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): February 28, 2003
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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.
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The Board of Directors of Salisbury Bancorp, Inc., the parent company
of Salisbury Bank and Trust Company, declared a $.23 per share
quarterly cash dividend for the first quarter of 2003.
The quarterly cash dividend will be paid on April 25, 2003 to
shareholders of record as of March 31, 2003.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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c. Exhibits.
99. Press release dated March 4, 2003
Exhibit Index Page
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99. Press release dated March 4, 2003 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: March 4, 2003 SALISBURY BANCORP, INC.
By:s/s John F. Perotti
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John F. Perotti, President and
Chief Executive Officer
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Tuesday March 4, 2003
Company Press Release
Source: Salisbury Bancorp, Inc.
Salisbury Bancorp, Inc. Announces Year End Earnings and an Increased Dividend
for Shareholders
Lakeville, Connecticut, March 4, 2003/PRNewswire...Salisbury Bancorp, Inc.
(AMEX:SAL) the holding company for Salisbury Bank and Trust Company reported
fourth quarter earnings of $719,000 or $.51 per diluted share and total net
earnings of $3,199,000 or $2.25 per diluted share for the year ended December
31, 2002. This compares to fourth quarter earnings of $730,000 or $.51 per
diluted share and total net earnings of $2,901,000 or $2.03 per diluted share
for the year ended December 31, 2001. The improvement in net income is primarily
the result of growth in earning assets that have produced an increase in total
net interest income coupled with an increase in total non interest income.
During the year 2002, Salisbury Bancorp, Inc. declared cash dividends totaling
$.88 per common share outstanding. This compares to total dividends declared
during 2001 of $.84 per common share outstanding and represents a 4.76%
increase. At their February 28, 2003 meeting, the Directors of Salisbury
Bancorp, Inc. declared a first quarter dividend of $.23 per share. This compares
to a $.22 per share cash dividend that was paid during the first quarter of
2002. The $.23 per share dividend will be paid on April 25, 2003 to shareholders
of record as of March 31, 2003.
Salisbury Bancorp, Inc is the holding company for Salisbury Bank and Trust
Company which is a community bank operating full service banking offices in
Canaan, Lakeville, Salisbury and Sharon, Connecticut. It has served the
communities of Northwestern Connecticut and proximate communities in New York
and Massachusetts for approximately 150 years.