A longtime board member of Lakeville-based Salisbury Bank has died shortly after stepping down from his role as chairman.

The company announced earlier this week that Michael A. Varet, a director of Salisbury Bancorp since the holding company was formed in 1998, and a director of its subsidiary bank, Salisbury Bank and Trust Co. since 1997, passed away on May 20. He was 77.

“Michael Varet brought valuable insights and sound governance to his leadership of the board,” Richard J. Cantele Jr., president and CEO of Salisbury Bancorp and Salisbury Bank, said in a statement. “He served as the presiding director since 2007 and as board chairman from 2010 until earlier this month when he stepped down from the role of chairman, while he continued to serve as a director of both Salisbury and Salisbury Bank.”

During his tenure as a director, Varet helped form the holding company Salisbury Bancorp, Salisbury’s stock was listed for trading, the size of the organization nearly tripled and Salisbury successfully completed six acquisitions.

At its annual meeting of shareholders on May 15, David B. Farrell was elected to succeed Michael Varet as chairman of the boards of both Salisbury and Salisbury Bank.

“Michael Varet’s extensive legal background and leadership experience along with his analytical skills and knowledge of financial services and corporate governance perfectly suited Michael Varet to guide Salisbury’s board through more than 20 years of growth and profitability, while maintaining Salisbury Bank’s commitment to the corporate communities it serves,” Farrell said in a statement.