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.
Herman J. Zueck
(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 102,362
Beneficially Owned
by Each Reporting (6) Shared Voting Power 66,952
Person With
(7) Sole Dispositive Power 110,113
(8) Shared Dispositive Power 59,201
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
169,314 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)
13.9%
(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:
Herman J. Zueck
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: 169,314 shares /2/
Percent of Class: 13.9% /3/
Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 102,362
(ii) shared power to vote or to direct the vote: 66,952
(iii) sole power to dispose or to direct the disposition of: 110,113
(iv) shared power to dispose or to direct the disposition of: 59,201
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) 37,596 shares owned directly by Mr.
Zueck, (2) 363 shares owned indirectly by Mr. Zueck, through his spouse W.
Linnea Zueck, (3) 46,636 shares beneficially owned by Mr. Zueck pursuant to
currently exercisable options, or options exercisable within sixty days of
February 13, 1998, granted to Mr. Zueck by the Company under its non-employee
director stock option plan, (4) 7,751 shares beneficially owned by Mr. Zueck
pursuant to his participation in 401(k) Plan, and (5) 18,130 total shares
beneficially owned by Mr. Zueck and placed by him in Company's 401(k) Plan, and
(6) 58,838 total shares held in the Union Bankshares, Ltd. Profit Sharing 401(k)
Plan of which shares Mr. Zueck 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. Zueck disclaims beneficial ownership.
/3/ Based on 1,215,143 shares of Common Stock deemed to be outstanding on
February 13, 1998. Includes 46,636 options granted to Mr. Zueck, 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
/s/Herman J. Zueck
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Signature
Herman J. Zueck
Page 8 of 7 Pages
