SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------------------------------
FORM 11-K
|X| Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the fiscal year ended December 31, 1997
|_| Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Commission file number 0-21078
A. Union Bankshares, Ltd. Profit Sharing 401(k) Plan
B. Union Bankshares, Ltd.
1825 Lawrence Street, Suite 444
Denver, Colorado 80202
(303) 298-5352
<PAGE>
UNION BANKSHARES, LTD.
PROFIT SHARING 401(k) PLAN
Independent Accountants' Report
and Financial Statements
December 31, 1997 and 1996
-2-
<PAGE>
UNION BANKSHARES, LTD. PROFIT SHARING 401(k) PLAN
DECEMBER 31, 1997 AND 1996
TABLE OF CONTENTS
PAGE
INDEPENDENT ACCOUNTANTS' REPORT........................................4
FINANCIAL STATEMENTS
Statements of Net Assets Available for Benefits......................5
Statements of Changes in Net Assets Available for Benefits...........7
Notes to Financial Statements........................................9
SUPPLEMENTARY INFORMATION
Item 27a - Schedule of Assets Held for Investment Purposes..........16
Item 27d - Schedule of Reportable Transactions......................17
-3-
<PAGE>
INDEPENDENT ACCOUNTANTS' REPORT
The Board of Trustees
Union Bankshares, Ltd. Profit Sharing 401(k) Plan
Denver, Colorado
We have audited the accompanying statements of net assets available for
benefits of UNION BANKSHARES, LTD. PROFIT SHARING 401(k) PLAN for the years
ended December 31, 1997 and 1996, and the related statements of changes in net
assets available for benefits for the years then ended. These financial
statements are the responsibility of the Plan's management. Our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the net assets available for benefits of UNION
BANKSHARES, LTD. PROFIT SHARING 401(k) PLAN as of December 31, 1997 and 1996,
and the changes in net assets available for benefits for the years then ended in
conformity with generally accepted accounting principles.
The accompanying supplemental schedules as of or for the year ended December
31, 1997, are presented for purposes of complying with the Department of Labor's
Rules and Regulations for Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974 and are not a required part of the basic financial
statements. The supplemental schedules have been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in our
opinion, are fairly stated, in all material respects, in relation to the basic
financial statements taken as a whole.
/s/Baird, Kurtz & Dobson
Denver, Colorado
May 27, 1998
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<PAGE>
UNION BANKSHARES, LTD. PROFIT SHARING 401(k) PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
(WITH FUND INFORMATION)
DECEMBER 31, 1997 AND 1996
<TABLE>
<CAPTION>
1997
----------------------------------------------------------------------------------------
Non-
Participant
Directed Participant Directed
----------- -----------------------------------------------------------------
American Funds
Union Union ------------------------------------------------------
Bankshares, Bankshares, Cash
Ltd. Ltd. New Investment Income Bond Management
Common Common Perspective Company of Fund of Fund of Trust of
Stock Stock Fund America America America America Total
----------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
ASSETS
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENTS, AT FAIR VALUE
Union Bankshares, Ltd. common stock $1,516,153 $ 658,864 $ -- $ -- $ -- $ -- $ -- $2,175,017
The American Funds Group
mutual funds:
New Perspective Fund -- -- 288,794 -- -- -- -- 288,794
Investment Company of America -- -- -- 476,345 -- -- -- 476,345
Income Fund of America -- -- -- -- 460,532 -- -- 460,532
Bond Fund of America -- -- -- -- -- 86,992 -- 86,992
Cash Management Trust of America -- -- -- -- -- -- 277,154 277,154
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
1,516,153 658,864 288,794 476,345 460,532 86,992 277,154 3,764,834
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
EMPLOYER CONTRIBUTION
RECEIVABLE 124,210 -- -- -- -- -- -- 124,210
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
TRANSFER RECEIVABLE 9,979 -- 827 5,801 -- -- -- 16,607
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
NET ASSETS AVAILABLE
FOR BENEFITS $1,650,342 $ 658,864 $ 289,621 $ 482,146 $ 460,532 $ 86,992 $ 277,154 $3,905,651
========== ========== ========== ========== ========== ========== ========== ==========
