing.
offices located in Lakeville, Salisbury, Sharon, and Canaan,
Be positive, enthusiastic,
and have fun.
Never be satisfied.
Call it right.
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.
SALISBURY BANK AR19
SALISBURY BANK AR19
33
shareholders letter
A Journey of Growth and Change
The pace of change in banking, like many other
industries, continues to accelerate. There are
approximately 5,000 banks operating in our
country compared to more than 15,000 when
I started in the business more than 30 years
ago. While there are fewer traditional banks,
there are many other competitors entering into
what was once the exclusive domain of banks.
Payments, wealth management, and mortgage
areas are all segments of our industry being
assailed by the evolving “fintech” industry. This
trend will continue, and if community banks
are to survive and prosper, they must embrace
change while protecting traditional strengths.
Salisbury continuously refines the way we
deliver products and services to our customers,
to enhance our customers’ experience when
they do business with us. We maintain rigorous
operational excellence while offering state-of-
the-art technology and exceptional levels of
service to our customers through a range of
delivery channels that provide convenience and
security.
To be successful, community banks like
Salisbury Bank, must also remain true to
our core identity as the essential financial
intermediary in the communities in which we
operate, while we prudently manage risk, and
protect our customers’ assets and privacy.
It is our commitment to delivering on these
values that has enabled our Company to thrive
while many other institutions have struggled.
Salisbury’s profitability and growth, record of
prudent operation and outstanding service
would not be possible without the efforts of
our team of capable caring employees, officers,
and directors.
Together we achieved record financial
performance for 2019!
4 SALISBURY BANK AR19
Trusted Leadership
Every day I am both honored and excited to
work at a Company that has a long history
of forward-thinking leaders. Salisbury has
benefitted both historically and currently from
the guidance and oversight of a Board of
Directors consisting of individuals with diverse
backgrounds, sound financial leadership skills,
and a shared commitment to the successful
execution of Salisbury’s corporate mission.
Our Board of Directors is dynamic in its
composition, vision, and leadership.
On May 15, 2019, our Board selected David
B. Farrell to serve as Chairman of the Boards
of the Bank and the Company. As Chairman,
David is responsible for actively leading the
Board of Directors in fulfilling its responsibilities
to provide guidance and direction and promote
the profitability, growth, safety and soundness
of the organization.
Mr. Farrell is the successor to Michael A. Varet
who served on the Board as Director (1997 -
2019) and as Chairman (2010 - 2019). Mr. Varet
passed away on May 20, 2019. I encourage
you to read the dedication to Michael in this
Annual Report.
There have been additional changes to the
Board in the past year. Louis “McGee” E. Allyn,
II announced his retirement effective on May
15, 2019. McGee served on the Boards of the
Bank and the Company for more than 15 years
and served as a Director of Canaan National
Bank for 13 years prior to its acquisition by
Salisbury in 2004.
Also announcing their retirement effective
May 13, 2020, were long time board members
Michael D. Gordon and Polly “Diane” Hoe.
Michael served on the Boards of the Bank and
the Company since 2014 and was a founding
director of Riverside Bank which was formed
in 1988. Diane also served on the Boards of
the Bank and the Company since 2014 and
previously served as a director of Riverside
Bank from 2000 to 2014.
We thank McGee, Michael and Diane for their
Financial Results
We are pleased that Salisbury’s financial results
for 2019 reflect record profitability, continued
growth and stronger levels of capital. We
have continued to grow loans and assets
under administration, while enhancing our
asset quality. We think these accomplishments
should continue to benefit shareholders into
the future.
Loan and Deposit Growth
During 2019, net loans receivable increased
$18.1 million. This growth was organically
driven and primarily in our commercial
portfolio. Our residential loan portfolio
declined slightly from 2018 primarily due to
the pay-off of a large loan during the year.
Deposits decreased $7.2 million during the
year reflecting the repayment of $36.5 million
of brokered deposits, which were used to fund
loan growth. Organic deposits, which exclude
brokered deposits, increased $29.3 million
during the year.
dedicated service and wish them well in their
retirement.
In addition, it is with great pleasure that
I announce the appointment of Grace E.
Schalkwyk and Neila B. Radin to the Board of
Directors of the Company and the Bank, which
took effect on November 22, 2019.
Ms. Schalkwyk is an advisor to fintech and other
technology companies. Her prior experience
includes positions with Standard & Poor’s
(now S&P Global) leading a global information
business. She previously worked with Artnet
AG as Chief Financial Officer with oversight
of all financial functions including public
disclosure. She also worked with Reuters (now
Refinitiv) in corporate development to address
the challenges in financial information and
technology, particularly with disruptive internet-
based newcomers; and Credit Suisse First
Boston (now Credit Suisse) as an investment
banker advising clients on financings, strategic
transactions, enhancing valuation, and investor
engagement.
Ms. Radin is a recently retired Managing
Director and Associate General Counsel of
JPMorgan Chase & Co. (“JPMC”). Prior to
her retirement, she served as advisor to the
general counsel of JPMC on special projects.
Prior to that, for more than twenty years, she
was JPMC’s General Counsel of Corporate
Law with legal responsibility for corporate law,
corporate finance, mergers and acquisitions,
private equity, strategic investments, corporate
securities issuances and funding, investor
relations, and disclosure issues affecting JPMC.
Both Grace and Neila bring to our Board
extensive experience and valuable skills
that are beneficial to the effective operation
of a dynamic financial institution in today’s
complex and fast-paced banking environment.
We expect that they will both be strong
contributors to our Board, and we are
extremely pleased that they have agreed to
serve.
SALISBURY BANK AR19
SALISBURY BANK AR19
55
Trust and Wealth Advisory Division
Wealth assets under administration increased
by $129.5 million during 2019 to $777.5
million. The majority of this growth was driven
by overall market performance, however, net
fund flows were also positive for the year.
Wealth management is a core strength of
our franchise and it differentiates us from our
competitors and diversifies our income stream.
Capital and Dividends
Our strong results in 2019 increased
shareholders’ equity by $10.2 million and
bolstered our regulatory capital. We continue
to be deemed “well-capitalized” pursuant to all
regulatory standards. Book value and tangible
book value per common share increased 9% to
$40.22 per share and 11% to $34.98 per share
respectively in 2019. On January 24, 2020,
our Board approved a $0.01 increase in the
quarterly dividend bringing the quarterly cash
dividend to $0.29 per common share.
