0000000000-19-011065.txt : 20190905 0000000000-19-011065.hdr.sgml : 20190905 20190712112340 ACCESSION NUMBER: 0000000000-19-011065 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20190712 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: COMMUNITY BANCORP /VT CENTRAL INDEX KEY: 0000718413 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 030284070 STATE OF INCORPORATION: VT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 4811 US ROUTE 5 CITY: DERBY STATE: VT ZIP: 05829 BUSINESS PHONE: 802-334-7915 MAIL ADDRESS: STREET 1: 4811 US ROUTE 5 CITY: NEWPORT STATE: VT ZIP: 05855 PUBLIC REFERENCE ACCESSION NUMBER: 0001654954-19-002814 LETTER 1 filename1.pdf begin 644 filename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M("A!1U!,+79E&UP34TZ M26YS=&%N8V5)1#YU=6ED.F,Y9#$U-# T+68V9F0M-&0P-"UA-&,T+3DP.#AE M,V4Q,F4Q,SPO>&UP34TZ26YS=&%N8V5)1#X*(" @(" @/"]R9&8Z1&5S8W)I M<'1I;VX^"B @(#PO+H4_VH MI*G^ &.F4@.2]4>7!E+UA2968O5ULQ(#(@,%T^/G-T M TEXT-EXTRACT 2 filename2.txt July 12, 2019 Kathryn Austin President and Chief Executive Officer Community Bancorp. 4811 US Route 5 Derby, Vermont 05829 Re: Community Bancorp. Form 10-K for Fiscal Year Ended December 31, 2018 Filed March 15, 2019 Form 10-Q for Fiscal Quarter Ended March 31, 2019 Filed May 9, 2019 File No. 000-16435 Dear Ms. Austin: We have reviewed your filings and have the following comment. In our comment, we may ask you to provide us with information so we may better understand your disclosure. Please respond to this comment within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comment applies to your facts and circumstances, please tell us why in your response. After reviewing your response to this comment, we may have additional comments. Form 10-Q for Fiscal Quarter Ended March 31, 2019 Notes to Consolidated Financial Statements Note 5. Loans, Allowance for Loan Losses and Credit Quality, page 13 1. We note disclosure that you chose to reclassify the entire balance of your held-to-maturity investment portfolio consisting of municipal notes into your loan portfolio during 2019 and have restated all prior periods accordingly. Please tell us the following: Explain the reason(s) for reclassifying these municipal notes to the loan portfolio; Provide a detailed description of the terms and features of the municipal notes reclassified; Tell us the authoritative accounting guidance you relied upon in support of your accounting and disclosure; Tell us how you determined these securities are not in the scope of ASC 320, as Kathryn Austin Community Bancorp. July 12, 2019 Page 2 previously accounted for and classified in your historical financial statements; and Tell us how you considered the accounting and disclosure guidance in ASC 250. We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. You may contact William Schroeder, Staff Accountant, at 202-551-3294 or John Spitz, Staff Accountant, at 202-551-3484 if you have questions regarding comments on the financial statements and related matters. FirstName LastNameKathryn Austin Sincerely, Comapany NameCommunity Bancorp. Division of Corporation Finance July 12, 2019 Page 2 Office of Financial Services FirstName LastName