| Vermont                                                                                             | 03-0284070                           |
|-----------------------------------------------------------------------------------------------------|--------------------------------------|
| (State of Incorporation)                                                                            | (IRS Employer Identification Number) |
| Address of Principal Executive Offices:  4811 US Route 5, Derby, Vermont  05829 |

| Title of Each Class | Name of each exchange on which registered |
|---------------------|-------------------------------------------|
| NONE                | NONE                                      |

| Large accelerated filer (  ) |                                          | Accelerated filer (  ) |
|----------------------------------------|-----------------------------------------------|----------------------------------|
| Non-accelerated filer (  )   | (Do not check if a smaller reporting company) | Smaller reporting company (X)    |

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| FORM 10-K ANNUAL REPORT |
|-------------------------|
| Table of Contents       |
|                    |   |   |
| PART I                  |   | Page |
|                    |   |   |
| Item 1                  | The Business | 4 |
| Item 1A                 | Risk Factors | 14 |
| Item 1B                 | Unresolved Staff Comments | 14 |
| Item 2                  | Properties | 14 |
| Item 3                  | Legal Proceedings | 15 |
| Item 4                  | [Reserved] | 15 |
|                    |   |   |
| PART II                 |   |   |
|                    |   |   |
| Item 5                  | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases |   |
|                    |     of Equity Securities | 16 |
| Item 6                  | Selected Financial Data | 16 |
| Item 7                  | Management's Discussion and Analysis of Financial Condition and Results of Operations | 16 |
| Item 7A                 | Quantitative and Qualitative Disclosures About Market Risk | 16 |
| Item 8                  | Financial Statements and Supplementary Data | 16 |
| Item 9                  | Changes in and Disagreements with Accountants on Accounting and Financial Disclosures | 17 |
| Item 9A                 | Controls and Procedures | 17 |
| Item 9B                 | Other Information | 17 |
|                    |   |   |
| PART III                |   |   |
|                    |   |   |
| Item 10                 | Directors, Executive Officers and Corporate Governance | 17 |
| Item 11                 | Executive Compensation | 18 |
| Item 12                 | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder |   |
|                    |    Matters | 18 |
| Item 13                 | Certain Relationships and Related Transactions, and Director Independence | 18 |
| Item 14                 | Principal Accounting Fees and Services | 18 |
| PART IV                 |   |   |
|                    |   |   |
| Item 15                 | Exhibits and Financial Statement Schedules | 19 |
|                    | Signatures | 20 |

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| ·   | Granting new powers to the Federal Reserve to monitor the systemic safety of the financial system and to take proactive steps to reduce or eliminate threats, including imposing strict controls on large, systemically significant bank and non-bank financial holding companies; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Establishing a new independent agency, the Consumer Financial Protection Bureau (“CFPB”), with centralized responsibility for implementing and (with respect to large organizations) enforcing and examining compliance with federal consumer financial laws.  Although the CFPB will not have enforcement or examination authority over smaller banking organizations such as the Company, its regulatory standards and mandates will affect all financial service providers; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Applying the same leverage and risk-based capital requirements that apply to insured depository institutions to most bank holding companies, savings and loan holding companies and systemically important non-bank financial companies on a consolidated basis.  These changes will prohibit the use of additional trust preferred securities as Tier 1 capital, but the Company’s existing trust preferred securities are grandfathered; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Requiring debit card interchange transaction fees charged by large financial institutions to be reasonable and proportional to the cost incurred by the issuer for the transaction and empowering the Federal Reserve to prescribe new regulations establishing such fee standards.  Although smaller institutions such as the Company are not subject to the interchange fee restrictions, it is likely that competitive pricing pressures in the marketplace will operate to make the restrictions applicable to them by default; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Requiring public companies to periodically seek a “say on executive pay” vote of shareholders, and in some circumstances, a “say on golden parachute” vote of shareholders.  As a smaller reporting company, applicability of the say on executive pay vote requirement is delayed for two years; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Allowing depository institutions to pay interest on demand deposits effective July 21, 2011; |
|--------------------|----------------------------------------------------------------------------------------------|

| ·   | Eliminating the Office of Thrift Supervision and transferring its functions to the Office of the Comptroller of the Currency, the primary regulator of the Company’s subsidiary bank; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Establishing by statute the Federal Reserve’s “source of strength” doctrine mandating holding company financial support of subsidiary insured depository institutions; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Eliminating state restrictions on de novo interstate branching; |
|--------------------|-----------------------------------------------------------------|

| ·   | Establishing new requirements related to mortgage lending, including provisions relating to underwriting standards, disclosures, appraisals and escrows; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Weakening federal preemption standards for national banks and federal savings associations and their operating subsidiaries; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------|