</TABLE>
See Notes to Financial Statements
-5-
<PAGE>
UNION BANKSHARES, LTD. PROFIT SHARING 401(k) PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
(WITH FUND INFORMATION)
DECEMBER 31, 1997 AND 1996
<TABLE>
<CAPTION>
1996
-----------------------------------------------------------------------------------------
Non-
Participant
Directed Participant Directed
------------ ----------------------------------------------------------------
American Funds
Union Union -----------------------------------------------------
Bankshares, Bankshares, Cash
Ltd. Ltd. New Investment Income Bond Management
Common Common Perspective Company of Fund of Fund of Trust of
Stock Stock Fund America America America America Total
--------- --------- --------- --------- --------- --------- --------- ---------
ASSETS
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENTS, AT FAIR VALUE
Union Bankshares, Ltd. common stock $ 932,912 $ 275,365 $ -- $ -- $ -- $ -- $ -- $1,208,277
The American Funds Group
mutual funds:
New Perspective Fund -- -- 347,925 -- -- -- -- 347,925
Investment Company of America -- -- -- 333,955 -- -- -- 333,955
Income Fund of America -- -- -- -- 372,518 -- -- 372,518
Bond Fund of America -- -- -- -- -- 89,764 -- 89,764
Cash Management Trust of America -- -- -- -- -- -- 390,869 390,869
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
932,912 275,365 347,925 333,955 372,518 89,764 390,869 2,743,308
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
EMPLOYER CONTRIBUTION
RECEIVABLE 121,119 -- -- -- -- -- -- 121,119
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
TRANSFER RECEIVABLE 1,819 -- 1,376 411 20 358 342 4,326
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
NET ASSETS AVAILABLE
FOR BENEFITS $1,055,850 $ 275,365 $ 349,301 $ 334,366 $ 372,538 $ 90,122 $ 391,211 $2,868,753
========== ========== ========== ========== ========== ========== ========== ==========
</TABLE>
See Notes to Financial Statements
-6-
<PAGE>
UNION BANKSHARES, LTD. PROFIT SHARING 401(k) PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
(WITH FUND INFORMATION)
YEARS ENDED DECEMBER 31, 1997 AND 1996
<TABLE>
<CAPTION>
1997
---------------------------------------------------------------------------------------------------
Non-
Participant
Directed Participant Directed
----------- --------------------------------------------------------------------------
American Funds
Union Union --------------------------------------------------------------
Bankshares, Bankshares, Cash
Ltd. Ltd. New Investment Income Bond Management
Common Common Perspective Company of Fund of Fund of Trust of
Stock Stock Fund America America America America Total
---------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
INVESTMENT INCOME
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net appreciation in fair value $ 518,652 $ 214,150 $ 32,360 $ 59,933 $ 34,537 $ 1,538 $ -- $ 861,170
of investments
Interest and dividends 606 250 21,167 47,040 55,865 6,162 16,480 147,570
---------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
519,258 214,400 53,527 106,973 90,402 7,700 16,480 1,008,740
---------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
CONTRIBUTIONS
Employer 194,475 -- -- -- -- -- -- 194,475
Employee -- 44,878 36,040 87,198 28,148 4,295 5,386 205,945
---------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
194,475 44,878 36,040 87,198 28,148 4,295 5,386 400,420
---------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Total additions 713,733 259,278 89,567 194,171 118,550 11,995 21,866 1,409,160
---------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
BENEFITS PAID TO PARTICIPANTS 88,509 9,607 98,001 110,702 3,093 3,818 58,532 372,262
---------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
TRANSFERS (30,732) 133,828 (51,246) 64,311 (27,463) (11,307) (77,391) --
---------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
NET INCREASE (DECREASE) 594,492 383,499 (59,680) 147,780 87,994 (3,130) (114,057) 1,036,898
NET ASSETS AVAILABLE FOR
BENEFITS, BEGINNING OF YEAR 1,055,850 275,365 349,301 334,366 372,538 90,122 391,211 2,868,753
---------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS, END OF YEAR $1,650,342 $ 658,864 $ 289,621 $ 482,146 $ 460,532 $ 86,992 $ 277,154 $ 3,905,651
=========== =========== =========== =========== =========== =========== =========== ==========
</TABLE>
See Notes to Financial Statements
-7-
<PAGE>
