Community Bancorp. Re-Elects Directors and Discusses Strong 2023 and First Quarter 2024 Results at Annual Shareholders' Meeting

Rhea-AI Summary

Community Bancorp recently held its Annual Shareholders' meeting, where shareholders re-elected five directors to three-year terms and ratified BerryDunn as the external auditor for 2024.

CEO Kathy Austin reported solid financial growth in 2023 and Q1 2024, highlighting a 7% year-over-year increase in total assets, reaching $1.11 billion by March 31, 2024.

The bank saw growth in its loan portfolio and deposit base, particularly time deposits, leading to a quarterly dividend raise in 2023. President Christopher Caldwell noted lending growth across all commercial loan segments despite higher interest rates.

The bank's strong market position allows for seizing opportunities emerging from industry consolidation. Executive VP and CFO Louise Bonvechio reviewed recent financial results, underscoring the bank's consistent performance and community banking principles.

Positive

• Re-election of experienced directors ensures continuity in leadership.
• Ratification of BerryDunn as external auditors for 2024 adds credibility.
• Total assets increased by 7% year-over-year, reaching $1.11 billion as of March 31, 2024.
• Growth in loan portfolio and deposit base, especially time deposits.
• Quarterly dividend raised in 2023, indicating financial strength.
• Lending growth across all commercial loan segments despite higher interest rates.
• Strong market position to capitalize on opportunities from industry consolidation.

Negative

• Higher interest rates pose a challenge for future lending growth.

DERBY, VT / ACCESSWIRE / May 23, 2024 / Community Bancorp. held its Annual Shareholders' meeting on Tuesday, May 14, 2024.

A quorum of shareholders cast ballots and voted affirmatively on two proposals: re-electing Directors Kathryn M. Austin, Bruce L. Baker, David M. Bouffard, Christopher L. Caldwell and Aminta K. Conant to three-year terms expiring in 2027, and ratifying BerryDunn as the Company's external auditors for 2024.

Following the business portion of the meeting, CEO Kathy Austin shared that in 2023, the bank continued to generate solid organic growth in both its loan portfolio and deposit base, especially time deposits, as well as assets. Its success contributed to the decision to raise the bank's quarterly dividend again in 2023. The bank reported $1.11 billion in total assets as of March 31, 2024, up 7% year-over-year.

She noted, "Our financial results through 2023 and early 2024, demonstrate continued success. We have assembled a strong team and invested in the operations and technology to support continued profitable growth. We have an integral role in the communities we serve, know our markets well, and practice sound community banking principles."

President Christopher Caldwell discussed the bank's lending growth across all commercial loan segments in 2023 and early 2024, despite higher interest rates, and referenced the enduring relationships CNB's experienced lending team builds with customers. He also recognized that the bank's strong position in the regional market enables the team to seize opportunities, some emerging from industry consolidation.

Executive Vice President and Chief Financial Officer Louise Bonvechio provided a deeper review of the bank's strong recent financial results, including overall trends and metrics.

CEO Austin concluded the meeting by commenting, "We are well positioned for continued success. This is our place. We live and work here, and we are committed to stewardship of this franchise. We grew to a billion dollar bank one loan, one deposit, one relationship at a time."

About Community National Bank
Community National Bank is an independent bank that has been serving its communities since 1851, with retail banking offices located in Derby, Derby Line, Island Pond, Barton, Newport, Troy, St. Johnsbury, Montpelier, Barre, Lyndonville, Morrisville and Enosburg Falls as well as loan offices located in Burlington, Vermont and Lebanon, New Hampshire.

Forward-Looking Statements
This press release contains forward-looking statements, including, without limitation, statements about the Company's financial condition, capital status, dividend payment practices, business outlook and affairs. Although these statements are based on management's current expectations and estimates, actual conditions, results, and events may differ materially from those contemplated by such forward-looking statements, as they could be influenced by numerous factors which are unpredictable and outside the Company's control. Factors that may cause actual results to differ materially from such statements include, among others, the following: (1) general economic or monetary conditions, either nationally or regionally, continue to decline, resulting in a deterioration in credit quality or diminished demand for the Company's products and services; (2) changes in laws or government rules, or the way in which courts interpret those laws or rules, adversely affect the financial industry generally or the Company's business in particular, or may impose additional costs and regulatory requirements; (3) interest rates change in such a way as to reduce the Company's interest margins and its funding sources; and (4) competitive pressures increase among financial services providers in the Company's northern New England market area or in the financial services industry generally, including pressures from nonbank financial service providers, from increasing consolidation and integration of financial service providers and from changes in technology and delivery systems, and other factors that are listed from time to time in our financial filings with the SEC, including our Forms 10Q and 10K. We disclaim any responsibility to update our forward-looking statements, which are valid only as of the date of this release, should circumstances change.

For more information about Community National Bank visit communitynationalbank.com.
To learn more about Community Bancorp. visit communitybancorpvt.com.

For more information, contact:

Investor Relations
ir@communitynationalbank.com

SOURCE: Community Bancorp. Inc Vermont

View the original press release on accesswire.com

FAQ

What were the key outcomes of Community Bancorp's 2024 Annual Shareholders' Meeting?

Shareholders re-elected five directors and ratified BerryDunn as the external auditor for 2024.

How much did Community Bancorp's total assets grow by Q1 2024?

Total assets grew by 7% year-over-year to $1.11 billion as of March 31, 2024.

What financial achievements did Community Bancorp report for 2023?

Community Bancorp reported solid organic growth in its loan portfolio and deposit base, and raised its quarterly dividend.

How did Community Bancorp perform in terms of lending growth?

The bank experienced lending growth across all commercial loan segments despite higher interest rates.

What strategic advantages does Community Bancorp have in its market?

The bank's strong position enables it to seize opportunities emerging from industry consolidation.