DERBY — Community Bancorp. held its Annual Shareholders meeting on Tuesday, May 14, 2024, where a quorum of shareholders voted affirmatively on re-electing five directors to three-year terms and ratifying BerryDunn as the Company’s external auditors for 2024.
CEO Kathy Austin shared that the bank continued to generate solid organic growth in its loan portfolio, deposit base, and assets throughout 2023.
The bank’s success contributed to the decision to raise its quarterly dividend again in 2023. As of March 31, 2024, the bank reported $1.11 billion in total assets, representing a 7% year-over-year increase.
“Our financial results through 2023 and early 2024 demonstrate continued success,” Austin noted. “We have assembled a strong team and invested in the operations and technology to support continued profitable growth. We have an integral role in the communities we serve, know our markets well, and practice sound community banking principles.”
President Christopher Caldwell discussed the bank’s lending growth across all commercial loan segments in 2023 and early 2024, despite higher interest rates, and emphasized the enduring relationships CNB’s experienced lending team builds with customers.
He also recognized that the bank’s strong position in the regional market enables the team to seize opportunities, some of which have emerged from industry consolidation.
Executive Vice President and Chief Financial Officer Louise Bonvechio provided a deeper review of the bank’s strong recent financial results, including overall trends and metrics.
In her concluding remarks, CEO Austin stated, “We are well positioned for continued success. This is our place. We live and work here, and we are committed to stewardship of this franchise. We grew to a billion dollar bank one loan, one deposit, one relationship at a time.”