Earnings and Asset Quality
We achieved record earnings in 2019. Net
interest income increased $1.0 million from
2018 on solid loan growth. Non-interest
income increased $0.4 million primarily due to
higher levels of assets under administration.
Provisions to the Allowance for Loan and Lease
Losses were reduced $0.8 million as loan
growth moderated from very robust levels in
2018, while our already strong asset quality
continued to improve. Non-interest expense
also declined $0.9 million. Overall, 2019 net
income was a record $11.0 million or $3.95
per common share (basic), compared to $8.8
million or $3.15 per common share (basic)
earned in 2018.
We Are Grateful To Our Loyal
Customers and Dedicated
Employees
I want to thank our loyal customers and our
dedicated employees who together helped
us achieve a year of exceptional performance.
I am fortunate to be surrounded by a very
talented group of professional bankers who
are committed to providing personal service
and increased value to our customers. It would
be hard to imagine a team that has a better
connection and understanding of the clients
who bank at our fourteen branch offices. The
collective relationships developed at a branch
level have helped to strengthen our Company’s
resources and ability to support the overall
economic well-being of the communities we
serve.
Together, our fourteen bank branches span
a territory larger than the state of Rhode
Island, each serving unique communities.
Our growth is the result of a solution-based
banking strategy that is customer centered and
designed to meet the ever-changing needs of
local consumers, non-profit organizations, and
businesses of all sizes. Personalized service is
a top priority, which means we build strong
customer relationships organically, by listening
and focusing our attention on the needs of
each individual customer.
Commitment to Community Growth
Our commitment to growth extends beyond
our customers and employees. We are proud
to be good stewards within the communities
we serve and committed to helping each
community prosper. Our focus is on creating
value today and for the long-term by
addressing the needs of consumers, business
owners, and communities.
We work hard every day to build up
communities through our volunteer efforts,
sponsorships, and charitable donations.
During 2019, we held eleven Community Days
which included free shred days; a community
activity that resulted in the shredding and
recycling of 64,240 lbs. of paper. In 2019,
thirteen local food pantries received more than
1,500 items and cash donations thanks to our
volunteers and community support.
Through our YOUniversity program we
delivered ten separate free educational
programs to 110 participants during the
6 SALISBURY BANK AR19
A Solid Foundation for the Future
We’re not just growing, we’re improving. We
have built a solid foundation from which we
can continue to strengthen our knowledge
base, product offerings, and value to our
shareholders and customers. I am excited
about future opportunities and confident we
are on the right path to continued financial
growth. Our loyal and growing customer base,
as well as our strong financial condition and
community banking values have strategically
positioned us to continue to prosper and gain
market share. Our success is possible because
of the talented team of professionals and
Board of Directors that are committed to our
vision and mission.
Sincerely,
Richard J. Cantele, Jr.
President and
Chief Executive Officer
year. Seminar topics included Elder Financial
Abuse, Marketing in a Digital Era, and Business
Model Canvas. All educational programs
were designed to help give the community a
knowledge advantage on important, relevant
topics.
Our “Time to Shine” Annual Scholarship
Program awarded ten scholarships in the
amount of $1,500 each to assist eligible
students seeking a college degree in a variety
of programs.
As part of the ongoing commitment to enrich
the lives of our neighbors, we conducted
our 12th annual Fill-the-Basket food drive
to help local food pantries feed those in
need. All fourteen branch locations collected
donations of non-perishable food items,
household supplies, and cash. All donations
were presented directly to local food pantries
serving each area.
We also launched our 32nd annual toy drive
that we call our “We Believe” Program.
Through the help of our customers and the
community at large, we collect new unwrapped
gifts for local children during the holiday
season. Making a difference in our community
is important to us and working together, we are
able to help provide a magical holiday season
for some very special children.
It’s difficult to quantify the importance and
value of our volunteer efforts to a community.
I remain humbled by the time and effort our
employees apply to strengthen and support
the charitable causes in the communities
surrounding our branches. This year our
employees volunteered more than 7,000 hours
to help people in need. I hope that all of
our shareholders are as proud as I am to be
part of an organization that delivers on these
important values.
SALISBURY BANK AR19 7
history of salisbury bancorp, inc.
$0.0
$200.0
$400.0
$600.0
$800.0
$1000.0
$1200.0
Dollars ($MM)
$1,112.45
$1,121.55
$986.98
$891.19
$855.43
2019
Published Record
Earnings
2018
Reached $1
Billion in assets
Acquisition of
Fishkill, NY branch
170 year
anniversary
Opened new banking
center in Newburgh, NY
2017
Acquisition of New
Paltz, NY branch
2015
Issuance of $10 MM
Subordinated Debt
$16 MM SBLF
Redemption
2014
Opened Great
Barrington, MA
branch
Union Savings Bank
branch acquisition
(Deposits: $20.0 MM)
Acquisition of
Riverside Bank
(Assets: $239.0 MM)
2012
Wealth AUA pass
over $380 MM
2011
$16 MM of perpetual preferred shares through
SBLF and redemption of $8.8 MM under TARP
$600.81
$609.28
2009
$8.8 MM of
perpetual preferred
shares under TARP
Webster Bank NA
branch acquisition
(Deposits: $11.5 MM)
Opened
Millerton, NY
branch
$562.35
2007
New York Community
Bank branch acquisition
(Deposits: $3.5 MM)
Opened Dover
Plains, NY
branch
Opened
Sheffield, MA
branch
$461.96
2004
Acquisition of Canaan
National Bancorp, Inc.
