NOTE 21 - COMMITMENTS AND CONTINGENT LIABILITIES	12 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
NOTE 21 - COMMITMENTS AND CONTINGENT LIABILITIES	NOTE 21 - COMMITMENTS AND CONTINGENT LIABILITIES Commitments The Bank’s agreement with the core accounting processing service provider will continue until the eighth anniversary of the commencement date, which was November 10, 2016. If the Bank cancels the agreement prior to the end of the contract term, a lump sum termination fee will have to be paid. The fee shall consist of the total amount that would have been paid or reimbursed to the service provider during the remainder of the term of the agreement. Contingent Liabilities The Bank is involved in various claims and legal proceedings, which are not material, arising in the ordinary course of business. There are no material pending legal proceedings, other than ordinary routine litigation incidental to the registrant’s business, to which Salisbury is a party or to which any of its property is subject. On October 4, 2019, Salisbury entered into a contract with a construction company to construct an operations center on its Lakeville, CT. campus in 2020. The estimated construction cost is $5.6 million and Salisbury may terminate the contract at its convenience and without cause. In the event of such termination, Salisbury will be required to pay for work executed and costs incurred by reason of such termination. At December 31, 2020, Salisbury has an outstanding commitment of $789 thousand to a construction company for this project.

NOTE 21 - COMMITMENTS AND CONTINGENT LIABILITIES

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

NOTE 21 - COMMITMENTS AND CONTINGENT LIABILITIES

NOTE 21 - COMMITMENTS AND CONTINGENT LIABILITIES

Commitments

The Bank’s agreement with the core accounting processing service provider will continue until the eighth anniversary of the commencement date, which was November 10, 2016. If the Bank cancels the agreement prior to the end of the contract term, a lump sum termination fee will have to be paid. The fee shall consist of the total amount that would have been paid or reimbursed to the service provider during the remainder of the term of the agreement.

Contingent Liabilities

The Bank is involved in various claims and legal proceedings, which are not material, arising in the ordinary course of business. There are no material pending legal proceedings, other than ordinary routine litigation incidental to the registrant’s business, to which Salisbury is a party or to which any of its property is subject.

On October 4, 2019, Salisbury entered into a contract with a construction company to construct an operations center on its Lakeville, CT. campus in 2020. The estimated construction cost is $5.6 million and Salisbury may terminate the contract at its convenience and without cause. In the event of such termination, Salisbury will be required to pay for work executed and costs incurred by reason of such termination. At December 31, 2020, Salisbury has an outstanding commitment of $789 thousand to a construction company for this project.