| ·   | Providing permanent relief for smaller reporting companies, such as the Company, from the requirements for auditor attestation of management’s assessment of internal controls and their effectiveness; and |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Permanently increasing the FDIC’s standard maximum deposit insurance amount to $250,000; providing for unlimited FDIC insurance on non-interest bearing transaction accounts through December 31, 2012; and changing the FDIC insurance assessment base to assets rather than deposits; and increasing the reserve ratio for the deposit insurance fund to ensure the future strength of the fund. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                |   |            |   |   |           |   |   |                |   |   | Maximum           |   |
|-------------------------------------|--------|-----------------|--------|--------|----------------|--------|--------|---------------------|--------|--------|-------------------|--------|
|                                |   |            |   |   |           |   |   |                |   |   | Number of Shares  |   |
|                                |   |            |   |   |           |   |   | Total Number of     |   |   | That May Yet Be   |   |
|                                |   | Total Number    |   |   |           |   |   | Shares Purchased    |   |   | Purchased Under   |   |
|                                |   | of Shares       |   |   | Average Price  |   |   | as Part of Publicly |   |   | the Plan at the   |   |
| For the month ended:                |   | Purchased(1)(2) |   |   | Paid Per Share |   |   | Announced Plan      |   |   | End of the Period |   |
|                                |   |            |   |   |           |   |   |                |   |   |              |   |
| October 1 - October 31              |   |            | 2,260  |   |           | $      | 8.19   |                |   |   | N/A               |   |   |   | N/A |   |
| November 1 - November 30            |   |            | 310    |   |           | $      | 8.00   |                |   |   | N/A               |   |   |   | N/A |   |
| December 1 - December 31            |   |            | 1,915  |   |           | $      | 7.77   |                |   |   | N/A               |   |   |   | N/A |   |
|      Total |   |            | 4,485  |   |           | $      | 8.00   |                |   |   | N/A               |   |   |   | N/A |   |

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Table of Contents

| COMMUNITY BANCORP. |
|--------------------|

| BY: /s/ Stephen P. Marsh               |   | Date:  March 28, 2011 |
|-------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|
|    Stephen P. Marsh, President                                                                     |   |                            |
|    and Chief Executive Officer                                                                     |   |                            |

| BY: /s/ Stephen P. Marsh                            |   | Date:  March 28, 2011 |
|-----------------------------------------------------|--------|---------------------------------|
|    Stephen P. Marsh, President       |   |                            |
|     and Chief Executive Officer |   |                            |
| BY: /s/ Louise M. Bonvechio                         |   | Date:  March 28, 2011 |
|    Louise M.Bonvechio, Treasurer     |   |                            |
|    (Principal Accounting Officer)    |   |                            |
|                                                |   |                            |
| COMMUNITY BANCORP. DIRECTORS                        |
|                                                |   |                            |
|  /s/ Thomas E. Adams                           |   | Date:  March 28, 2011 |
| Thomas E. Adams                                     |   |                            |
|                                                |   |                            |
|  /s/ Charles W. Bucknam, Jr.                   |   | Date:  March 28, 2011 |
| Charles W. Buckman, Jr.                             |   |                            |
|                                                |   |                            |
|  /s/ Aminta K. Conant                          |   | Date:  March 28, 2011 |
| Aminta K. Conant                                    |   |                            |
|                                                |   |                            |
|  /s/ Jacques R. Couture                        |   | Date:  March 28, 2011 |
| Jacques R. Couture                                  |   |                            |
|                                                |   |                            |
|  /s/ Elwood G. Duckless                        |   | Date:  March 28, 2011 |
| Elwood G. Duckless                                  |   |                            |
|                                                |   |                            |
|  /s/ Rosemary M. Lalime                        |   | Date:  March 28, 2011 |
| Rosemary M. Lalime                                  |   |                            |
|                                                |   |                            |
|  /s/ Stephen P. Marsh                          |   | Date:  March 28, 2011 |
| Stephen P. Marsh                                    |   |                            |
|                                                |   |                            |
|  /s/ Dorothy R. Mitchell                       |   | Date:  March 28, 2011 |
| Dorothy R. Mitchell                                 |   |                            |
|                                                |   |                            |
|  /s/ Anne T. Moore                             |   | Date:  March 28, 2011 |
| Anne T. Moore                                       |   |                            |
|                                                |   |                            |
|  /s/ Peter J. Murphy                           |   | Date:  March 28, 2011 |
| Peter J. Murphy                                     |   |                            |
|                                                |   |                            |
|  /s/ Frederic Oeschger                         |   | Date:  March 28, 2011 |
| Frederic Oeschger                                   |   |                            |
|                                                |   |                            |
| /s/James G. Wheeler, Jr.                            |   | Date:  March 28, 2011 |
| James G. Wheeler, Jr.                               |   |                            |