(Assets: $107.2 MM)
$423.1
2001
People’s Bank
branch acquisition
(Deposits: $26.4 MM)
$283.6
1983
Opened
Sharon, CT
branch
$205.0
1963
$10.0
Opened Salisbury,
CT branch
1925
$5.0
Merger with Robbins Burrall
Trust Company (1874)
1848
$0.0
Salisbury Savings
Society founded
8 SALISBURY BANK AR19
Total Assets
Total Deposits
selected consolidated financial data
earnings per
common share
(in thousands except ratios and per share amounts) (unaudited)
2019
2018
$3.95
Total assets
$1,112,448
$1,121,554
$3.15
Loans receivable, net
$2.43
$2.25
2016
2017
2018
2019
deposits (in millions)
$927
$920
$782
$815
Deposits
FHLBB advances
Shareholders’ equity
Wealth assets under administration
Non-performing assets
Net interest and dividend income
Net interest and dividend income, tax equivalent
Provision for loan losses
Income before income taxes
Income tax provision
Net income
927,413
909,279
919,506
926,739
50,887
67,154
113,655
103,459
777,503
648,027
3,934
34,112
34,717
955
8,324
33,151
33,620
1,728
13,495
10,533
2,359
11,136
1,709
8,824
2016
2017
2018
2019
Per share data
loans receivable,
net (in millions)
$909
$927
$763
$802
2016
2017
2018
2019
Basic earnings per common share
$3.95
$3.15
Diluted earnings per common share
Dividends per common share
Book value per common share
Tangible book value per common share - Non-GAAP
3.93
1.12
40.22
34.98
3.13
1.12
36.86
31.45
Common shares outstanding at end of period
2,826
2,807
Weighted average common shares outstanding,
to calculate basic earnings per share
2,782
2,763
Weighted average common shares outstanding,
to calculate diluted earnings per share
2,794
2,780
wealth assets under
administration
(in millions)
Profitability ratios
Net interest margin (tax equivalent)
$778
Efficiency ratio (tax equivalent)
$610
$648
$516
Effective income tax rate
Return on average assets
Return on average common shareholders’ equity
3.27%
3.35%
64.12%
69.13%
17.48%
16.23%
1.00%
10.22%
0.83%
8.84%
2016
2017
2018
2019
SALISBURY BANK AR19 9
2019
community
10+110
Number of educational seminars
we had through Salisbury Bank
YOUniversity and the number of
community members who attended.
198
Number of community
organizations that we
provided monetary
support to.
204
Number of jobs we
provided in our community.
10 SALISBURY BANK AR19
2,868
Non-perishable food items
donated to 11 community
pantries in Connecticut,
Massachusetts, and New York.
7,018
Number of hours our
employees volunteered
in our community.
advantage
$161,053,976
Dollar amount of business
loans we made in our market
area to 226 local businesses.
$71,567,403
Dollar amount of home
mortgage loans to 285
community members.
$16,500
Scholarship funding to
13 graduates from local
area high schools.
$242,207
Total paid in municipal
property taxes.
64,240
Number of pounds of personal
documents shredded at our 11
FREE Community “Shred” Days.
SALISBURY BANK AR19 11
Employee Recognitions & Promotions
Kathleen Bauer
Vice President, Regional Branch Manager
Kathleen Bauer was promoted to Vice President,
Regional Branch Manager. Kathy previously
managed the Fishkill and Red Oaks Mill, NY
Branches, and has many years of retail management
experience. She will manage the Poughkeepsie
and Red Oaks Mill Branches. Kathy is a graduate
of Siena College with a BS in Finance. She is
involved with many local organizations including
The Prevention Foundation of Mid-Hudson Valley
and East Fishkill Rotary Club.
Ryan Diamond
Assistant Vice President,
Commercial Credit Manager
Ryan Diamond was promoted to Assistant Vice
President, Commercial Credit Manager. Ryan has
been with the Bank for 9 years and has served as
Commercial Credit Manager for the past 2 years.
Prior to that, he worked as a Teller, Commercial
Credit Analyst, and Team Leader in the Commercial
Credit Department. Ryan is a graduate of Stonehill
College with a BS in Business Administration. He is
Assistant Coach of the Housatonic Valley Regional
High School Varsity Hockey Team and Head of the
Booster Club.
Kevin Cantele
Vice President, Mortgage Advisor
Kevin Cantele was promoted to Vice President,
Mortgage Advisor. Kevin started with the bank
in 2013 as an intern in the Commercial Credit
Department. In 2014, he became a Mortgage
Advisor Trainee and has been a full-time Mortgage
Advisor since January of 2015. Kevin is a graduate
of Gettysburg College with a BS in Business
Management. He is a member of the Tri-State
Chamber.
Randi Fisch
Assistant Vice President,
Branch Manager, Fishkill Office
Randi Fisch was promoted to Assistant Vice
President, Branch Manager of the Fishkill, NY
Branch. Randi has 6 years’ experience as Assistant
Branch Manager in the Fishkill location, and 9
years in retail management. Randi is a graduate of
Marist College with a BS in Finance with a minor in
Marketing. She is closely involved with the Fishkill
Business Association and Fishkill Rotary.
12 SALISBURY BANK AR19
Employee
Retirements
Lisa Riley started her 34-year career with the
Bank in February 1985. She spent 7 years in
the Bookkeeping Department and in 1992 Lisa
transferred to Finance as a Finance Specialist.
In 2002, she was promoted to Manager of the
Loan Servicing Department, and worked in
that capacity until she retired on May 24, 2019.
Carole Ippolito retired September 13, 2019.
Carole had over 40 years of banking experience
when she joined our Riverside Division in
May of 2016 as Assistant Branch Manager,
Poughkeepsie Office.
Marge Grossman retired October 26, 2019,
36 years to the day that she joined Salisbury
Bank’s custodial staff. Anyone familiar with
Marge knows that she is kind, humble, and
hard-working. She will be missed dearly.
Bonnie Brocco retired December 31, 2019
after 39 years in banking. She joined Riverside
Bank in February of 2007 as a Branch Manager
in Poughkeepsie, NY, and continued with
Salisbury Bank after the Riverside Division
acquisition in 2014.
Cindy Harbach also retired from full-time
work December 31, 2019 after 24 years with
the Bank and has decided to continue working
in a part-time capacity in our Loan Servicing
Department. Cindy began with Canaan
National Bank in September 1995 as a Lending
Admin Assistant, and has also worked as a
Commercial Credit Underwriter.
John Sorlie started as a Branch Manager
with Empire State Bank in March of 2011 and
he joined Salisbury Bank in 2017 when we
acquired the New Paltz, New York branch of
Empire State Bank. He retired on January 17,
2020.
We are grateful to Lisa, Carole, Marge, Bonnie,
Cindy, and John for their commitment to
excellent service. They will be missed by all who
have had the pleasure of working with them.
We wish them happy and healthy retirements.
SALISBURY BANK AR19
SALISBURY BANK AR19
1313
Jean Stapf
Assistant Vice President, Wealth Manager
and Trust Administrative Coordinator
Jean Stapf, Assistant Vice President, Wealth
Manager and Trust Administrative Coordinator
was selected to receive the New Leader in
Banking Award by the Connecticut Bankers
Association (CBA) and Connecticut Banking
magazine. Nominees must work at a CBA
Member Bank, be an outstanding employee,
manager, or business leader, and be making
a notable impact within their bank and
community. Jean’s nomination and recognition
in this way is another example of the positive
impact an individual employee can make
within the Bank and in her community.
