SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20429
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 24, 1998
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SALISBURY BANCORP, INC.
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(Exact name of registrant as specified in charter)
Connecticut 06-1514263
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(State or other jurisdiction of incorporation) (IRS Employer Identification No.)
5 Bissell Street, Lakeville, Connecticut 06039-1868
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(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (860) 435-9801
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Form 8-K, Current Report
Salisbury Bancorp, Inc.
Item 5. Other Matters.
The Board of Directors of Salisbury Bancorp, Inc., the parent
company of Salisbury Bank and Trust Company, announced a stock
repurchase program to acquire up to approximately 10% of the
outstanding common stock of the Corporation.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
c. Exhibits.
99. Press release dated November 25, 1998
Exhibit Index Page
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99. Press release dated November 25, 1998 3
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereto duly authorized.
Dated: December 1, 1998 SALISBURY BANCORP, INC.
By: /s/ John F. Perotti
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John F. Perotti, President and
Chief Executive Officer
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EXHIBIT 99
PRESS RELEASE DATED NOVEMBER 25, 1998
SALISBURY BANCORP, INC. ANNOUNCES STOCK REPURCHASE PROGRAM
Lakeville, Connecticut, November 25, 1998/PRNewswire/-The Board of Directors of
Salisbury Bancorp, Inc. (Amex: SAL ), the parent company of Salisbury Bank and
Trust Company announced today that it is commencing a stock repurchase program
to acquire up to approximately 10% of the outstanding common stock of the
Corporation. The program will be dependent upon market conditions and there is
no guarantee as to the exact number of shares to be repurchased by the
Corporation.
John Perotti, President and Chief Executive Officer of Salisbury Bancorp, Inc.,
stated that the Board of Directors has authorized the repurchased program, which
is expected to be completed within a year. Mr. Perotti explained that the Board
of Directors considers the Corporation's common stock to be an attractive
investment and that the repurchase should help to enhance shareholder value
while maintaining adequate capital for the foreseeable needs of the Corporation
and its subsidiary, Salisbury Bank and Trust Company.
In a separate release today, the Board of Salisbury Bancorp, Inc. announced the
declaration of a quarterly dividend of $0.11 and a special dividend of $0.16
payable to shareholders of record as of December 31, 1998.
According to Mr. Perotti, the repurchase generally will be effected through open
market purchases, although he did not rule out the possibility of unsolicited
negotiated transactions or other types of repurchases.
Salisbury Bancorp's sole subsidiary, Salisbury Bank and Trust Company is a
community bank with assets of approximately $200 million and capital in excess
of $21 million, which has served the communities of Northwestern Connecticut and
proximate communities in New York and Massachusetts for approximately 150 years.
Salisbury Bank and Trust Company operates full service banking offices in
Lakeville, Salisbury and Sharon, Connecticut.
Salisbury Bancorp, Inc. became the bank holding company for Salisbury Bank and
Trust Company and began trading on the American Stock Exchange on August 24,
1998 through the reorganization in which shareholders of Salisbury Bank and
Trust Company exchanged each share of Bank stock for six shares of the common
stock of Salisbury Bancorp, Inc.
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