UNION BANKSHARES, LTD. PROFIT SHARING 401(k) PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
(WITH FUND INFORMATION)
YEARS ENDED DECEMBER 31, 1997 AND 1996
<TABLE>
<CAPTION>
1996
---------------------------------------------------------------------------------------------------
Non-
Participant
Directed Participant Directed
----------- -------------------------------------------------------------------------
American Funds
Union Union -------------------------------------------------------------
Bankshares, Bankshares, Cash
Ltd. Ltd. New Investment Income Bond Management
Common Common Perspective Company of Fund of Fund of Trust of
Stock Stock Fund America America America America Total
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Net appreciation (depreciation)
in fair value of investments $ 260,281 $ 75,341 $ 30,181 $ 37,016 $ 11,888 $ (396) $ -- $ 414,311
Interest and dividends 546 158 18,106 19,767 35,940 5,848 18,776 99,141
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
260,827 75,499 48,287 56,783 47,828 5,452 18,776 513,452
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
CONTRIBUTIONS
Employer 177,105 -- -- -- -- -- -- 177,105
Employee -- 29,004 35,992 48,649 22,378 2,635 9,468 148,126
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
177,105 29,004 35,992 48,649 22,378 2,635 9,468 325,231
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Total additions 437,932 104,503 84,279 105,432 70,206 8,087 28,244 838,683
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
BENEFITS PAID TO PARTICIPANTS 1,141 90 1,689 193 -- -- -- 3,113
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
TRANSFERS 130,901 (60,122) 5,496 (17,583) (62,693) 9,154 (5,153) --
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
NET INCREASE 567,692 44,291 88,086 87,656 7,513 17,241 23,091 835,570
NET ASSETS AVAILABLE FOR
BENEFITS, BEGINNING OF YEAR 488,158 231,074 261,215 246,710 365,025 72,881 368,120 2,033,183
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
NET ASSETS AVAILABLE FOR
BENEFITS, END OF YEAR $1,055,850 $ 275,365 $ 349,301 $ 334,366 $ 372,538 $ 90,122 $ 391,211 $2,868,753
========== ========== ========== ========== ========== ========== ========== ==========
</TABLE>
See Notes to Financial Statements
-8-
<PAGE>
UNION BANKSHARES, LTD. PROFIT SHARING 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
NOTE 1: SIGNIFICANT ACCOUNTING POLICIES
VALUATION OF INVESTMENTS
Investments are carried at their current value, which is the quoted market
price on the last business day of the plan year.
PAYMENTS OF BENEFITS
Benefits are recorded when paid.
INCOME TAX STATUS
The Trust established under the Plan to hold the Plan's assets is qualified
pursuant to the appropriate section of the Internal Revenue Code and,
accordingly, the Trust's net investment income is exempt from income taxes. The
Plan has obtained a favorable tax determination letter from the Internal Revenue
Service (May 4, 1994) and the Plan sponsor believes that the Plan continues to
qualify and to operate as designed.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
-9-
<PAGE>
UNION BANKSHARES, LTD. PROFIT SHARING 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
NOTE 2: PLAN DESCRIPTION
The following description of the Plan provides only general information.
Participants should refer to the Plan document for a more complete description
of the Plan's provisions.
GENERAL
The Plan is a defined contribution plan covering eligible employees of Union
Bankshares, Ltd., and its subsidiaries (Company). The Plan was created and
maintained for the purpose of enabling eligible employees and their
beneficiaries to share in Company profits. It is subject to the provisions of
the Employee Retirement Income Security Act of 1974 (ERISA).
PARTICIPATION
Any employee who has attained the age of 21 years, who has completed 1,000
hours of service, and has been employed by the Company for a full year shall be
eligible to participate in the Plan.
PARTICIPANT ACCOUNTS
The Plan administrator maintains an account or accounts for each
participant. Each participant's account is credited with the participant's
contribution and allocation of (a) the Company's contribution, (b) forfeitures,
and (c) Plan earnings. Allocations are based on participant earnings or account
balances, as defined. The benefit to which a participant is entitled is the
benefit that can be provided from the participant's vested account.
