EXHIBIT 99.1
------------
Wednesday, August 1, 2007
Company Press Release
Source: Salisbury Bancorp, Inc.
Salisbury Contact: John F. Perotti - Chairman & CEO
860- 435-9801or jp@salisburybank.com
FOR IMMEDIATE RELEASE
SALISBURY BANCORP, INC. ANNOUNCES SALISBURY BANK AND TRUST COMPANY'S OPENING OF
ITS INITIAL FULL SERVICE BRANCH IN NEW YORK STATE
Lakeville, Connecticut, August 1, 2007/PRNewswire....Salisbury Bancorp, Inc.
(the "Company"), (AMEX:SAL) the holding company for Salisbury Bank and Trust
Company (the "Bank"), announced today that the Bank opened a full service branch
in Dover Plains, New York to serve the Bank's growing customer base in New York
State.
John F. Perotti, Chairman and Chief Executive Officer of the Company and the
Bank, discussed the significance of the event and noted, "Salisbury has long
considered its market to be Northwestern Connecticut, Berkshire County,
Massachusetts and proximate communities in New York State. While the Bank has
been able to serve its Connecticut and Massachusetts customers through a network
of full service offices in those states, until the Bank acquired a branch in New
York State it was precluded from establishing branches in New York State.
Despite this competitive disadvantage, over the years the Bank developed a loyal
customer base in New York State. The opening of the Bank's branch in Dover
Plains, New York was facilitated through the acquisition of a small branch in
Mount Vernon, New York. Such acquisition was consummated on July 31, 2007 and
the branch was simultaneously relocated to Dover Plains. As a result, additional
branches in New York State can be established either de novo or by acquisition.
We are very pleased that the Bank has positioned itself to respond to
competitive opportunities and expand its franchise in New York State as well as
Connecticut and Massachusetts."
Richard J. Cantele, Jr., President of the Company and the Bank added, "The
completion of our acquisition and relocation of a branch in New York State puts
us on a level playing field in that we can offer New York customers the
convenience of local branches. The Dover Plains Branch will serve as the
platform for our operations in New York State as we look to profitably build our
relationships with New York customers through our array of commercial and
consumer banking products and through our trust and wealth advisory services
division. The ability to expand our base of profitable operations in New York
State should benefit our customers and potential customers and serve to build
long-term value for our shareholders."
<page>
At the close of business July 31, 2007, the Bank completed its acquisition
pursuant to a Purchase and Assumption Agreement with New York Community Bank of
certain assets and liabilities of a small branch of New York Community Bank
located in Mount Vernon, New York. Immediately upon consummation of the branch
acquisition, such branch was relocated to Dover Plains, New York, where it
opened for business on August 1, 2007.
Salisbury Bancorp, Inc.'s sole subsidiary, Salisbury Bank and Trust Company, is
a Connecticut chartered commercial bank. The Company has assets in excess of
$440 million and capital in excess of $40 million and serves the communities of
northwestern Connecticut and proximate communities in New York and
Massachusetts. Salisbury Bank and Trust Company is headquartered in Lakeville,
Connecticut and operates full service branches in Canaan, Salisbury, Sharon and
Lakeville, Connecticut, as well as South Egremont and Sheffield, Massachusetts
and Dover Plains, New York. The Bank offers a full complement of consumer and
business banking products and services as well as trust and investment services.
Statements contained in this news release contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
These statements are based on the beliefs and expectations of management as well
as the assumptions made using information currently available to management.
Since these statements reflect the views of management concerning future events,
these statements involve risks, uncertainties and assumptions, including among
others: changes in market interest rates and general and regional economic
conditions; changes in government regulations; changes in accounting principles;
and the quality or composition of the loan and investment portfolios and other
factors that may be described in the Company's quarterly reports on Form 10-Q
and its annual report on Form 10-K, each filed with the Securities and Exchange
Commission, which are available at the Securities and Exchange Commission's
internet website (www.sec.gov) and to which reference is hereby made. Therefore,
actual future results may differ significantly from results discussed in the
forward-looking statements.