Salisbury Bancorp in Lakeville, Conn., is looking to retrieve funds that were erroneously sent to a trust client.
The $1.5 billion-asset company said in a press release that about $1 million was mistakenly distributed when a trust account was terminated in May 2020. The company’s management discovered the mishap in July 2022.
Salisbury said it filed a complaint last December against the beneficiaries to recover the proceeds and reinstate the trust account.
The company said the exposure is unclear and could range from zero to $800,000 “depending upon the facts and circumstances.”