Madeline Odak
Assistant Vice President,
Branch Manager, New Paltz Office
Madeline Odak recently joined the Bank as
Assistant Vice President, Branch Manager of
our New Paltz branch. She comes to us with
many years of banking and customer service
experience. Madeline is a native of Dutchess
County and is very familiar with the market
area. Madeline is pursuing a BS in Business
Administration Banking and Finance from the
New England College of Business.
Annual Employee
Award Winners
Each year we seek to recognize some
of our truly exceptional employees
with awards. Each award recipient
has contributed to our Company’s
success in ways that extend far beyond
expectation.
president's award
Entire Team
Thanks to the efforts of our entire team during 2019, notably improved performance
resulted in record earnings for our bank. The key to our success has been, and continues
to be, the commitment to excellence, the trustworthiness, and the high level of service
that every one of our employees provide to internal and external customers. Our culture
is unique and is what sets us apart. It takes our entire team working together each and
every day for the bank to succeed and prosper which is why the 2019 President’s Award
is recognizing our entire team for their collective contributions to our ongoing success.
14 SALISBURY BANK AR19
SALISBURY BANK AR19 15
Annual Employee
Award Winners
employee of the year
Cindy Bradley
SVP, Loan Administration Manager
volunteer of the year
Amanda Goewey
VP, Berkshire Regional Branch Manager
16 SALISBURY BANK AR19
This year, our employees selected Cindy Bradley
as “Employee of the Year” for her strong
leadership and willingness to work side-by-side
with her staff. Cindy’s wealth of knowledge and
experience make her a valuable participant
in discussions ranging over various subjects.
She has a need to understand how processes
work and seeks to identify opportunities for
greater efficiency. Cindy is well-respected by
department staff and colleagues. She truly cares
about her co-workers and takes the time to ask
about them and their families. Cindy joined the
Bank in 2009 as Vice President, Loan Operations
and was promoted to Senior Vice President, Loan
Administration in May of 2012. She is a source
of strength for our Loan Administration team and
we are fortunate to have her work with us.
Amanda generously volunteered for five bank-
sponsored events during 2019. The giving freely
of one’s time is something that, as a community
bank, we encourage and support. In addition to
volunteering for the bank, she coaches youth
softball for Undermountain Elementary School,
participates on the Community Health Program
Children’s Attic Committee, and is a board
member of the Eagle Fund and Undermountain
Youth Athletic Association. Amanda has nearly
15 years of banking experience, having worked
in various positions
including Teller, Loan
Coordinator, Mortgage Advisor, and Assistant
Vice President, Branch Manager. In 2018,
Amanda was promoted to Vice President,
Berkshire Regional Branch Manager. We are
proud of Amanda and the volunteer work she
does to help support our local communities.
rookies of the year
In July of 2019, Kassidy was hired as a Customer
Associate in our Deposit Operations Department
without any prior banking experience. Her desire
and willingness to learn is energizing. She has
a can-do attitude, takes responsibility in her
role, and encourages communication within
her department and throughout other areas of
the Bank. She has been described as humble,
enthusiastic and someone who likes to have fun.
We are very happy to have Kassidy on our team.
Kassidy Baker
Customer Support Associate
Maggie joined Salisbury Bank in June of 2019
as a Customer Associate in our Great Barrington
Office. Her colleagues have described her as
a quick and eager learner who takes on new
assignments with determination and focus. She
has exceptional customer service skills, a positive
attitude, and carries herself with integrity. We are
pleased that Maggie chose to join our team.
SALISBURY BANK AR19 17
Margaret Ham
Customer Associate
“Riverside Bank is the Bank that I fully
trust, I am proud to be a customer.”
“The people at Riverside Bank understood
my vision for growth. They believe in me
and the dreams I have for my business.
They brought together various resources to
assure that I would get the mortgage and
loans I needed.”
Angeline Smalls
Owner, Director of Hair on
Hudson Academy (HOHA)
and An’Tyrice Salon
Hair on Hudson Academy (HOHA), is a place where knowledge
is the foundation to creating brighter futures in the cosmetology
field. Their student pool includes people from diverse ethnic
backgrounds and experiences; women seeking to re-establish
themselves in this challenging labor force, high school graduates
who wish to gain a special skill and achieve more, and people who
simply decide they need a change in their careers in the fields of
education, salon, editorial fashion, or salon marketing. Situated in
Poughkeepsie, N.Y., HOHA facilitates a classroom setting tailored
to meet the needs of each individual student.
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“They were able to give me the time and
attention to understand my needs.”
“They are a bank that is willing to understand the
market you are in. They’ll work with you and adjust
their models to help local businesses grow and
that’s what I find valuable.”
Keith P. Libolt
President & CEO,
Affordable Housing
Concepts (AHC)
Keith H. Libolt II
Executive VP,
Affordable Housing
Concepts (AHC)
AHC – creating choices for sustainable community development.
Located in Gardiner, NY with over 40 years and hundreds of millions
of dollars of real estate development and construction projects
in their tool belt, AHC understands the building process from
first concept and funding application to bricks, boards, nails, and
mortar. Having worked with various types of clients and agencies
throughout the years, they have the capabilities to develop viable
custom housing and commercial solutions without compromising
quality or design. - www.ahcllc.net -
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“We have a shared vision for community
and reinvestment in the community.”
“We are a relationship oriented business and so is Salisbury Bank,
so we became good partners. It was prudent of us to switch all of
our banking to be completely with Salisbury Bank. Their team is
instrumental in helping us achieve our financial goals.”
Jon Schaefer
Owner and General Manager,
Catamount Mountain Resort
Catamount Ski Area is an all-season resort straddling the New
York / Massachusetts border. With its sister resort, Berkshire
East, Catamount has some of the best steeps in southern New
England AND some of the best beginner and intermediate terrain.
Catamount has undergone a stunning transformation since the
summer of 2018, with a new lift, new lodge, hundreds of new snow
guns, 4 snow making ponds, miles of pipe, and other upgrades that
make it one of the best on the east coast.
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“We do our personal banking and
business banking with Salisbury Bank.”
“They have introduced us to technology that has streamlined our
deposit processes. Through the use of remote deposit capture,
e-Banking and their credit card processing solutions we see our
funds much faster with less effort.”
Champ Perotti
President,
William Perotti
& Sons, Inc.
Will
Perotti
Charlie Perotti
Vice President,
William Perotti
& Sons, Inc.
Mary Perotti
Corporate Secretary,
William Perotti
& Sons, Inc.
