Exhibit 99.1

Community Bancorp.
March 31, 2005
Quarterly Report

Dear Shareholders and Friends,

As the attached financial statements show, although Community Bancorp.'s net income is lower this year, we are please to see that net before taxes is higher. During the first quarter of 2004 the Company had an extraordinary tax credit of $116,540 as the result of the sale of our inactive franchise in New Hampshire, thereby contributing to these results.

In other news, our new operations center is well underway under the watchful eye of our architect, Black River Design and our construction manager, Kingdom Construction. We still anticipate completion late fall.

Our annual shareholders meeting will be held at the Elks Club in Derby on May 10, 2005, beginning at 5:30 p.m. We hope to see many of our shareholders there.

/c/Richard C. White

Richard C. White

Chairman and CEO

COMMUNITY BANCORP. AND SUBSIDIARY
Consolidated Balance Sheets
		March 31			December 31			March 31
		2005			2004			2004
		(Unaudited)						(Unaudited)
Assets
Cash and due from banks	$	7,743,945		$	8,390,806		$	6,177,127
Federal funds sold and overnight deposits		0			0			837,195
Total cash and cash equivalents		7,743,945			8,390,806			7,014,322
Securities held-to-maturity (fair value $33,514,777 at 03/31/05,
$31,587,658 at 12/31/04 and $46,777,741 at 03/31/04)		33,514,777			31,579,178			46,660,330
Securities available-for-sale		47,690,222			51,150,344			56,271,253
Restricted equity securities, at cost		2,688,850			2,315,450			1,356,850
Loans held-for-sale		895,875			1,833,397			1,514,749
Loans		228,801,112			227,799,788			203,231,694
Allowance for loan losses		(2,163,445	)		(2,153,372	)		(2,214,110	)
Unearned net loan fees		(709,729	)		(763,774	)		(771,451	)
Net loans		225,927,938			224,882,642			200,246,133
Bank premises and equipment, net		8,512,366			8,057,120			7,848,988
Accrued interest receivable		1,890,800			1,652,827			1,977,888
Other real estate owned, net		10,000			82,800			116,164
Other assets		4,748,084			4,891,930			3,999,741
Total assets	$	333,622,857		$	334,836,494		$	327,006,418
Liabilities and Shareholders' Equity
Liabilities
Deposits:
Demand, non-interest bearing	$	41,737,763		$	42,725,604		$	35,547,606
NOW and money market accounts		87,579,159			94,502,798			93,461,043
Savings		47,626,726			47,288,161			44,056,294
Time deposits, $100,000 and over		22,536,282			21,804,521			22,744,824
Other time deposits		75,337,328			76,284,787			78,864,724
Total deposits		274,817,258			282,605,871			274,674,491
Federal funds purchased and other borrowed funds		14,764,000			6,407,000			10,040,000
Repurchase agreements		14,157,457			14,907,518			11,403,189
Accrued interest and other liabilities		1,802,259			2,872,659			3,275,466
Total liabilities		305,540,974			306,793,048			299,393,146
Shareholders' Equity
Common stock - $2.50 par value; 6,000,000 shares authorized
and 4,050,235 shares issued at 03/31/05, 4,037,548 shares
issued at 12/31/04 and 3,984,906 shares issued at 03/31/04		10,125,586			10,093,871			9,962,264
Additional paid-in capital		17,961,410			17,778,605			17,040,665
Retained earnings		2,853,526			2,776,011			2,089,837
Accumulated other comprehensive income		(422,244	)		(168,679	)		750,006
Less: treasury stock, at cost; 198,446 shares at 03/31/05, 198,444
shares at 12/31/04, and 185,641 shares at 03/31/04		(2,436,395	)		(2,436,362	)		(2,229,500	)
Total shareholders' equity		28,081,883			28,043,446			27,613,272
Total liabilities and shareholders' equity	$	333,622,857		$	334,836,494		$	327,006,418
The accompanying notes are an integral part of these consolidated financial statements.

COMMUNITY BANCORP. AND SUBSIDIARY
Consolidated Statements of Income
( Unaudited )
For The First Quarter Ended March 31,		2005		2004
Interest income
Interest and fees on loans	$	3,693,361	$	3,313,602
Interest on debt securities
Taxable		409,849		593,139
Tax-exempt		225,464		240,814
Dividends		26,201		8,616
Interest on federal funds sold and overnight deposits		2,288		4,930
Total interest income		4,357,163		4,161,101
Interest expense
Interest on deposits		1,037,048		1,152,335
Interest on federal funds purchased and other borrowed funds		109,004		73,330
Interest on repurchase agreements		33,834		30,155
Total interest expense		1,179,886		1,255,820
Net interest income		3,177,277		2,905,281
Provision for loan losses		37,500		51,000
Net interest income after provision		3,139,777		2,854,281
Non-interest income
Service fees		285,554		246,966
Security gains		0		0
Other income		409,035		416,243
Total non-interest income		694,589		663,209
Non-interest expense
Salaries and wages		1,138,471		1,030,757
Pension and other employee benefits		404,664		376,867
Occupancy expenses, net		513,907		494,420
Other expenses		894,773		838,394
Total non-interest expense		2,951,815		2,740,438
Income before income taxes		882,551		777,052
Applicable income taxes		152,410		13,210
Net Income	$	730,141	$	763,842
Earnings per share on weighted average		$0.19		$0.20
Weighted average number of common shares
used in computing earnings per share		3,843,344		3,800,686
Dividends declared per share		$0.17		$0.17
Book value per share on shares outstanding at March 31,		$7.29		$7.27

