Salisbury Bancorp, Inc. Announces First Quarter Earnings

Apr 27, 2001, 01:00 ET from Salisbury Bancorp, Inc.

    LAKEVILLE, Conn., April 27 /PRNewswire/ -- Salisbury Bancorp, Inc.
 (Amex:   SAL) the holding Company for Salisbury Bank and Trust Company announced
 today that net income for the first quarter of 2001 was $642,000 or $.44 per
 diluted share as compared to $713,000 or $.48 per diluted share for the first
 quarter of 2000. The decrease in earnings is primarily the reflection of
 additional operating costs associated with the installation of a new "Core
 Account Processing" system during the first quarter that should enable the
 Bank to better meet the financial needs of customers.
     During the year 2000, Salisbury Bancorp, Inc. declared a cash dividend
 each quarter of $.13 per share and a year end special dividend of $.25 per
 share. The Board of Directors has decided to increase the Company's regular
 quarterly dividends in lieu of the declaration of a special dividend and as a
 result voted to increase the regular quarterly dividend to $.21 per share
 beginning with the first quarter of 2001 that was declared on February 28,
 2001. This dividend is being paid on April 27, 2001 to shareholders of record
 as of March 30, 2001.
     The Company previously announced on March 28, 2001 that it signed a
 definitive agreement to purchase People's Canaan, Conn., banking office.
 Pending approval by the appropriate banking regulatory agencies, the
 transaction is expected to be completed mid-year. The additional office will
 complement the existing branch network which currently includes branches in
 Lakeville, Salisbury and Sharon, Connecticut.
 
     Salisbury Bank and Trust Company, the sole subsidiary of Salisbury
 Bancorp, Inc. is headquartered in Lakeville, Connecticut and offers a full
 compliment of consumer and business banking products and services as well as
 trust services.
 
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SOURCE Salisbury Bancorp, Inc.
    LAKEVILLE, Conn., April 27 /PRNewswire/ -- Salisbury Bancorp, Inc.
 (Amex:   SAL) the holding Company for Salisbury Bank and Trust Company announced
 today that net income for the first quarter of 2001 was $642,000 or $.44 per
 diluted share as compared to $713,000 or $.48 per diluted share for the first
 quarter of 2000. The decrease in earnings is primarily the reflection of
 additional operating costs associated with the installation of a new "Core
 Account Processing" system during the first quarter that should enable the
 Bank to better meet the financial needs of customers.
     During the year 2000, Salisbury Bancorp, Inc. declared a cash dividend
 each quarter of $.13 per share and a year end special dividend of $.25 per
 share. The Board of Directors has decided to increase the Company's regular
 quarterly dividends in lieu of the declaration of a special dividend and as a
 result voted to increase the regular quarterly dividend to $.21 per share
 beginning with the first quarter of 2001 that was declared on February 28,
 2001. This dividend is being paid on April 27, 2001 to shareholders of record
 as of March 30, 2001.
     The Company previously announced on March 28, 2001 that it signed a
 definitive agreement to purchase People's Canaan, Conn., banking office.
 Pending approval by the appropriate banking regulatory agencies, the
 transaction is expected to be completed mid-year. The additional office will
 complement the existing branch network which currently includes branches in
 Lakeville, Salisbury and Sharon, Connecticut.
 
     Salisbury Bank and Trust Company, the sole subsidiary of Salisbury
 Bancorp, Inc. is headquartered in Lakeville, Connecticut and offers a full
 compliment of consumer and business banking products and services as well as
 trust services.
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X59281064
 
 SOURCE  Salisbury Bancorp, Inc.