William Perotti and Sons, Inc. was established by William Perotti
in 1928, and began with just two employees. Today, they have
over 40 employees, and William’s sons Frank and Charlie Perotti
are still working in the business today, as is Frank’s wife Jean.
The current president, Champ Perotti, is a 3rd generation family
member. Champ’s children, Will and Mary, are the 4th generation
to work for the business. With over 90 years of experience, offering
plumbing, heating, and air-conditioning services, this family run
business strives to satisfy customers by keeping them comfortable
and happy year-round. Small enough to care but large enough to
respond to emergency calls promptly.
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“They are a cooperative, intelligent
group of bankers who understand
business and make great partners.”
“I like to refer to Todd Rubino and
Riverside Bank. They have reliable
people who have always stood
firm behind me. Construction is
a tough business and requires
strong partnerships.”
Paul Hoffner
CEO, John Herbert
Company
John Herbert Company in Newburgh, NY was first founded by
Herbert Sandler as an office furniture dealer in 1954. Today they are
a second generation commercial flooring company that specializes
in all types of flooring and concrete resurfacing. The company’s
arsenal of state-of-the-art equipment and highly trained staff allows
it to take on the most challenging of projects and complete on time
and on budget. From historical restorations to active surgical suite
renovations, no project is too large or too small.
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“Salisbury Bank and their Trust
Department have high quality people
that I can always rely on 24-7.”
“Both the corporate banking and
trust department teams solve
problems in a timely manner allowing
me to be more efficient with my time
and run my business without worry.
From the importance of regulation
to the complexities of tax, Salisbury
Bank is always a true partner.”
Andrew Gundlach
President and co-CEO,
Bleichroeder LLC
Mr. Gundlach is the co-CEO and President of Bleichroeder LLC and
a director of First Eagle Holdings, Inc. Bleichroeder, a registered
investment manager for HNW families and individuals, was formerly
part of First Eagle, a $100bn AUM investment manager serving retail
and institutional clients worldwide. Arnhold and S. Bleichroeder
Holdings, Inc. was renamed First Eagle Holdings, Inc. in 2015 after
private equity funds managed by The Blackstone Group and Corsair
Capital acquired a controlling stake in the company. Mr. Gundlach is
an adjunct professor at Columbia Business School, teaching courses
on investing, and he currently serves on the Board of Overseers of
Columbia Business School.
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“Salisbury Bank’s lending solutions are
seamless. They are reliable and trusted.”
“They provide the personal relationship banking of a smaller
community bank yet have the strength and resources of a larger
regional bank. The process of going from the initial application
to the closing date is seamless - the very fact that the bank has a
construction specialist separates them from their competition.”
Chad Segalla
Co-Owner, Segalla’s
Turnkey Housing, LLC
Bob Segalla Jr.
Co-Owner, Segalla’s
Turnkey Housing, LLC
Robert Segalla, Sr. founded Segalla’s Turnkey Housing in 1979
with a vision to address the need for affordable family housing in a
growing market. In 1988, seeing that homeowners were trending
towards a higher end, customized product, they became an
authorized builder of Westchester Modular Homes. Since taking
over the family business in 2008 as second-generation owners, Chad
and Bobby Segalla have kept Segalla’s Turnkey Housing committed
to their father’s philosophy of customizing Westchester Modular
Homes to maximize a customer’s satisfaction.
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“Salisbury Bank provides the hometown
banking experience that we expect.”
“Every one of their people are there for us, starting with Rick
Cantele, the President, right down to the teller. They know us
by name and satisfy all of our needs regardless of how big or
small our requests are.”
Pat Seward
Treasurer,
Seward’s Tires, Inc.
Bob Seward
President,
Seward’s Tires, Inc.
Seward’s Tires, Inc. is a family owned and operated independent
tire dealer and service center since 1973 in Great Barrington,
Massachusetts. They take pride in offering a solid explanation
of tire selections that will meet specific driving needs, maximize
vehicle performance, and maintain overall safety of precious cargo.
Their service facility incorporates the latest automotive technology
with excellent customer service and the belief that every customer
is a special customer; making your satisfaction their #1 concern.
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“The Salisbury Bank family has been an integral
part of the success of our family business.”
our customers
our customers
have the
have the
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“Our Grandfather Arthur Schopp founded Stadium System during a
time when loans were transacted with a handshake. Although things
are different today, Salisbury Bank has been able to retain that same
community feel. They have remained personable and invested.”
Ed Schopp
Co-Owner,
Stadium System
Mike Schopp
Co-Owner,
Stadium System
Stadium System is a third-generation family owned business
in Canaan, CT and was founded in 1948 by Arthur Schopp, a
former college football player. Arthur’s love of sports earned him
the position of head of Westchester County Football Referees
Association and led him to work for a sporting goods reconditioner
in New York, ultimately starting his own business. Son Roald Schopp
and son-in-law Richard Brooks learned the craft and carried on the
family business through the early nineties. The mission to provide
excellent service and products to athletic programs throughout the
northeast and beyond is carried on by Roald’s sons, Mike and Ed.
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“They are wonderful to work with... A friendly
community bank that values their customers.”
“Our relationship with Salisbury Bank goes back decades, from real estate
development, to our paving company, and now our self-storage facilities with
multiple locations, we continue to rely on their trusted financial advice.”
Brian
Riva
Michael
Riva
Tanya
Riva
Mickey
Riva
The Riva’s are warm, welcoming and devoted to their family,
community and businesses, their dynamic is fascinating to observe.
Together, this entrepreneurial minded family has built a successful
enterprise comprised of multiple businesses over the years. From
their kitchen table, which they describe as the “conference room”
business was discussed, taught and learned. It’s where Tanya, the
Queen Bee of the hive, makes sure the family unit is strengthened
and success realized—nothing gets done without her. The Riva’s
relationship with Salisbury Bank and its bankers, has become a
partnership based on trust and respect.
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“Working with Salisbury Bank’s mortgage team
made us confident we chose the right bank.”
“It was our dream to have a home we could call ours.
Salisbury Bank helped us make that dream become a reality.”
Michael
Campagna
Caryn
Campagna
Michael and Caryn Campagna met while in college and got married
not long after graduating. With the help of the mortgage team
at Salisbury Bank, they recently became first-time homebuyers.
Because of their love for the outdoors and its access to the City,
they decided the Hudson Valley was the best place for them to buy
a home and settle down with their companion “Cooper”.
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“Salisbury Bank supports the same
community I volunteer and raise my
family in, which is important to me.”
