Filing Analysis
Union Bankshares, Inc. announced a leadership transition in its finance department effective July 15, 2026. Carrie R. Locklin has been appointed as the new Chief Financial Officer, succeeding Karyn J. Hale.
🚩 Red Flags
- None identified; this appears to be a standard internal promotion/succession plan.
📋 Key Facts
- Effective date of appointment: July 15, 2026.
- Carrie R. Locklin (age 52) appointed CFO of Union Bankshares, Inc. and its subsidiary, Union Bank.
- Locklin previously served as the Chief Accounting Officer for Union Bank.
- Karyn J. Hale (age 56) stepped down as CFO but remains with the company as Chief Operating Officer and Vice President.
Union Bankshares, Inc. announced its second quarter and six-month financial results for the period ending June 30, 2026. The company also declared a regular quarterly cash dividend of $0.36 per share.
📋 Key Facts
- Quarterly cash dividend declared at $0.36 per share.
- Dividend record date is July 27, 2026.
- Dividend payment date is August 6, 2026.
- The filing includes the announcement of net income and net income per share for Q2 and H1 2026.
Union Bankshares, Inc. announced that Board Chair Cornelius J. Van Dyke has retired after reaching the mandatory retirement age. CEO David S. Silverman was appointed as the new Board Chair, and shareholders approved all director nominees and the ratification of the company's auditor at the annual meeting.
🚩 Red Flags
- Multiple 8-K items (5.02 and 5.07) detected in a single filing.
📋 Key Facts
- Director and Board Chair Cornelius J. Van Dyke retired on May 20, 2026, due to reaching the mandatory retirement age under the company's bylaws.
- CEO David S. Silverman was appointed as the new Board Chair, and Timothy W. Sargent was named Vice Chair and Lead Independent Director.
- Shareholders voted to fix the number of directors at ten and elected all ten nominees to one-year terms.
- Shareholders ratified the appointment of BDMP Assurance, LLP as the external auditors for 2026 with 3,268,522 votes in favor.
Union Bankshares, Inc. released its unaudited First Quarter 2026 Report to Shareholders, detailing financial results for the three months ended March 31, 2026. The report also included the declaration of a regular quarterly dividend.
📋 Key Facts
- Reported unaudited financial results for the first quarter ended March 31, 2026.
- Announced the declaration of a regular quarterly dividend.
- The report was distributed to shareholders on May 7, 2026.
- The filing was signed by CEO David S. Silverman and CFO Karyn J. Hale.
Union Bankshares, Inc. filed an 8-K/A to amend a previous filing from April 15, 2026. The amendment corrects a significant typographical error in a press release regarding the company's total deposits as of March 31, 2025.
🚩 Red Flags
- Significant numerical error: The discrepancy between $1.81 billion and $1.18 billion is a difference of $630 million, representing a ~35% overstatement of deposits in the initial communication.
📋 Key Facts
- The original press release incorrectly stated total deposits as of March 31, 2025, were $1.81 billion.
- The corrected total deposits as of March 31, 2025, are $1.18 billion.
- The correction was made on April 17, 2026, and filed via this 8-K/A.
- The filing also relates to the announcement of Q1 2026 net income and a regular quarterly cash dividend.
Union Bankshares, Inc. announced its financial results for the first quarter ended March 31, 2026, and declared a regular quarterly cash dividend.
📋 Key Facts
- Declared a quarterly cash dividend of $0.36 per share.
- Dividend is payable on May 7, 2026, to shareholders of record as of April 27, 2026.
- Announced net income and net income per share for the quarter ended March 31, 2026.
- The filing includes Item 2.02 (Results of Operations and Financial Condition) and Item 8.01 (Other Events).
Union Bankshares, Inc. announced the upcoming retirement of Board Chair Neil J. Van Dyke due to age-limit bylaws. Current CEO David Silverman will transition to the Board Chair role following his retirement as CEO in July 2026, with Timothy Sargent designated as Lead Independent Director.
📋 Key Facts
- Board Chair Neil J. Van Dyke (age 72) will not stand for re-election at the 2026 annual meeting per Section 3.2 of the Bylaws.
- Current President and CEO David Silverman will assume the position of Board Chair following Van Dyke's retirement.
