• Think of CMTV as the Bank of America or Chase, scaled down and exclusively serving northeastern and central Vermont, providing a full range of retail, business, and real estate banking services.
• CMTV is like a community-focused regional bank, similar to a smaller KeyBank or M&T Bank, dedicated to meeting the financial needs of residents and businesses within its specific Vermont communities.

• Deposit & Payment Services: Provides checking accounts, savings programs, debit/credit cards, and online/mobile banking facilities for individual consumers.
• Residential Real Estate Lending: Offers fixed-rate and adjustable-rate residential mortgage loans and home equity loans to individuals.
• Retail Lending: Supplies personal, automobile, and boat/recreational vehicle loans for consumer financing needs.
• Business Deposit & Cash Management Services: Delivers business checking and deposit accounts, cash management, ACH, wire transfers, and remote deposit capture services for businesses.
• Business Lending: Extends credit products such as financing for commercial business properties, equipment, inventory, accounts receivable, and letters of credit to businesses.
• Commercial Real Estate Lending: Funds commercial property development, investment, construction, and provides real estate-secured financing for existing businesses.
• Municipal & Institutional Banking: Offers deposit accounts, tax-exempt loans, lines of credit, and term loans tailored for state/local governments, schools, charities, and non-profit associations.

Community Bancorp (CMTV) primarily serves a diverse range of customers rather than selling to a few specific other companies. Based on the company description, its major customer categories include:

1. Individuals and Residents: This category encompasses consumers seeking a variety of personal banking services such as checking accounts, savings programs, debit/credit cards, online/mobile banking, residential mortgage loans (fixed-rate and adjustable), home equity loans, and retail credit products like personal, automobile, and boat/recreational vehicle loans.
2. Businesses: This category includes various types of commercial entities, ranging from startups and small businesses to commercial developers, investors, and residential builders. The company provides business checking and deposit accounts, cash management, credit products for commercial properties, equipment, inventory, accounts receivable financing, and letters of credit.
3. Nonprofit Organizations and Municipalities: Community Bancorp also offers specialized banking products and services for state and local governments, schools, charities, membership associations, and other not-for-profit organizations. These services include deposit accounts, tax-exempt loans, lines of credit, term loans, and collateralized secured deposit products.

Christopher Caldwell, President and Chief Executive Officer

Christopher Caldwell brings over 30 years of experience in the banking and business consulting industries. He possesses extensive knowledge of commercial lending, bank and branch network operations, customer service delivery, and strategic planning, growth, and development for businesses. Caldwell is a graduate of the Stonier Graduate School of Banking and holds an MBA from Anderson University, a B.S. in History from Manchester College, and an M.A. in History from Ohio University.

Louise Bonvechio, Corporate Secretary and Treasurer, Community Bancorp. and Executive Vice President, Chief Financial Officer, Cashier and Corporate Secretary, Community National Bank

Louise Bonvechio has worked for Community National Bank for over 30 years. She is a graduate of the New England School of Banking at Babson and the Stonier Graduate School of Banking, where she earned a Leadership Certificate from the Wharton School at the University of Pennsylvania. Bonvechio currently serves as Trustee and Board Chair of North Country Hospital, is a member of the Financial Managers Society Advisory Council, and a member of the Finance Committee for Gilman Housing Trust. She also serves as the Vermont national delegate on the Federal Delegate Board of the Independent Community Bankers of America and is a member of the Member Advisory Panel of the Federal Home Loan Bank of Boston.

Nikole Brainard, Vice President, Controller, Principal Accounting Officer

Jennifer Desroches, Assistant Corporate Secretary

The key risks to Community Bancorp's business include:

1. Credit Risk and Asset Quality: As a bank heavily involved in various forms of lending, including commercial, residential, and municipal real estate, Community Bancorp is exposed to the risk of loan defaults. An economic downturn, particularly within its concentrated operating region of northeastern and central Vermont, could negatively impact borrowers' ability to repay loans, leading to increased loan losses, higher provisions for credit losses, and a deterioration of its overall asset quality.

2. Interest Rate Risk: Community Bancorp's profitability is significantly influenced by interest rate fluctuations. Changes in market interest rates can affect the interest earned on its loan portfolio and investments, as well as the interest paid on its deposits. Unfavorable movements in interest rates, such as a rapid increase in funding costs without a corresponding rise in lending rates, or a sustained period of low rates compressing lending margins, could adversely impact its net interest income and overall financial performance.

3. Geographic Concentration and Regional Economic Sensitivity: With its operations confined to a specific geographic area (northeastern and central Vermont), Community Bancorp is highly susceptible to the economic conditions of that region. A localized economic slowdown, decline in population, or adverse industry-specific events within its service area could lead to reduced loan demand, decreased deposit levels, increased credit defaults across its loan portfolio, and diminished opportunities for growth, disproportionately impacting its financial results compared to a more geographically diversified institution.

