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): December 18, 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 December 18, 1998, Union Bankshares, Ltd. announced that its wholly-
owned subsidiary, Union Bank & Trust, had consummated its acquisition of
Lakewood State Bank in an $8.35 million cash merger transaction and that it had
consummated a public offering of $10.3 million of 9% Cumulative Trust Preferred
Securities issued by Union Bankshares Capital Trust I.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
99.1 Press release dated December 18, 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: December 21, 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
- ------- -----------
99.1 Press release dated December 18, 1998
-4-
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: Charles R. Harrison 303-298-5352
Bruce E. Hall 303-298-5352
Herman J. Zueck 303-744-3221
December 18, 1998 FOR IMMEDIATE RELEASE
UNION BANKSHARES, LTD. ACQUIRES
LAKEWOOD STATE BANK AND CONSUMMATES OFFERING
Denver, CO - Union Bankshares, Ltd. (NASDAQ: UBSC), today announced
that its wholly-owned subsidiary, Union Bank & Trust, consummated its previously
announced acquisition of Lakewood State Bank in an $8.35 million cash merger
transaction.
The purchase was financed through available working capital and from
a portion of the proceeds of a public offering of $10.3 million of 9% Trust
Preferred Securities issued by Union Bankshares Capital Trust I, a newly-formed
Delaware business trust, and guaranteed on a subordinated basis by Union
Bankshares, Ltd.
The offering of Union Bankshares Capital Trust I 9% Trust Preferred
Securities is made only by means of the prospectus. A copy of the prospectus
relating to these securities is available from Bigelow & Company,
1401 Seventeenth Street, Suite 1300, Denver, CO 80202.
Union Bankshares, Ltd. is a bank holding company whose principal
asset is all of the common stock of Union Bank & Trust, a state chartered
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Union Bankshares, LTD. - 2
commercial bank located in Denver with six branches in the Denver
Metropolitan area.
Taking into account the merger with Lakewood State Bank, which
contributed approximately $40 million in assets, Union Bank & Trust has total
assets of approximately $300 million and emphasizes relationship banking for
small- to medium-size business customers.
"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
results to differ materially include, among others: management's ability to
integrate the operations of Lakewood State Bank and Union Bank & Trust, 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 detailed in the Company's
Forms 10-KSB, 10-QSB and 8-K filed with the Securities and Exchange Commission.
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