- David Silverman is already scheduled to retire as CEO in July 2026, with Jeffrey Weidley previously announced as his successor.
- Vice Chair Timothy Sargent has been designated as Lead Independent Director because Silverman will not be considered independent under Nasdaq rules.
- The appointments are expected to be formalized at the annual organizational meeting following the annual meeting of shareholders.
Union Bankshares, Inc. announced a formal CEO succession plan where Jeffery F. Weidley will succeed long-time President and CEO David S. Silverman. Mr. Weidley will join as President on May 4, 2026, and assume the CEO role upon Mr. Silverman's retirement on July 3, 2026.
📋 Key Facts
- Jeffery F. Weidley (age 42) appointed President effective May 4, 2026, and will become CEO on July 3, 2026.
- Outgoing CEO David S. Silverman (age 65) is retiring after 39 years with the Bank and 14 years as President.
- Mr. Weidley's compensation includes a $500,000 annual base salary and a sign-on award of 3,000 restricted stock units (RSUs).
- Mr. Weidley joins from MVB Bank where he served as EVP-Chief Deposit Officer, and previously held leadership roles at Sandy Spring Bank.
- Mr. Silverman will remain on the Board of Directors of both the Company and the Bank following his retirement.
- The employment agreement includes a 1.5x salary and bonus severance provision and a 2.0x Change in Control provision.
Union Bankshares, Inc. has released its unaudited Fourth Quarter 2025 Report to Shareholders, detailing financial results for the period ending December 31, 2025.
📋 Key Facts
- Report covers three and twelve months ended December 31, 2025.
- The filing includes a declaration of a regular quarterly dividend.
- Information was distributed to shareholders on February 5, 2026.
Union Bankshares, Inc. announced its financial results for the fourth quarter and full year ended December 31, 2025, and declared a quarterly cash dividend of $0.36 per share. Additionally, the company appointed Steven P. Cote to the Board of Directors of its subsidiary, Union Bank.
📋 Key Facts
- Declared a regular quarterly cash dividend of $0.36 per share.
- Dividend payable date: February 5, 2026; Record date: January 31, 2026.
- Announced net income and EPS for Q4 and FY 2025 (details in Exhibit 99.1).
- Appointed Steven P. Cote to the Board of Union Bank (subsidiary).
Union Bankshares, Inc. has dismissed its independent auditor, Berry, Dunn, McNeil & Parker, LLC, and appointed BDMP Assurance, LLP for the fiscal year ending December 31, 2025. The company also updated its insider trading policy and appointed a new director to its subsidiary bank.
🚩 Red Flags
- Auditor change involving a firm owned by partners of the outgoing auditor, which can sometimes indicate a restructuring or internal shift in audit approach.
📋 Key Facts
- Dismissal of Berry, Dunn, McNeil & Parker, LLC effective November 19, 2025.
- Engagement of BDMP Assurance, LLP as the new independent auditor for FY2025.
- BDMP Assurance, LLP is owned by certain partners of the outgoing firm.
- The company reported no disagreements with the previous auditor regarding accounting principles or auditing scope.
- Insider Trading Policy updated to change blackout period start dates from the 15th to the 20th day of the last month of each quarter.
- Walter B. Frame III appointed to the Board of Union Bank (subsidiary).
Union Bankshares, Inc. has released its unaudited Third Quarter 2025 Report to Shareholders and declared a regular quarterly dividend.
📋 Key Facts
- Report covers the three and nine months ended September 30, 2025.
- The company declared a regular quarterly dividend as part of the earnings release.
- Financial results were distributed on November 6, 2025.
Union Bankshares, Inc. announced its financial results for the third quarter and nine months ended September 30, 2025, and declared a regular quarterly cash dividend.
📋 Key Facts
- Declared a quarterly cash dividend of $0.36 per share on October 15, 2025.
- Dividend is payable on November 6, 2025, to shareholders of record as of October 25, 2025.
- Announced net income and net income per share for Q3 and the first nine months of 2025 via press release (Exhibit 99.1).
Union Bankshares, Inc. announced that Director Joel S. Bourassa will retire from the Board of Directors and its subsidiary, Union Bank, effective August 20, 2025. The departure is a planned retirement and not due to any disagreements with the company.
