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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2014
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 23 – SUBSEQUENT EVENTS

The Board of Directors of Salisbury declared a $0.28 per common share quarterly cash dividend at their January 30, 2015 meeting. The dividend was paid on February 27, 2015 to shareholders of record as of February 13, 2015.

Phantom Stock Appreciation Unit and Long Term Incentive Plan

Effective January 1, 2015, the Board of Directors adopted the 2015 Phantom Stock Appreciation Unit and Long-Term Incentive Plan (the “Plan”).  The only awards that may be granted under the Plan are Phantom Stock Appreciation Units.  A “Phantom Stock Appreciation Unit” represents the right to receive a cash payment on the determination date (i.e., the vesting date) equal to the positive difference between the strike price on the grant date and the tangible book value of a share of the Company’s Common Stock on the determination date.  The determination date will be established by the Committee on or before the grant date.  The number of Phantom Stock Appreciation Units available for award under the Plan shall be Two Million Five Hundred Thousand (2,500,000).  The maximum number of Phantom Stock Appreciation Units that may be issued in any one Plan Year is 200,000 and grants of Phantom Stock Appreciation Units not made within a Plan Year shall not be added to or serve to increase the grant limit in any future Plan Year.  The vesting of an award will generally be accelerated upon separation from service due to death, disability, involuntary termination without cause or the occurrence of a change in control.