SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 27, 1998
UNION BANKSHARES, LTD.
(Exact name of registrant as specified in its charter)
DELAWARE 0-21078 84-0986148
(State or other jurisdiction (Commission (IRS Employee
of incorporation) File Number) Identification No.)
1825 Lawrence Street
Suite 444
DENVER, COLORADO 80202
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (303) 298-5352
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ITEM 5. OTHER EVENTS.
On May 27, 1998, Union Bankshares, Ltd. announced that its shareholders
and Board of Directors approved a 100% stock dividend to split its common stock
on a two-for-one basis. The stock split is payable on May 28, 1998 based on a
record date of May 27, 1998.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
99.1 Press release dated May 27, 1998
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
UNION BANKSHARES, LTD.
(Registrant)
Date: May 28, 1998 By: /s/ Bruce E. Hall
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Name: Bruce E. Hall
Title: Vice President, Secretary and Treasurer
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EXHIBIT INDEX
Exhibit
No. Description
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99.1 Press release dated May 27, 1998
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EXHIBIT 99.1
From: Ned High Public Relations, Inc.
1430 Larimer Street, Suite 320
Denver, Colorado 80202
(303) 573-5464
Contact: Ned W. High
For the Company: Bruce E. Hall
Chief Financial Officer
(303) 298-5352
May 27, 1998 FOR IMMEDIATE RELEASE
UNION BANKSHARES, LTD. ANNOUNCES 2 FOR 1 COMMON STOCK SPLIT
Denver, CO -- Union Bankshares, Ltd. (NASDAQ: UBSC) today announced that on
May 27, 1998, its shareholders and its Board of Directors approved a 100 percent
stock dividend to split the Company's common stock on a two-for-one basis.
The dividend is payable on May 28, 1998, based on a record date of May 27,
1998. Management expects that the Company's common stock will begin trading at
the split-adjusted trading price on May 29, 1998.
According to Company Chief Executive Officer Charles R. Harrison: "The
primary reason to split our common stock at this time is to increase our public
float and come into compliance with the recently revised NASDAQ listing
standards."
"A beneficial secondary effect of the split," Harrison said, "is that by
increasing the number of shares held by the public, more investors will be able
to participate in our stock at more attractive prices."
Union Bankshares is a bank holding company whose principal asset is all of
the common stock of Union Bank & Trust, a state-chartered commercial bank
located in Denver with four branches in the Denver metropolitan area.
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"Safe Harbor" statement under the Private Securities Litigation Reform Act of
1995.
Statements which are not historical facts contained in this document are forward
looking statements that involve risks and uncertainties that could cause actual
results to differ from projected results. Factors that could cause actual
results to differ materially include, among others: general economic conditions,
economic conditions in the Denver metropolitan area, the monetary policy of the
Federal Reserve Board, changes in interest rates, inflation, competition in the
banking business, changes in the state and federal regulatory regime applicable
to the Company's and the Bank's operations, the results of financing efforts and
other risk factors detained in the Company's Forms 10-KSB, 10-QSB and 8-K filed
with the Securities and Exchange Commission.
