UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
December
4, 2007
(Date
of
Report - Date of earliest event reported on)
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Vermont
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000-16435
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03-0284070
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(State
of Incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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Derby
Road, Derby, Vermont
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05829
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant's
Telephone Number: (802) 334-7915
Not
Applicable
(Former
name, former address, if changed since last report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17CFR
203.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
Item
8.01 Other Events.
On
December 7, 2007, Community Bancorp. (the “Company”) issued a joint press
release with LyndonBank, Lyndonville, Vermont and National Bank of Middlebury,
Middlebury, Vermont (“Middlebury”) announcing that the Company’s wholly-owned
subsidiary, Community National Bank (“Community National”) and Middlebury have
entered into a definitive Purchase and Assumption Agreement for the sale
to
Middlebury of the Vergennes branch of LyndonBank. The parties had signed
a
letter of intent in October regarding the proposed branch sale. The
parties expect that the branch sale will close immediately following completion
of Community National’s previously announced merger with LyndonBank, on or about
December 31, 2007.
Under
the
Purchase and Assumption Agreement, it is contemplated that Middlebury will
assume all of the deposits booked at LyndonBank’s Vergennes branch and will
purchase certain branch loans and fixed assets, including the real estate.
The
Agreement also contains customary representations, warranties, covenants
and
conditions to closing. As of October 22, 2007, there were approximately $9.7
million in deposits booked at the branch.
Completion
of the branch sale is conditioned on completion of the Community
National–LyndonBank merger, and receipt of approval by the Office of the
Comptroller of the Currency. The Community-LyndonBank merger has
already received the required shareholder and regulatory approvals, including
antitrust clearance from the U.S. Department of Justice.
The
joint
press release is filed as Exhibit 99.1 to this report.
Additional
information about the proposed merger of Community National and LyndonBank
is
contained in the Company’s current report on Form 8-K filed with the Commission
on August 2, 2007.
Item
9.01. Financial Statements, Proforma Financial Information and
Exhibits.
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(a)
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Inapplicable.
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(b)
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Inapplicable.
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(c)
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Inapplicable.
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(d)
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Exhibits.
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The
following exhibit, referred to in Item 8.01 of this report, is
filed,
herewith:
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Exhibit
99.1 - Text of press release, dated December 7,
2007.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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COMMUNITY
BANCORP.
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DATED:
December 4, 2007
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/s/
Stephen P. Marsh
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Stephen
P. Marsh,
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President
& Chief Operating Officer
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(Chief
Financial Officer)
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