🚩 Red Flags
- None identified; retirement is characterized as non-dispute related.
📋 Key Facts
- Director Joel S. Bourassa (age 67) will retire effective August 20, 2025.
- Mr. Bourassa has served on the Board since 2018/2019 and is a member of the Compensation Committee.
- The departure is not related to any disagreements regarding company operations, policies, or practices.
- A Director Succession Subcommittee was formed on May 21, 2025, to search for a replacement.
Union Bankshares, Inc. has released its unaudited Second Quarter 2025 Report to Shareholders and declared a regular quarterly dividend.
📋 Key Facts
- Report covers the three and six months ended June 30, 2025.
- The company declared a regular quarterly dividend as part of the earnings release.
- Financial results were distributed on August 7, 2025.
Union Bankshares, Inc. announced its second quarter and six-month financial results for the period ending June 30, 2025. The company also declared a regular quarterly cash dividend of $0.36 per share.
📋 Key Facts
- Reported Q2 and first half 2025 financial results via press release (Exhibit 99.1).
- Declared a quarterly cash dividend of $0.36 per share.
- Dividend record date: July 26, 2025.
- Dividend payable date: August 7, 2025.
Union Bankshares, Inc. held its annual meeting of shareholders on May 21, 2025. Shareholders approved the election of nine directors, executive compensation (Say-on-Pay), a three-year frequency for future advisory votes, and the ratification of Berry Dunn McNeil & Parker, LLC as external auditors.
📋 Key Facts
- Annual meeting held on May 21, 2025.
- Total shares outstanding on record date (March 21, 2025): 4,538,598; Shares represented: 3,336,050.
- Nine directors elected to one-year terms including Joel S. Bourassa and Dawn D. Bugbee.
- Shareholders approved executive compensation (Say-on-Pay) with 2,413,198 votes in favor.
- Shareholders approved a three-year frequency for future advisory Say-On-Pay votes (1,611,889 votes for 3 years).
- Ratified Berry Dunn McNeil & Parker, LLC as external auditors for 2025 with 3,296,542 votes in favor.
Union Bankshares, Inc. entered into an equity distribution agreement with Piper Sandler & Co. to facilitate the sale of up to $40 million in common stock via 'at-the-market' (ATM) offerings.
🚩 Red Flags
- Potential dilution for existing shareholders due to the $40M ATM offering capacity.
- ATM offerings can create downward pressure on the stock price as shares are sold into the market.
📋 Key Facts
- Entered into Equity Distribution Agreement on May 20, 2025.
- Aggregate gross sale price cap: $40,000,000.
- Sales agent is Piper Sandler & Co.
- Commission rate to Agent is 3% of the gross sales price.
- Offerings will be conducted via 'at-the-market' (ATM) methods or privately negotiated transactions.
- Proceeds intended for general corporate purposes, including capital contribution to Union Bank, lending support, debt repayment, and strategic acquisitions.
President and CEO David S. Silverman has announced his intention to retire in 2026 after a 39-year tenure with the company. The Board is initiating a comprehensive search for a successor, considering both internal and external candidates.
🚩 Red Flags
- Departure of long-tenured CEO (39 years with the company) can create leadership vacuum or strategic shifts, though the transition period mitigates immediate risk.
📋 Key Facts
- David S. Silverman (CEO) informed the Board of his intent to retire during 2026.
- Silverman has served as President and CEO since 2012.
- A subcommittee of independent directors from the Nominating and Governance Committee will be formed to lead the search.
- The successor search is expected to include both internal and external candidates.
- To ensure continuity, Silverman will remain in his role until a successor is named and a transition period is completed.
- Silverman is expected to remain on the Boards of Directors after his retirement from executive duties.
Union Bankshares, Inc. filed an 8-K to announce the distribution of its unaudited First Quarter 2025 Report to Shareholders and the declaration of a regular quarterly dividend.
📋 Key Facts
- Report covers the three months ended March 31, 2025.
- The company declared a regular quarterly dividend as part of the Q1 results.
- The filing includes Exhibit 99.1 containing the Quarterly Report.
Union Bankshares, Inc. announced its financial results for the first quarter ended March 31, 2025, and declared a regular quarterly cash dividend.
