UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)/1/
UNION BANKSHARES, LTD.
(Name of Issuer)
COMMON STOCK, PAR VALUE $.001 PER SHARE
(Title of Class of Securities)
905403 10 1
(CUSIP Number)
Check the following box if a fee is being paid with this statement / /.
(A fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent of
the class of securities described in Item 1; and (2) has filed no amendment
subsequent thereto reporting beneficial ownership of five percent or less of
such class.) (See Rule 13d-7.)
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/1/ The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that Section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 7 Pages
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UNION BANKSHARES, LTD. SCHEDULE 13G
CUSIP NO. 905403 10 1
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(1) Name of Reporting Person; S.S. or I.R.S. Identification No.
BRUCE E. HALL
(2) Check the Appropriate Box if a Member (a) / /
of a Group (See Instructions) (b) /X/
(3) SEC Use Only
(4) Citizenship or Place of Organization
UNITED STATES
Number of Shares (5) Sole Voting Power 115,156
Beneficially Owned
by Each Reporting (6) Shared Voting Power 79,089
Person With
(7) Sole Dispositive Power 120,297
(8) Shared Dispositive Power 73,948
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
194,245 SHARES
(10) Check Box if the Aggregate Amount in Row (9) / /
Excludes Certain Shares (See Instructions)
Page 2 of 7 Pages
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UNION BANKSHARES, LTD. SCHEDULE 13G
CUSIP NO. 905403 10 1
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(11) Percent of Class Represented by Amount in Row (9)
16.0%
(12) Type of Reporting Person (See Instructions)
IN
Page 3 of 7 Pages
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UNION BANKSHARES, LTD. SCHEDULE 13G
CUSIP NO. 905403 10 1
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Item 1(a). Name of Issuer:
UNION BANKSHARES, LTD.
Item 1(b). Address of Issuer's Principal Executive Offices:
1825 LAWRENCE STREET, SUITE 444
DENVER, COLORADO 80202
Item 2(a). Name of Person Filing:
BRUCE E. HALL
Item 2(b). Address of Principal Business Office:
1825 LAWRENCE STREET, SUITE 444
DENVER, COLORADO 80202
Item 2(c). Citizenship:
UNITED STATES
Item 2(d). Title of Class of Securities:
COMMON STOCK, PAR VALUE OF $.001 PER SHARE
Item 2(e). CUSIP Number:
905403 10 1
Item 3. If this statement is filed pursuant to Rule 13d-1(b), or
13d-2(b), check whether the person filing is a:
NOT APPLICABLE.
Page 4 of 7 Pages
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UNION BANKSHARES, LTD. SCHEDULE 13G
CUSIP NO. 905403 10 1
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Item 4. Ownership
Amount Beneficially Owned: 194,245 SHARES/2/
Percent of Class: 16.0% /3/
Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 115,156
(ii) shared power to vote or to direct the vote: 79,089
(iii) sole power to dispose or to direct the disposition of: 120,297
(iv) shared power to dispose or to direct the disposition of: 73,948
Item 5. Ownership of Five Percent or Less of a Class. If this statement
is being filed to report the fact that as of the date hereof the
reporting person has ceased to be the beneficial owner of more
than 5 percent of the class of securities, check the following.
[ ]
NOT APPLICABLE
Item 6. Ownership of More than Five Percent on Behalf of Another Person:
NOT APPLICABLE.
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/2/ As of February 13, 1998. Includes (1) 72,704 shares owned directly by Mr.
Hall and (2) 42,452 shares beneficially owned by Mr. Hall pursuant to
currently exercisable options, or options exercisable within sixty days of
February 13, 1998, granted to Mr. Hall by the Company under its
non-employee director stock option plan and (3) 5,141 shares beneficially
owned pursuant to Mr. Hall's participation in 401(k) Plan and (4) 12,500
shares indirectly owned under the IRA of his spouse, Kathryn O. Hall, and
(5) 61,448 shares held in the Union Bankshares, Ltd. Profit Sharing 401(k)
Plan of which shares Mr. Hall is deemed to be the beneficial owner for
purposes of this Schedule 13G by virtue of his position as trustee of the
Plan with shared voting and dispositive power over such shares and as to
which shares Mr. Hall disclaims beneficial ownership.
/3/ Based on 1,210,959 shares of Common Stock deemed to be outstanding on
February 13, 1998. Includes 42,452 options granted to Mr. Hall,
exercisable immediately or within 60 days of February 13, 1998.
Page 5 of 7 Pages
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UNION BANKSHARES, LTD. SCHEDULE 13G
CUSIP NO. 905403 10 1
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Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent Holding
Company:
NOT APPLICABLE.
Item 8. Identification and Classification of Members of the Group:
NOT APPLICABLE.
Item 9. Notice of Dissolution of Group:
NOT APPLICABLE.
Item 10. Certification:
NOT APPLICABLE.
Page 6 of 7 Pages
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UNION BANKSHARES, LTD. SCHEDULE 13G
CUSIP NO. 905403 10 1
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: February 17, 1998
Signature
/s/ Bruce E. Hall
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Bruce E. Hall
Page 7 of 7 Pages