-10-
<PAGE>
UNION BANKSHARES, LTD. PROFIT SHARING 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
NOTE 2: PLAN DESCRIPTION (CONTINUED)
VESTING
Participants are vested immediately in their voluntary contribution plus
earnings thereon. Vesting in the remainder of their account is as follows:
Vested
Years of Service Percentage
---------------- ----------
Less than 2 years 0%
2 but less than 3 years 20%
3 but less than 4 years 40%
4 but less than 5 years 60%
5 but less than 6 years 80%
6 years and thereafter 100%
No vesting credit will be allowed when an employee incurs a "break in
service", defined as a Plan year in which less than 500 hours are worked.
Therefore, vesting with respect to employees with a "break in service" is
determined at each Plan year-end. Participants will become 100% vested at normal
retirement age, total disability, or death.
DISTRIBUTION OF BENEFITS
The Trustees of the Plan, at the written request of the Plan Committee,
shall execute all required documents to make a distribution of benefits as
provided by the Plan. Total vested benefits will be determined by the full value
of each participant's account upon distribution for any of the above reasons.
Payments may be made in a lump sum, installments, or by some other method.
CONTRIBUTION AND FUNDING
Eligible participants may make voluntary contributions to the Plan provided
that any voluntary contributions for all plans in which an employee may
participate do not exceed 15% of the participant's compensation. Voluntary
contributions may be restricted in amount by other provisions of the Plan.
-11-
<PAGE>
UNION BANKSHARES, LTD. PROFIT SHARING 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
NOTE 2: PLAN DESCRIPTION (CONTINUED)
CONTRIBUTION AND FUNDING (CONTINUED)
The Company contributes an amount equal to 50% of the participant's
voluntary contribution up to a maximum of 3% of the participant's annual
compensation. In addition, each plan year the Company makes an additional profit
sharing contribution. During 1997 and 1996, the Company made profit sharing
contributions of $124,210 and $117,050, respectively. All Company contributions
are invested in the common stock of the Company.
PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate the
Plan subject to the provisions of ERISA. In the event of Plan termination,
participants will become 100% vested in their accounts.
INVESTMENT OPTIONS
Upon enrollment in the Plan, a participant may direct employee contributions
in any of six investment options. All employer contributions are invested in the
common stock of the Company.
UNION BANKSHARES, LTD., common stock - Funds are invested in the common
stock of Union Bankshares, Ltd.
NEW PERSPECTIVE FUND - A global growth fund.
INVESTMENT COMPANY OF AMERICA - A conservative domestic growth fund.
INCOME FUND OF AMERICA - A balanced fund of stocks, bonds, and cash.
BOND FUND OF AMERICA - Fixed income fund of corporate and government bonds.
CASH MANAGEMENT TRUST OF AMERICA - A money market fund.
-12-
<PAGE>
UNION BANKSHARES, LTD. PROFIT SHARING 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
NOTE 3: INVESTMENTS
Plan investments are summarized as follows:
<TABLE>
<CAPTION>
December 31, 1997 December 31, 1996
--------------------- ---------------------
Number of Number of
Shares or Shares or
Principal Fair Principal Fair
Amount Value Amount Value
-------- ---------- -------- ----------
<S> <C> <C> <C> <C>
Common Stock, Union Bankshares, Ltd. 86,551 $2,175,017 73,787 $1,208,277
American Fund Mutual Funds:
New Perspective Fund 14,909 288,794 19,148 347,925
Investment Company of America 16,862 476,345 13,783 333,955
Income Fund of America 25,916 460,532 22,549 372,518
Bond Fund of America 6,214 86,992 6,528 89,764
Cash Management Trust of America 277,154 277,154 390,869 390,869
---------- ----------
$3,764,834 $2,743,308
========== ==========
</TABLE>
The net change in the fair value of the Plan's investments, including
investments bought, sold, and held during the years ended December 31, 1997 and
1996, are as follows:
<TABLE>
<CAPTION>
1997 1996
----------- ----------
<S> <C> <C>
Common Stock, Union Bankshares, Ltd. $ 732,802 $ 335,622
Mutual Funds 128,368 78,689
----------- ----------
$ 861,170 $ 414,311
=========== ==========
</TABLE>
NOTE 4: ADMINISTRATIVE COSTS
Certain administrative functions are performed by officers or employees of
the Company. No such officer or employee receives compensation from the Plan.