📋 Key Facts
- Quarterly cash dividend of $0.36 per share declared on April 16, 2025.
- Dividend is payable on May 1, 2025, to shareholders of record as of April 26, 2025.
- The filing includes the announcement of net income and net income per share for Q1 2025 (specific figures contained in Exhibit 99.1).
Union Bankshares, Inc. announced internal leadership restructuring effective April 1, 2025. The company has created two new executive roles to expand its management team within its wholly owned subsidiary, Union Bank.
🚩 Red Flags
- None identified; these are internal promotions and expansions rather than departures or replacements.
📋 Key Facts
- Karyn J. Hale appointed to the newly created position of Chief Operating Officer (COO) of Union Bank, effective April 1, 2025.
- Ms. Hale will retain her current roles as Company Vice President, Treasurer, and CFO, as well as Executive Vice President and CFO of Union Bank.
- Carrie R. Locklin appointed to the newly created position of Chief Accounting Officer (CAO) of Union Bank, effective April 1, 2025.
- Ms. Locklin will continue her current role as Senior Vice President - Finance of Union Bank.
Union Bankshares, Inc. has released its unaudited Fourth Quarter 2024 Report to Shareholders, detailing the company's financial performance and dividend declaration for the period ending December 31, 2024.
📋 Key Facts
- Report covers results of operations and financial condition for the three and twelve months ended December 31, 2024.
- The filing includes a declaration of a regular quarterly dividend.
- Information was distributed to shareholders on February 6, 2025.
Union Bankshares, Inc. announced its financial results for the fourth quarter and full year ended December 31, 2024, and declared a regular quarterly cash dividend.
📋 Key Facts
- Declared a regular quarterly cash dividend of $0.36 per share.
- Dividend is payable on February 6, 2025, to shareholders of record as of January 25, 2025.
- Released net income and earnings per share results for Q4 and FY2024 via press release (Exhibit 99.1).
Union Bankshares, Inc. has reauthorized its limited quarterly stock repurchase program. The board has extended the duration of this authorization to 24 months, expiring on December 31, 2026.
📋 Key Facts
- Reauthorization of a limited quarterly stock repurchase program on December 18, 2024.
- The program allows for the repurchase of up to 2,500 shares of common stock per calendar quarter.
- Repurchases can be via open market or privately negotiated transactions.
- Authorization period extended from 12 months to 24 months, expiring December 31, 2026.
Union Bankshares, Inc. amended its bylaws to implement a 20-year tenure limitation for directors, in addition to existing age qualifications. The Board also passed a resolution to exempt two long-standing incumbent directors from this new rule.
🚩 Red Flags
- None identified; this is a standard governance update regarding board succession planning.
📋 Key Facts
- Amendment to Article III, Section 3.2 of the Company's Bylaws adopted on November 20, 2024.
- New 'Tenure Qualification' limits director service to a maximum of twenty (20) years.
- Existing 'Age Qualification' remains: directors cannot serve past their 72nd birthday.
- Directors David Silverman and Timothy Sargent were granted exemptions from the tenure limit by Board resolution.
- Director Mary Parent will be subject to the new tenure qualification.
Union Bankshares, Inc. has released its unaudited Third Quarter 2024 Report to Shareholders, covering the three and nine months ended September 30, 2024. The filing includes a declaration of a regular quarterly dividend.
📋 Key Facts
- Report covers results of operations and financial condition for the periods ending September 30, 2024.
- The company declared a regular quarterly dividend as part of the Q3 report.
- Filing date: November 7, 2024.
Union Bankshares, Inc. announced its third quarter and nine-month financial results for the period ended September 30, 2024. The company also declared a regular quarterly cash dividend of $0.36 per share.
📋 Key Facts
- Reported net income and net income per share for Q3 and YTD nine months ended Sept 30, 2024 (details in Exhibit 99.1).
- Declared a regular quarterly cash dividend of $0.36 per share.
- Dividend payable date: November 7, 2024.
- Record date for dividend: October 26, 2024.
Union Bankshares, Inc. announced a balance sheet repositioning involving the sale of $38.8 million in lower-yielding debt securities. The transaction resulted in an estimated after-tax realized loss of approximately $1.0 million but is intended to increase future yields.