“I started my career with Salisbury Bank in
February of 2005. My first position with the
Bank was on the teller line following which I
transferred to the Wealth Advisory Division. As
a Millerton native it was important for me to
return to the area where my family is and be able
to find employment locally. This has allowed me
to volunteer and work in the same community
where I am raising my own family.
In 2013 I received the Certified Trust and
Financial Advisor (CTFA) designation from the
American Bankers Association (ABA). In 2014
I was fortunate to be selected to attend the
Connecticut School of Finance & Management
(CSFM), which is an intensive two year bank
management training program sponsored by
the Connecticut Bankers Association (CBA). This
program gave me a broader perspective of the
banking industries operations and strategies. In
2017 I was honored to receive the New Leaders
in Banking award from the CBA and Connecticut
Banking Magazine. Currently I am pursuing a dual
Master’s degree in Business Administration and
Business Analytics from Syracuse University.”
Kimberly Downey
VP Trust Officer,
Salisbury Bank
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“At Salisbury Bank we are encouraged to broaden
our knowledge and continue our professional
development in this ever-changing financial world.”
“Salisbury Bank’s commitment to developing
their employees was one of the reasons why I
joined the Bank. Everyone from the top down
is invested in one another’s growth and that
dedication is the Salisbury Bank advantage.
I started in the Commercial Credit Department
where Amanda Beckwith somehow managed
to keep up with all of her work while I asked
a thousand questions, and Ryan Diamond
challenged me with complex credits to speed
up my learning curve. John Trott and Jody Law
have been great resources and true mentors
in my transition to the Commercial Lending
Team. Their experience at Salisbury Bank and
in our market, has expedited my learning curve
and prepared me for my role as a Commercial
Lender.
The most recent commitment from the Bank
to my development has been the Leadership
Development Program.
Our executive
sponsors, Juli Sinchack & Peter Albero, have
been able to strike a balance between putting
more responsibility on us and ensuring that we
have the resources to be succesful.
At Salisbury Bank we are encouraged to broaden
our knowledge and continue our professional
development in this ever-changing financial
world. Salisbury Bank has that same dedication
to the economic development in the markets we
serve. The loans we make to our customers are
often direct injections into the local economy.
As a Bank we are committed to helping our
employees and customers reach new heights.”
Aidan Gilligan
Commercial Lender,
Salisbury Bank
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“One of the biggest advantages to my role
is the ability to be a fundamental part of the
success of area nonprofit organizations through
supporting our community and therefore
fostering long-term economic growth.”
“Being born and raised in the northwest corner
of Connecticut, Salisbury Bank was always
a household name. It was an honor to have
the opportunity to join a sound business that
represents our small community in the larger
publicly traded market. One of the biggest
advantages to my role is the opportunity to
be a fundamental part of the success of area
nonprofit organizations through supporting our
community and driving long-term economic
growth. Through working in Finance, I have
been exposed to many of our community
organizations and it is enjoyable to build our
business with the strength of the community at
our side. I am honored to pass this along to our
customers through fostering a strong customer
experience combined with a community-
oriented approach.”
Michael Hogan
Finance Specialist,
Salisbury Bank
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“Deciding to work for Salisbury Bank
has been one of the best decisions I
have made.”
“I began my career with Salisbury Bank in July
2008 in the Executive Secretary position having
no previous banking experience. This position
afforded me the opportunity to interact with
all departments of the Bank as well as with the
Board of Directors, customers, shareholders
and members of the community. In 2012 I was
selected to attend the Connecticut School of
Finance and Management, graduating in 2014,
an opportunity that enhanced my knowledge
and skills in banking and was promoted to
Assistant Vice President, Administration.
In 2016, I assumed the Assistant Vice President,
Branch Manager position of the Canaan branch
of Salisbury Bank. This provided me with a new
perspective and the opportunity to work with
existing and potential customers on the front
line and assist them in meeting their banking
needs. The best part of being a branch manager
is my interaction with customers.
Deciding to work for Salisbury Bank has been
one of the best decisions I have made. The
Bank offers many opportunities to staff to learn
and grow within the Bank. I would recommend
Salisbury Bank to anyone looking to enter into
the banking field.”
Stacey Curtis
AVP Branch Manager
Canaan Office,
Salisbury Bank
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“Salisbury Bank supported my professional growth
and self-development by providing opportunities,
offering guidance when needed and encouraging
my own independence and creativity.”
“I started working in the Trust Department in
2008, as part of a college internship before being
offered a position in the Trust Operations area. I
had no professional work experience and didn’t
know what career path I wanted to take, but my
mentors here at Salisbury Bank supported my
professional growth and self-development by
providing opportunities, offering guidance when
needed and encouraging my own independence
and creativity.
Even after 12 years of working for the Bank, I’m
continually being challenged with new projects
and initiatives, that keep me engaged and allow
me to collaborate with other departments.
I am proud to be part of an organization that
promotes a fun, friendly and supportive work
environment that I look forward to coming in to
every day.”
Kiersten Higgins
Trust Operations
Supervisor,
Salisbury Bank
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leadership
development program
Achieving Personal and Professional Growth
We strive to be the best and therefore we set high expectations for our employees. It is through the
ability of our management team and trusted staff that we deliver such a high level of personalized service
to our customers. Promoting employees from within our company has always been our preference.
This past June we launched our Leadership Development Program at the Bank.This program will aid in
attracting and retaining high-potential employees seeking growth. It aligns with our strategic objective of
professional development and succession planning for the future leaders of the Bank.