The clear emerging threats to Community Bancorp (CMTV) stem from the rise of digital-first financial service providers. These include:

• **Neobanks and Digital-Only Banks:** These institutions operate without physical branches, leveraging technology to offer checking accounts, savings programs, and other retail banking services with potentially lower fees, higher interest rates, and superior digital user experiences. This directly threatens CMTV's traditional deposit base and retail banking services by attracting customers who prioritize convenience and digital access over a physical branch presence.
• **Fintech Lenders:** Specialized online lenders and platforms offering personal, small business, and mortgage loans, often with streamlined, faster application and approval processes. These companies directly compete with CMTV's various lending products (commercial real estate, residential real estate, retail credit, business credit) by providing alternative, technology-driven financing solutions that bypass traditional banking channels.

Community Bancorp (CMTV) operates primarily in Vermont, focusing its banking services on residents, businesses, nonprofit organizations, and municipalities in the northeastern and central regions of the state. While precise market sizes specifically for "northeastern and central Vermont" are not readily available, addressable market sizes for its main products and services can be estimated at the state level for Vermont.

Commercial Banking and Commercial Real Estate Lending:

• The overall commercial banking industry in Vermont is projected to have a market size of approximately $1.3 billion in 2026.
• In 2022, reporting banks in Vermont issued $441.8 million in loans to businesses with revenues of $1 million or less.
• The U.S. Small Business Administration (SBA) approved 174 loans totaling $48.2 million for Vermont small businesses in fiscal year 2024.
• Vermont's commercial lending market is characterized as small, conservative, and relationship-driven, with capital primarily provided by community and regional banks.

Residential Real Estate Lending:

• The median home sale price in Vermont was approximately $434,200 as of October 2025. Other reports indicate a median sale price of $481,700 as of January 2026 and approximately $388,000 as of 2025, showing a 7.2% year-over-year increase.
• In 2023, new home loans booked in Vermont amounted to $1.1 billion, representing 3,476 loans with a median size of $295,000.
• As of May 2022, the housing inventory in Vermont stood at 867 homes, translating to roughly 2.25 months of supply, suggesting a competitive market with lower supply.

Retail Banking Services and Retail Credit Products:

• Deposits across all banks in Vermont totaled $18.1 billion in 2023. This figure encompasses various deposit accounts for both retail and business customers.
• For context on the scale of financial institutions in the state, Vermont Federal Credit Union, a full-service institution, surpassed $1 billion in assets as of April 2025, serving over 55,000 individuals throughout Vermont.

Municipal and Institutional Banking:

• The Vermont Municipal Bond Bank has provided over $2.5 billion in loans for local infrastructure throughout Vermont since its inception, with approximately $606 million in outstanding loans.
• In March 2026, the Vermont Bond Bank was scheduled to price new community revenue bonds, including $38.5 million in one series and $18 million in another, for various municipal projects.

Community Bancorp (CMTV) is expected to drive future revenue growth over the next 2-3 years through several key strategies centered on its core banking operations.

One primary driver of revenue growth is the continued expansion of its loan portfolio. The company has demonstrated consistent year-over-year growth in its gross loan portfolio, which increased by 4.02% or $37 million by December 31, 2025, contributing significantly to increased interest and fees on loans. This reflects a strategic focus on organic loan growth across its diverse offerings, including consumer, business, commercial real estate, residential real estate, and municipal lending products.

Another crucial driver is the growth in its deposit base. An increase in deposit balances, which grew by $69 million or 6.89% year-over-year by December 31, 2025, provides a stable and cost-effective funding source for loan expansion. This growth in core and brokered deposits is essential for supporting the overall asset growth of the company.

Optimization of its Net Interest Margin (NIM) is also expected to contribute to revenue growth. Community Bancorp has shown improvement in its net interest income, with a 15.98% increase in the fourth quarter of 2025 and an 18% rise for the full year 2025. This improvement is attributed to higher interest and fee income on loans, alongside a slower pace of increase in interest expenses on deposits, resulting in a net interest margin of 3.68% for the full year.

Finally, the enhancement of non-interest income is anticipated to be a driver. The company reported a substantial 23.04% increase in non-interest income for the fourth quarter of 2025 and a 10.12% increase for the full year. While specific detailed breakdowns were not provided, this category typically includes various fee-based services such as checking account fees, debit/credit card income, and cash management services, which are integral to Community Bancorp's retail and business banking operations.

Share Repurchases

• Community Bancorp's Board of Directors approved a stock repurchase program on July 23, 2024, authorizing the company to purchase up to 5% of its outstanding common stock, or up to 275,000 shares. This authorization is valid for five years unless terminated or renewed earlier.
• As of March 12, 2026, company insiders have purchased a net of $141,873.00 in company stock over the preceding three months.
• Specific insider purchases include CEO Christopher L. Caldwell buying 1,000 shares for $31,770 and a director buying 2,000 shares for $62,380 in February 2026.

Share Issuance

• Community Bancorp's shares outstanding have remained relatively stable over the last 3-5 years, generally fluctuating between 5 million and 6 million shares. There was a slight increase to 6 million shares in late 2023/early 2024, which continued through September 2025.