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Tuesday, October 24, 2000, 12:00 p.m. Eastern Time
Company Press Release
SOURCE: Salisbury Bancorp, Inc.
Salisbury Bancorp, Inc. Announces Stock Repurchase Program
Lakeville, Connecticut, October 24, 2000/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 continuing the 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. 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.
According to Mr. Perotti, the repurchase will be effected through open market
purchases, although he did not rule out the possibility of 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 $230 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.