Based on individual performance and potential, the following
14 inaugural participants were accepted into the program:
Kevin Bennett
Vice President,
Commercial Loan Officer
Megan Gawel
Vice President, Retail Operations
& Reg O Officer
Michael Jordan
Vice President, IT Security and
Service Solutions Manager
Kevin Cantele
Vice President, Mortgage Advisor
Aidan Gilligan
Commercial Lender
Stacey Curtis
Assistant Vice President,
Branch Manager, Canaan Office
J. Adam Higgins
Vice President,
Commercial Loan Officer
Ryan Diamond
Assistant Vice President,
Commercial Credit Manager
Kimberly Downey
Vice President, Trust Officer
Kiersten Higgins
Trust Operations Supervisor
Michael Hogan
Finance Specialist
Alyssa King
Administrative
Assistant, Retail
Amanda Lidstone
Vice President, Risk Management
& Privacy Officer
Jean Stapf
Assistant Vice President,
Wealth Manager and Trust
Administrative Coordinator
Executive Sponsors of the Program
Peter Albero
Executive Vice President
and Chief Financial Officer
Todd M. Clinton, CRVPM
Executive Vice President
and Chief Risk Officer
Amy Raymond
Executive Vice President,
Chief Retail Banking Officer
and CRA Officer
Julianna Sinchak, CFMP
Vice President,
Marketing
Pictured Sitting (L to R): Amanda Lidstone, Alyssa King, Aidan Gilligan, Jean Stapf, Julianna Sinchak, Megan Gawel
Pictured Standing (L to R): Todd Clinton, Kevin Bennett, Amy Raymond, Kiersten Higgins, Kevin Cantele, Kimberly Downey,
J. Adam Higgins, Stacey Curtis, Michael Hogan, Ryan Diamond, Peter Albero Not Pictured: Michael Jordan
34 SALISBURY BANK AR19
Wealth Advisory Services
A personal investment plan
created with you in mind.
Wealth Advisory
We believe that wealth advisory is more than investment and asset management. It is about
making sure an appropriate financial framework is in place and that resources are being
allocated efficiently. The planning piece of what we do supports our work together, and forms
the foundation for the guidance we provide to you, your family, or organization.
Asset and Investment Management
Assets are managed by Salisbury Trust Officers with the oversight of our internal Trust
Investment Committee, utilizing an investment consulting service to provide investment partner
and fund due diligence and recommendations. This structure has allowed us to broaden our
investment management strategies to include both active and passive portfolios. We take into
consideration the circumstances and requirements of the account, the risk tolerance and risk
capacity of the client, and investment preferences.
Trust and Estate Administration
Our Officers have years of experience in trust and estate administration, with varying areas of
expertise to guide you, either as a co-fiduciary, your successor Trustee/Executor, or for you as
Agent for Trustee/Executor.
Retirement Plan Advisory
Salisbury Trust works with your company to provide advice for retirement plan investment
options or to manage those accounts in accordance with the Investment Policy Statement we
develop together. We may work with your preferred third-party administrator or we have
established relationships with others you may select. Similarly, there are multiple options for
plan platforms to allow for an efficient solution depending upon the type and size of the plan.
trust in us to help guide
your financial future.
Trust, investment management, and private banking.
Salisbury Trust combines private banking with planning and
investment management for building and preserving wealth.
For more information call 860.435.5205
Securities and investment products offered through Salisbury Trust Wealth Advisory Services, a division of Salisbury Bank and Trust Company,
are not insured by the FDIC or any other government agency of the United States and are not deposits or obligations of, nor guaranteed or
insured by the bank or any bank affiliate. These products are subject to investment risk, including the possible loss of the principal invested.
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Personal Banking Services
checking accounts
All of our checking accounts offer
conveniences including e-Banking,
mobile banking with e-Deposit, e-Pay
and e-Bills, and a 0.25% discount on
auto, personal, and unsecured home
improvement loans with auto-pay from
checking.
• Personal Checking
• Checking with Interest
• Interest Plus Checking
• Relationship Checking
Add a Choice Advantages benefits package
to any checking account for cash back
rewards and discounts on shopping, travel,
dining, gas & groceries, and more.
loans & lines of credit
• Personal Loans
• Auto Loans
• Home Improvement Loans
• Home Equity Loans & Lines of Credit
• Overdraft Line of Credit
• Savings and Stock Secured Loans
home mortgages
Our experienced team of Mortgage
Advisors are here to help you with all
your mortgage needs.
• Perfect Lot Land Loan
• 1st Time Home Buyer Loan
• Country Estate Loan
• Jumbo Mortgage
• Blueprint Construction Loan
• Make a Change Mortgage
• Home Makeover Loan
savings & money
market accounts
We offer a variety of accounts to fit your
individual needs no matter what your
savings goal is!
• Statement Savings
• Savings Plus
• Relationship Savings
• Premier Personal Money Market
• Certificates of Deposit
• Holiday & Vacation Club
• School Savings Program
• Coverdell Education Savings Account
health savings account
A special tax-advantaged savings account
designed to cover medical expenses.
retirement services
We offer both Traditional and Roth IRAs.
CDARS
Enjoy full FDIC insurance on CD
investments larger than $250,000.
ICS
With Insured Cash Sweep, access multi-
million-dollar FDIC protection on your
savings deposits.
digital banking solutions
• Personal e-Banking
• Mobile Banking with e-Deposit
• Mobile Wallet
• Popmoney
• Debit Mastercard®
• Visa® and American Express® Credit Cards
• Direct Deposit
• Card Controls
• e-Pay
• Bank to Bank Transfer
• Bank-by-Phone
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business checking
We offer checking accounts for
businesses ranging from sole
proprietorships to larger businesses.
• Basic Business Checking
• Small Business Checking
• Business Checking with Interest
• Business Checking
• Commercial Checking
• Lawyer’s Trust Account (IOLTA / IOLA)
business loans &
commercial real
estate mortgages
We offer a long list of options for any
kind of business loan, and we can tailor
your loan to fit your company’s needs.
• Business Term and Installment Loans
• Business Lines of Credit
• Commercial Real Estate Mortgages
• Commercial Construction Loans
• Short Term Commercial Loans
• Business Demand Loans
• Government Guaranteed Loans
• Business Overdraft Lines of Credit
• Commercial Letter of Credit
CDARS
Your business or nonprofit can enjoy
full FDIC insurance on CD investments
larger than $250,000.
ICS
With Insured Cash Sweep, access multi-
million-dollar FDIC protection on your
savings deposits.
Business Banking Services
savings & money
market accounts
Keep your money working for you and
get the most out of your deposits.
• Business Money Market Account
• Business Relationship Savings
• Business Statement Savings
• Certificates of Deposit
health savings account
A special tax-advantaged savings account
designed to cover medical expenses.
retirement services
As a business owner, you have your own
retirement goals, and you also might
be in a position to help your employees
reach theirs.
• Simplified Employee Pension (SEP)
• Traditional IRAs
• Roth IRAs
digital solutions
for business
We offer the tools to access and manage
your account – anytime, anywhere.
• Merchant Services
• Payroll Services
• e-Deposit
• Mobile Banking
• e-Banking & e-Pay
• Cash Management Services
• Debit Mastercard®
• Visa® Credit Card
salisburybank.com
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Salisbury Bancorp, Inc. and
Salisbury Bank and Trust Company
Board of Directors
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
Chairman, Salisbury Bancorp, Inc. and
Salisbury Bank and Trust Company,
CEO, NAPPI International,
Founder of Farrell & Company, LLC
Michael D. Gordon
President, Zimmer Brothers Jewelers
Polly Diane Hoe
Owner and President, Mardi-Bob
Management, Inc.
