The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

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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