Union Bankshares, Inc.
Press Release
Exhibit 99.1
FOR IMMEDIATE RELEASE
Union Bankshares Announces Increase in Third Quarter Earnings and Dividend
Morrisville, VT October 4, 2000 - Union Bankshares, Inc. today announced
net income for the quarter ended September 30, 2000 increased 10.1% to
$1.247 million or $.41 per share compared to $1.133 million or $.37 per
share for the same period last year.
Efforts to consolidate some of the "back room" operations of the subsidiary
banks have begun to reflect in the reduction of certain expenses.
A quarterly dividend of $.26 per share was declared on October 4, 2000 to
shareholders of record October 14th, payable October 17th. This is an
increase from $.24 per share paid during the prior four quarters.
Union Bank and Citizens Savings Bank and Trust Company are wholly-owned
subsidiaries of Union Bankshares, Inc. offering deposit, loan, trust and
commercial banking services in North Central Vermont.
This press release contains forward-looking statements. Investors are
cautioned that all forward-looking statements involve risks and
uncertainties, and several factors could cause actual results to differ
materially from those in the forward-looking statements. Forward-looking
statements relate to anticipated revenues, gross margins, earnings, and
growth of the market for our products. The following factors, among others,
could cause actual results to differ from those indicated in the forward-
looking statements: uncertainties associated with market acceptance of and
demand for the company's products, impact of competitive products and
pricing, dependence on third party suppliers, uncertainties associated with
the development of technology, and the dependence on intellectual property
rights. Investors are directed to the company's 1999 annual report, which
is available from the company without charge for a more complete
description of the company's business.
