The Bank Slate


Salisbury in Conn. warns of exposure to trust gaffe

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.”

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