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Community Bancorp Inc Vermont (CMTV-0.74%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The report details the company's organizational structure, noting that it operates primarily through its subsidiary, Community National Bank. The bank provides a range of financial services including business banking, commercial and residential real estate lending, and retail banking services across Vermont and New Hampshire.
Community Bancorp's financial statements reveal a market value of $78,296,514 for its voting stock held by non-affiliates as of June 30, 2024, with a per-share trade price of $15.25. The company had 5,596,981 shares outstanding as of March 19, 2025.
The filing outlines the company's regulatory environment, highlighting its compliance with the Basel III capital requirements and the Dodd-Frank Act. The report also notes that the bank is considered 'well-capitalized' under FDICIA’s Prompt Corrective Action capital requirements.
Community Bancorp's 2024 FDIC insurance assessment totaled $614,823. The company also reports $235,500 in purchased deposits through CDARS and $13.6 million through another source, with reciprocal deposits totaling $156.4 million.
The report discusses the company's risk management strategies, including its approach to cybersecurity and compliance with the USA Patriot Act and BSA/AML requirements. The company has implemented a comprehensive Information Security Program to mitigate cybersecurity risks.
Community Bancorp's governance structure includes a Board of Directors and various committees, with a focus on maintaining effective internal controls and compliance with the Sarbanes-Oxley Act.
The filing also addresses potential risks, including interest rate fluctuations, credit risk, and the impact of economic conditions on the company's operations. The company emphasizes its reliance on deposit-gathering for liquidity and notes the geographic concentration of its operations in Vermont.
Community Bancorp's common stock is traded on the OTC QX market tier, with limited trading volume. The company has a stock repurchase plan authorized in July 2024, allowing for the repurchase of up to 275,000 shares.
The report concludes with a discussion of the company's commitment to community banking and its competitive strategy, which focuses on personal relationships and local market knowledge to compete with larger financial institutions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Community Bancorp Inc Vermont annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.