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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2016
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 24 – SUBSEQUENT EVENTS

Salisbury has evaluated subsequent events for potential recognition and/or disclosure through the date these consolidated financial statements were issued.

The Board of Directors of Salisbury declared a $0.28 per common share quarterly cash dividend at their January 27, 2017 meeting. The dividend was paid on February 24, 2017 to shareholders of record as of February 10, 2017.

On January 27, 2017, the Compensation Committee granted a total of 56,600 Phantom Stock Appreciation Units pursuant to its 2011 Long Term Incentive Plan, which was approved by shareholders at the 2011 Annual Meeting, including 23,100 units to three Named Executive Officers. Richard J. Cantele, Jr., President and Chief Executive Officer received 11,500 units, John Davies, President New York Region and Chief Lending Officer received 6,000 units and Donald E. White, Chief Financial Officer received 5,600 units. The units will vest on the third anniversary of the grant date.

On January 17, 2017, the Bank entered into a Purchase Agreement, which is subject to Regulatory and other conditions, for an additional property to support the operations and infrastructure of the bank.

On January 12, 2017, the Bank entered into a Purchase and Assumption Agreement with Empire State Bank, pursuant to which the Bank will purchase the New Paltz, New York Branch of Empire State Bank, subject to regulatory approval and other conditions. Upon completion of the transaction the bank will assume approximately $31 million in deposits and purchase approximately $6.8 million in branch related loans. The transaction, in accordance with GAAP, will be accounted for utilizing the purchase accounting method.

On February 24, 2017 the Board of Directors approved the 2017 Long Term Incentive Plan which is subject to shareholder approval. The 2017 Long Term Incentive Plan provides the Compensation Committee the ability to grant awards of a similar nature to those available under the 2011 Long Term Incentive Plan.  Upon Shareholder approval of the 2017 Long Term Incentive Plan, no further awards will be granted under the 2011 Long Term Incentive Plan and any reserved but ungranted awards will be cancelled.