The Company pays for all administrative costs of the Plan. These amounts are
considered insignificant to the Plan as a whole.
-13-
<PAGE>
UNION BANKSHARES, LTD. PROFIT SHARING 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
NOTE 5: RECONCILIATION OF DIFFERENCES BETWEEN THESE FINANCIAL STATEMENTS AND
THE FINANCIAL INFORMATION REQUIRED ON FORM 5500
<TABLE>
<CAPTION>
1997 1996
----------- -----------
<S> <C> <C>
Net assets available for benefits as presented in
these financial statements $ 3,905,651 $ 2,868,753
Adjustments:
Benefits payable (41,911) --
----------- -----------
Net assets available for benefits as presented
on Form 5500 $ 3,863,740 $ 2,868,753
=========== ===========
1997 1996
----------- -----------
Net increase in net assets available for benefits as
presented in these financial statements $ 1,036,898 $ 835,570
Adjustments:
Benefits paid (41,911) --
----------- -----------
Net increase in net assets available for benefits as
presented on Form 5500 $ 994,987 $ 835,570
=========== ===========
</TABLE>
NOTE 6: BENEFITS PAYABLE
Benefits payable to persons who have withdrawn from participation in the
earnings and operations of the Plan in the amount of $41,911 at December 31,
1997, are included in net assets available for benefits.
NOTE 7: SUBSEQUENT EVENT
An amendment regarding the employee's investment options was made January 1,
1998. Under the new plan, the employees have the right to direct the employer
contributions into any of six investment options. Previously, all employer
contributions were invested in common stock of the Company. The plan
administrator believes that the plan, as amended, continues to be designed and
is being operated in compliance with the applicable requirements of the Internal
Revenue Code.
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<PAGE>
SUPPLEMENTARY INFORMATION
-15-
<PAGE>
UNION BANKSHARES, LTD. PROFIT SHARING PLAN AND TRUST
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1997
Shares or
Amount Fair Value
--------- -----------
Common Stock, Union Bankshares, Ltd. 86,551 $ 2,175,017
The American Funds Group mutual funds:
New Perspective Fund 14,909 288,794
Investment Company of America 16,862 476,345
Income Fund of America 25,916 460,532
Bond Fund of America 6,214 86,992
Cash Management Trust of America 277,154 277,154
-----------
Total Investments $ 3,764,834
===========
-16-
<PAGE>
UNION BANKSHARES, LTD. PROFIT SHARING PLAN AND TRUST
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1997
<TABLE>
<CAPTION>
Number of Total Number of Net Total
Purchases Value of Sales Selling Cost of Net
Description of Assets Transactions Purchases Transactions Price Assets Sold Gain
--------------------- ------------ -------------- ------------- ----------- --------------- -------
<S> <C> <C> <C> <C> <C> <C>
Series of transactions involving securities of
the same issue that, in the aggregate, exceed
5% of the plan assets for the beginning of
the plan year:
Common Stock, Union Bankshares, Ltd. Various $ 433,433 Various $ 230,153 $ 230,153 $ --
The American Funds Group mutual funds:
New Perspective Fund -- $ -- Various $ 149,583 $ 149,583 $ --
Income Fund of America Various $ 173,247 -- - $ - $ --
</TABLE>
-17-
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees have duly caused this annual report to be signed on their behalf by the
undersigned thereunto duly authorized.
UNION BANKSHARES, LTD. PROFIT SHARING
401(k) PLAN
Date: June 29, 1998 By /s/ Herman J. Zueck
--------------------------------------
Name: Herman J. Zueck
Title: Trustee
Date: June 29, 1998 By /s/ Charles R. Harrison
--------------------------------------
Name: Charles R. Harrison
Title: Trustee
Date: June 29, 1998 By /s/ Bruce E. Hall
--------------------------------------
Name: Bruce E. Hall
Title: Trustee
-18-
<PAGE>
EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION OF EXHIBITS
23.1 Consent of Baird, Kurtz & Dobson
<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in Form S-8 of our report on the
financial statements included in the annual report on Form 11-K of Union
Bankshares, Ltd. Profit Sharing 401(k) Plan for the year ended December 31,
1997.
/s/ Baird, Kurtz & Dobson
Denver, Colorado
June 26, 1998