🚩 Red Flags
- Realized loss on securities sale (though management characterizes it as strategic).
📋 Key Facts
- Sold $38.8 million (book value) of available-for-sale debt securities.
- Realized loss is estimated at approximately $1.0 million, to be recorded in Q3 2024.
- Redeployed proceeds into higher yielding bonds and loans with an expected yield increase of ~341 basis points.
- The company expects to recoup the realized loss within approximately one year.
- Management states the sale has a neutral impact on stockholders' equity and book value per share.
Union Bankshares, Inc. has released its unaudited Second Quarter 2024 Report to Shareholders. The filing includes results of operations and financial condition for the periods ended June 30, 2024, as well as a declaration of a regular quarterly dividend.
📋 Key Facts
- Report covers three and six months ended June 30, 2024.
- The filing includes an unaudited Quarterly Report (Exhibit 99.1).
- Company declared a regular quarterly dividend.
Union Bankshares, Inc. announced its financial results for the second quarter and six months ended June 30, 2024. The company also declared a regular quarterly cash dividend of $0.36 per share.
📋 Key Facts
- Reported net income and EPS for Q2 and H1 2024 (details in Exhibit 99.1).
- Declared a regular quarterly cash dividend of $0.36 per share.
- Dividend payable date: August 1, 2024.
- Record date for dividend: July 27, 2024.
Union Bankshares, Inc. reported the results of its 2024 annual meeting of shareholders held on May 15, 2024. Shareholders approved the election of nine directors, a new 2024 Equity Incentive Plan, and the ratification of Berry Dunn McNeil & Parker, LLC as external auditors.
📋 Key Facts
- Annual meeting held on May 15, 2024; results reported via 8-K filed May 16, 2024.
- Shareholders approved the Union Bankshares, Inc. 2024 Equity Incentive Plan, which replaces the 2014 plan.
- The new Equity Plan authorizes up to 250,000 shares of common stock for awards to officers and non-employee directors.
- Nine directors were elected to one-year terms, including Joel S. Bourassa, Dawn D. Bugbee, Mary K. Parent, Nancy C. Putnam, Gregory D. Sargent, Timothy W. Sargent, David S. Silverman, Janet P. Spitler, and Cornelius J. Van Dyke.
- External auditors Berry Dunn McNeil & Parker, LLC were ratified for the 2024 fiscal year.
Union Bankshares, Inc. has released its unaudited First Quarter 2024 Report to Shareholders and declared a regular quarterly dividend.
📋 Key Facts
- Reporting period: Three months ended March 31, 2024.
- Report date: May 2, 2024.
- The filing includes the declaration of a regular quarterly dividend.
- Information was furnished under Item 2.02 but is not deemed 'filed' for purposes of Section 18 of the Exchange Act.
Union Bankshares, Inc. announced its financial results for the first quarter ended March 31, 2024, and declared a regular quarterly cash dividend.
📋 Key Facts
- Quarterly earnings release issued on April 17, 2024.
- Board of Directors declared a quarterly cash dividend of $0.36 per share.
- Dividend is payable on May 2, 2024, to shareholders of record as of April 27, 2024.
Union Bankshares, Inc. has released its unaudited Fourth Quarter and Full Year 2023 Report to Shareholders. The filing includes the company's results of operations, financial condition for the periods ended December 31, 2023, and a declaration of a regular quarterly dividend.
📋 Key Facts
- Report covers three and twelve months ended December 31, 2023.
- The filing includes an unaudited Quarterly Report (Exhibit 99.1).
- Company declared a regular quarterly dividend as part of the earnings release.
Union Bankshares, Inc. announced its fourth quarter and full-year 2023 financial results via press release and declared a regular quarterly cash dividend of $0.36 per share. The company also reauthorized its limited quarterly stock repurchase program through the end of 2024.
📋 Key Facts
- Declared a quarterly cash dividend of $0.36 per share, payable on February 1, 2024, to shareholders of record as of January 27, 2024.
- Reauthorized a limited stock repurchase program allowing for the purchase of up to 2,500 shares of common stock each calendar quarter.
- The reauthorized stock repurchase program is set to expire on December 31, 2024.
- Announced net income and earnings per share results for the fourth quarter and fiscal year ended December 31, 2023.