Salisbury Bancorp, Inc. Announces a 2 For 1 Forward Stock Split
Salisbury Bancorp, Inc. (NASDAQ: SAL) announced that shareholders approved an amendment to increase authorized shares from 5 million to 10 million at the Annual Meeting on May 18, 2022. Additionally, the Board declared a two-for-one forward stock split, enhancing liquidity and marketability without affecting shareholders' rights or business operations. Shareholders of record as of June 1, 2022, will receive the split effective June 30, 2022. Salisbury Bank, established in 1848, offers diverse banking products across northwestern Connecticut and nearby regions.
- Increase in authorized shares from 5 million to 10 million, allowing more flexibility for future capital needs.
- Two-for-one stock split expected to enhance liquidity and marketability of shares.
- None.
LAKEVILLE, Conn., May 20, 2022 (GLOBE NEWSWIRE) -- Salisbury Bancorp, Inc. (“Salisbury”), (NASDAQ Capital Market: “SAL”), the holding company for Salisbury Bank and Trust Company (the “Bank”), announced today that Salisbury’s shareholders, at its Annual Meeting held on May 18, 2022, approved an amendment to Salisbury’s Certificate of Incorporation to increase Salisbury’s authorized shares of Common Stock from 5,000,000 to 10,000,000 shares. Additionally, the Board announced that it has approved and declared a two-for-one forward split of the shares of Salisbury’s Common Stock as a means of enhancing the liquidity and marketability of Salisbury’s securities in the best interests of shareholders.
The stock split, which will result in every one (1) share of Salisbury common stock being converted into two (2) shares of Salisbury’s Common Stock, will not have any impact on the voting and other rights of shareholders and will have no impact on Salisbury’s business operations.
The two-for-one stock split will be in the form of a stock dividend to shareholders of record as of June 1, 2022 with an effective date / payment date of the stock dividend of June 30, 2022.
About Salisbury Bancorp, Inc.
Salisbury Bancorp, Inc. is the parent company of Salisbury Bank and Trust Company, a Connecticut chartered commercial bank serving the communities of northwestern Connecticut and proximate communities in New York and Massachusetts, since 1848, through a network of 14 full-service branches in Litchfield County, Connecticut; Berkshire County, Massachusetts; and Dutchess, Orange, and Ulster Counties, New York. The Bank offers a broad spectrum of consumer and business banking products and services as well as trust and wealth advisory services. For more information, please visit www.salisburybank.com.
Forward-Looking Statements
This news release may contain statements relating to Salisbury’s and the Bank’s future results that are considered “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and expectations of management as well as the assumptions and estimates made by management using information currently available to management. Since these statements reflect the views of management concerning future events, these statements involve risks, uncertainties and assumptions, including among others: changes in market interest rates and general and regional economic conditions; changes in laws and regulations; changes in accounting principles; and the quality or composition of the loan and investment portfolios, technological changes and cybersecurity matters, and other factors that may be described in Salisbury’s quarterly reports on Form 10-Q and its annual report on Form 10-K, which are available at the Securities and Exchange Commission’s website (www.sec.gov) and to which reference is hereby made. Forward-looking statements made by Salisbury in this news release speak only as of the date they are made. Events or other facts that could cause Salisbury’s actual results to differ may arise from time to time and Salisbury cannot predict all such events and factors. Salisbury undertakes no obligation to publicly update any forward-looking statement unless as may be required by law.
Source: Salisbury Bancorp, Inc.
Salisbury Contact: Richard J. Cantele, Jr., President and Chief Executive Officer
860-435-9801 or rcantele@salisburybank.com
FAQ
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