0001354488-13-001895.txt : 20130411 0001354488-13-001895.hdr.sgml : 20130411 20130411151950 ACCESSION NUMBER: 0001354488-13-001895 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130410 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130411 DATE AS OF CHANGE: 20130411 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMMUNITY BANCORP /VT CENTRAL INDEX KEY: 0000718413 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 030284070 STATE OF INCORPORATION: VT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16435 FILM NUMBER: 13756121 BUSINESS ADDRESS: STREET 1: PO BOX 259 CITY: DERBY STATE: VT ZIP: 05829 BUSINESS PHONE: 8023347915 MAIL ADDRESS: STREET 1: DERBY ROAD CITY: DERBY STATE: VT ZIP: 05829 8-K 1 cmtv_8k.htm CURRENT REPORT cmtv_8k.htm



 
UNITED STATES
 
SECURITIES AND EXCHANGE COMMISSION
 
WASHINGTON, DC 20549
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
April 10, 2013
 
(Date of Report - Date of earliest event reported on)
 
logo
 
Vermont
000-16435
03-0284070
(State of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
 

Derby Road, Derby, Vermont 05829
(Address of Principal Executive Offices) (Zip Code)
 
Registrant's Telephone Number: (802) 334-7915
 
Not Applicable
 
(Former name, former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
[  ] Written communications pursuant to Rule 425 under the Securities Act (17CFR 203.425)
 
[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 


 
 
 
 
 
Item 2.02  Results of Operations and Financial Condition
 
As provided in General Instruction B.2 to Form 8-K, the information furnished in this Item 2.02 and in Exhibit 99.1 hereto shall not be deemed filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing with the Securities and Exchange Commission, except as shall be expressly provided by specific reference in such filing.
 
 
On April 10, 2013, Community Bancorp. issued a press release, a copy of which is furnished as Exhibit 99.1 to this Report on Form 8-K, announcing its earnings for the period ended March 31, 2013.
 
Item 9.01  Financial Statements and Exhibits
 
(d)  Exhibits
 
The following Exhibit, referred to in Item 2.02 of this Report is furnished, not filed, herewith:
 
 
Exhibit 99.1, Press Release dated April 10, 2013.
 
 
 
 
 
 
SIGNATURES
 

 
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 hereunto duly authorized.
 
 
COMMUNITY BANCORP.
 
       
DATED: April 10, 2013
By:
/s/ Stephen P. Marsh        
   
Stephen P. Marsh, Chairman, President
 
   
& Chief Executive Officer
 
       
 
 
 
EX-99.1 2 cmtv_991.htm PRESS RELEASE cmtv_991.htm
Exhibit 99.1

PRESS RELEASE

Community Bancorp. Reports Earnings and Dividend

April 10, 2013
For immediate release

For more information, contact: Stephen Marsh, President & CEO at (802) 334-7915

Trading Symbol:  CMTV
(traded on the OTCBB)

Derby, VT: Community Bancorp., the parent company of Community National Bank, has reported earnings for the first quarter ended March 31, 2013, of $1,041,778 or $0.21 per share compared to $964,849 or $0.19 per share for the first quarter of 2012.

Total assets at the end of the quarter were $560,380,381 compared to $575,738,245 at year end and $558,806,626 at the end of the quarter a year ago.  The decrease in the balance sheet was due to a decrease in deposits attributable to seasonal fluctuations in business and municipal cash flow cycles.  Cash was used to fund these deposit decreases and to payoff borrowings.

President and CEO Stephen Marsh commented that he is pleased with the first quarter results.  “Although we did not see significant loan growth in the first quarter, loan applications for both commercial and residential loans have been steady. Our loan portfolio is healthy which allowed us to reduce the provision for loan losses this quarter compared to the previous year.  In this prolonged low rate environment when net interest margins are compressed, we believe it is more important than ever to manage operating expenses accordingly, keeping the increase in non-interest expense well under the rate of inflation.”

As previously announced, the Company has declared a quarterly cash dividend of $0.14 per share payable May 1, 2013 to shareholders of record as of April 15, 2013.

Community National Bank is an independent bank that has been serving its communities since 1851, with offices located in Derby, Derby Line, Island Pond, Barton, Newport, Troy, St. Johnsbury, Montpelier, Barre, Lyndonville, Morrisville and Enosburg Falls.

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.
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