Nancy F. Humphreys
Former Citigroup New York, Citibank,
Managing Director and Treasurer of
Global Corporate Investment Bank North
America (retired)
Holly J. Nelson
Member and Tour Operator, Iceland
Adventure, LLC, Development and
Events Coordinator, Hotchkiss Library
of Sharon, and Volunteer Coordinator,
Harlem Valley Rail Trail Association
John F. Perotti
Former Chairman and Chief Executive
Officer, Salisbury Bancorp, Inc. and
Salisbury Bank and Trust Company
(retired 2009)
Neila B.Radin
Former Managing Director and
Associate General Counsel of
JPMorgan Chase & Co. (retired)
Grace E. Schalkwyk
Advisor to Fintech and other technology
companies
Riverside Division Advisory Board
Ira Effron
Co-Chairman, Efco Products
Stephen P. Lumb (Chair)
Retired
David E. Petrovits
Founder, Blacktop Maintenance Corp.
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)
Steven R. Turk
President, Rocking Horse Ranch Resort,
Splash Down Beach Water Park
John P. O’Shea
Chairman, Marshall & Sterling
Enterprises, Inc.
Carl S. Wolfson
Attorney
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
38 SALISBURY BANK AR19
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
Kathleen Bauer
Vice President,
Regional Branch Manager
Barbara S. Joscelyn
Vice President,
Commercial Loan Officer
Kevin Bennett
Vice President,
Commercial Loan Officer
Joseph C. Law
Vice President,
Commercial Loan Officer
Maurice S. Bowerman
Vice President, Trust Officer
Jeffrey G. Burchell
Vice President,
Credit Administration
Team Leader
Amanda I. Lidstone, CRCM,
CAFP
Vice President, Risk
Management Officer, Privacy
Officer
Darrel S. Long
Vice President, Operations
Alicia Moir
Vice President, Controller
Julianna M. Sinchak, CFMP
Vice President,
Marketing
Daniel R. Stanyon, CTFA
Vice President, Trust Officer
Darilyn F. Woods
Vice President, Trust Officer
Kim DeAngelis, CAFP
Assistant Vice President,
Risk Manager, Security Officer,
BSA Officer
Nicole Chase
Assistant Vice President,
Branch Manager, Lakeville
and Salisbury Offices
Stacey R. Curtis
Assistant Vice President,
Branch Manager,
Canaan Office
Tara G. Decker
Assistant Vice President,
Branch Manager,
Sharon Office
Ryan Diamond
Assistant Vice President,
Commercial Credit Manager
Randi Fisch
Assistant Vice President,
Branch Manager, Fishkill
Office
Steven M. Essex, CFP, CTFA
Executive Vice President,
Head of Trust Wealth
Advisory Services
Douglas A. Cahill, PHR,
SHRM-CP
Vice President,
Director of Human Resources
Richard P. Kelly
Executive Vice President,
Chief Credit Officer
Kevin Cantele
Vice President,
Mortgage Advisor
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
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,
Retail Operations Officer,
Reg O Officer
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
Robin L. Foley
Assistant Vice President,
Loan Origination
Julie A. Gregory
Assistant Vice President,
Branch Manager,
Dover Plains 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
Madeline Odak
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 AR19
SALISBURY BANK AR19
3939
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
$45.67
$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
2019
40 SALISBURY BANK AR19
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.
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.
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.
SALISBURY BANK AR19 41
massachusetts
connecticut
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
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, CFP, CTFA
Executive Vice President,
Head of Trust Wealth
Advisory Services
5 Bissell Street
P.O. Box 1868
Lakeville, CT 06039-1868
860.435.5205
salisburybank.com
42 SALISBURY BANK AR19
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*
Randi Fisch
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*
801 Auto Park Place
Newburgh, NY 12550-6702
845.562.6766
New Paltz*
Madeline Odak
Assistant Vice President,
Branch Manager
275 Main Street
New Paltz, NY 12561-1613
845.256.0003
Poughkeepsie*
Kathleen Bauer
Vice President,
Regional Branch Manager
11 Garden Street
Poughkeepsie, NY 12601-3105
845.454.5511
Red Oaks Mill*
Kathleen Bauer
Vice President,
Regional Branch Manager
2064 New Hackensack Road, Suite 1
Poughkeepsie, NY 12603-4862
845.463.2265
*Riverside Division Locations
In Appreciation of
Michael A. Varet
Michael A. Varet served as Presiding Director from 2007 and as Board Chair from 2010 until 2019 when
he stepped down from the role of Chairman, while he continued to serve as a director of both Salisbury
and Salisbury Bank. Along with his knowledge, Michael brought an inclusive leadership style with respect
for the views of others while chairing the Boards of Salisbury and Salisbury Bank. During his tenure as a
director, the holding company for Salisbury Bank was formed, Salisbury’s stock was listed for trading, the
size of the organization nearly tripled, and Salisbury successfully completed six (6) acquisitions. Michael’s
contributions will continue to serve as the foundation for Salisbury Bank’s enduring success.
Chairman Farrell stated that,
“Michael’s extensive legal background and leadership experience along with his analytical skills
and knowledge of financial services and corporate governance perfectly suited Michael to guide
Salisbury’s Board through more than twenty (20) years of growth and profitability, while maintaining
Salisbury Bank’s commitment to the corporate communities it serves.”
Words from Richard J. Cantele, Jr., President and CEO of Salisbury Bank
“It has been a privilege to serve with Michael
for the last ten years. I truly appreciated
his guidance, wisdom, and friendship, and I
especially appreciated his innate ability to look
at difficult issues in a calm and measured way.
For me this tree will serve as a daily reminder
of not only that, but of the positive influence
he has had on this Bank and my career.”
“It is fitting that we planted this
beautiful tree in honor of Michael’s
service to the Bank. To honor him with
this tree is in many ways symbolic as it
is not flashy or pretentious – in fact, it’s
unassuming and modest and yet an oak
tree is known for its great strength and
endurance… the perfect tribute.”
SALISBURY BANK AR19
SALISBURY BANK AR19
4343
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
3 states
14 branches
tri-state service
Salisbury Bancorp, Inc. is the holding company for Salisbury Bank and Trust Company
salisburybank.com