Board of Directors

Community Bancorp. and Community National Bank

Thomas E. Adams, President, NPC Realty, Inc.
Jacques R. Couture, Dairy Farmer
Elwood G. Duckless, Past President, Newport Electric Co.
Michael H. Dunn, Book Dealer
Rosemary M. Lalime, Principal Broker and Owner, All Seasons Realty
Marcel M. Locke, Proprietor, Parkview Garage
Stephen P. Marsh, President and Chief Operating Officer, Community Bancorp. and Community National Bank
Anne T. Moore, Principal Broker, The Taylor Moore Agency
Dale Wells, President, Dale Wells Building Contractor, Inc.
Richard C. White, Chairman and Chief Executive Officer, Community Bancorp. and Community National Bank

Executive Officers

Community Bancorp. and Community National Bank

Richard C. White, Chairman and Chief Executive Officer, Community Bancorp. and Community National Bank
Stephen P. Marsh, President and Chief Operating Officer, Community Bancorp. and Community National Bank
Alan A. Wing, Vice President, Community Bancorp.; Executive Vice President, Community National Bank

Other Officers

Community National Bank

Kathryn M. Austin, Senior Vice President, Retail Banking
Patricia F. Blackmore, Internal Auditor
Jeanne L. Bonnell, Community Circle Director
Louise M. Bonvechio, Vice President and Cashier
Wanda J. Boomer, Vice President, Consumer Lending
Lorraine M. Brislin, Assistant Vice President and Central Vermont Offices Manager
Timothy B. Bronson, Vice President and Loan Officer
Craig D. Buchanan, Loan Officer
Christianne J. Bumps, Corporate Secretary, Community Bancorp. and Community National Bank
Theresa P. Carpenter, Loan Underwriting Officer
Hope K. Colburn, Vice President and Barton Office Manager
Bonnie J. Currier, Vice President and Residential Mortgage Loan Officer
R. Stephen Gurin, Jr., Regional Vice President, Central Vermont
Joanne M. Guyette, Loan Officer
Richard L. Isabelle, Regional Vice President, Caledonia County
Donna L. Kennison, Loan Officer and Troy Office Manager
Cindy L. LaGue, Derby and Derby Line Office Manager
Rosemary M. Lalime, Vice President
France B. Lambert, Vice President, Information Technology Applications
Carmi M. Marsh, Vice President, Municipal Services
Terrie L. McQuillen, Senior Vice President, Loan Administration
Theresa B. Morin, Vice President, Security and Special Asset Administration
Candace A. Patenaude, Assistant Cashier
Mary Jo Rigby, Loan Officer and Island Pond Office Manager
Tracy D. Roberts, Marketing Director
Thomas E. Robinson, Vice President and Loan Officer
Thomas R. Zuppe, Vice President, Information Technology

Advisory Boards

Island Pond Advisory Board
Theodore J. Firestine, Roy Frizzell, Craig Goulet, Dale R. Lamere
Barton Advisory Board
John F. Brown, Rene Desmarais, Alicia Marcotte, Daniel Roy, John C. Ruggles, Fernand J. Tanguay
Troy Advisory Board
Roland Denton, Roland Laliberty, Gary R. Taylor, Nancy Warner
St. Johnsbury Advisory Board
Ernest Begin, Aminta K. Conant, Robert Ide, Richard Lawrence, Bernier Mayo, Peter Murphy, Paul Wheeler
Central Vermont Advisory Board
Jeff Blow, Carol Ellison, Cornelius Hogan, Francis McFaun Dorothy Mitchell, Candy Moot, Gus Seelig

Community Bancorp.
4811 US Route 5, PO Box 259, Derby, Vermont 05829
(802) 334-7915

Community National Bank Office Locations

Derby
4811 US Route 5, Derby, VT 05829 (802) 334-7915
derby@communitynationalbank.com

Barre
316 North Main Street, Barre, VT 05641 (802) 476-6565
barre@communitynationalbank.com

Barton
103 Church Street, Barton, Vermont 05822 (802) 525-3524
barton@communitynationalbank.com

Derby Line
69 Main Street, Derby Line, VT 05830 (802) 873-3101
derbyline@communitynationalbank.com

Island Pond
23 US Route 105, Island Pond, Vermont 05846 (802) 723-4356
islandpond@communitynationalbank.com

Montpelier
95 State Street, Montpelier, Vermont 05601 (802) 223-0598
montpelier@communitynationalbank.com

Newport
100 Main Street, Newport, Vermont 05855 (802) 334-7915
newport@communitynationalbank.com

St. Johnsbury
Price Chopper Building, 857 Memorial Drive, St. Johnsbury,
Vermont 05819 (802) 748-3605 or 1-800-327-3605
stjohnsbury@communitynationalbank.com

Troy
4245 US Route 101, Troy, Vermont 05868 (802) 744-2287
troy@communitynationalbank.com

e-mail: cnb@communitynationalbank.com

www.communitynationalbank.com

ATM service available at all locations