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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2017
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 26, 2018 meeting. The dividend was paid on February 23, 2018 to shareholders of record as of February 9, 2018.

On January 19, 2018, the Compensation Committee granted a total of 53,500 Phantom Stock Appreciation Units pursuant to its 2013 Phantom Stock Appreciation Unit and Long Term Incentive Plan, which was approved by shareholders at the 2011 Annual Meeting, including 20,000 units to three Named Executive Officers. Richard J. Cantele, Jr., President and Chief Executive Officer received 10,000 units, John Davies, President New York Region and Chief Lending Officer received 5,000 units and Peter Albero, Chief Financial Officer received 5,000 units. The units will vest on the third anniversary of the grant date.

On January 26, 2018, Salisbury has also entered into a change in control agreement with Peter Albero, Chief Financial Officer, which provides a severance payment of 1.0 times base salary and other benefits in the event employment is terminated in conjunction with a defined change in control.