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, 1998
|_| 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, 1998 and 1997
-2-
<PAGE>
UNION BANKSHARES, LTD. PROFIT SHARING 401(k) PLAN
DECEMBER 31, 1998 AND 1997
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.................17
Item 27d - Schedule of Reportable Transactions.............................18
-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, 1998 and 1997, 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, 1998 and 1997,
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
November 12, 1999
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<PAGE>
<TABLE>
<CAPTION>
UNION BANKSHARES, LTD. PROFIT SHARING 401(k) PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
(WITH FUND INFORMATION)
DECEMBER 31, 1998 AND 1997
1998
-----------------------------------------------------------------------------------------------
Non-
Participant
Directed Participant Directed
------------ -----------------------------------------------------------------
American Funds
Union Union --------------------------------------------------------
Bankshares, Bankshares, New Investment Cash
Ltd. Ltd. Perspec- Company Income Bond Management
Common Common tive 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. $2,299,065 $ 448,899 $ -- $ -- $ -- $ -- $ -- $2,747,964
common stock
The American Funds Group
mutual funds:
New Perspective Fund -- -- 327,066 -- -- -- -- 327,066
Investment Company of
America -- -- -- 571,564 -- -- -- 571,564
Income Fund of America -- -- -- -- 551,216 -- -- 551,216
Bond Fund of America -- -- -- -- -- 92,888 -- 92,888
Cash Management Trust
of America -- -- -- -- -- -- 351,217 351,217
---------- ---------- -------- -------- -------- ---------- ---------- ----------
2,299,065 448,899 327,066 571,564 551,216 351,217 4,641,915
---------- ---------- -------- -------- -------- ---------- ---------- ----------
EMPLOYER CONTRIBUTION
RECEIVABLE 111,983 -- -- -- -- -- -- 111,983
---------- ---------- -------- -------- -------- ---------- ---------- ----------
NET ASSETS AVAILABLE
FOR BENEFITS $2,411,048 $ 448,899 $327,066 $571,564 $551,216 $ 92,888 $ 351,217 $4,753,898
========== ========== ======== ======== ======== ========== ========== ==========
</TABLE>
See Notes to Financial Statements
-5-
<PAGE>
<TABLE>
<CAPTION>
UNION BANKSHARES, LTD. PROFIT SHARING 401(k) PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
(WITH FUND INFORMATION)
DECEMBER 31, 1998 AND 1997
1997
-------------------------------------------------------------------------------------------
Non-
Participant
Directed Participant Directed
------------ -----------------------------------------------------------------
American Funds
Union Union ------------------------------------------------------
Bankshares, Bankshares, New Investment Cash
Ltd. Ltd. Perspec- Company Income Bond Management
Common Common tive 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
-6-
<PAGE>
<TABLE>
<CAPTION>
UNION BANKSHARES, LTD. PROFIT SHARING 401(k) PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
(WITH FUND INFORMATION)
YEARS ENDED DECEMBER 31, 1998 AND 1997
1998
---------------------------------------------------------------------------------------------
Non-
Participant
Directed Participant Directed
------------ ---------------------------------------------------------------------
American Funds
Union Union ---------------------------------------------------------
Bankshares, Bankshares, New Investment Cash
Ltd. Ltd. Perspec- Company Income Bond Management
Common Common tive 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 $ (26,545) $ (6,618) $ 54,075 $ 87,561 $ (12,958) $ (1,576) $ 1,189 $ 95,128
Interest and dividends 707 -- 24,559 60,386 59,762 6,938 14,299 166,651
----------- --------- --------- --------- --------- -------- -------- ----------
(25,838) (6,618) 78,634 147,947 46,804 5,362 15,488 261,779
----------- --------- --------- --------- --------- -------- -------- ----------
CONTRIBUTIONS
Employer 111,983 78,392 256 1,801 327 390 438 193,587
Employee -- 73,909 31,855 64,946 35,861 4,784 5,738 217,093
Rollover -- 25,520 15,252 380,685 22,830 -- -- 444,287
----------- --------- --------- --------- --------- -------- -------- ----------
111,983 177,821 47,363 447,432 59,018 5,174 6,176 854,967
----------- --------- --------- --------- --------- -------- -------- ----------
Total additions 86,145 171,203 125,997 595,379 105,822 10,536 21,664 1,116,746
----------- --------- --------- --------- --------- -------- -------- ----------
BENEFITS PAID TO PARTICIPANTS 117,969 -- 48,100 93,912 4,549 3,969 -- 268,499
----------- --------- --------- --------- --------- -------- -------- ----------
TRANSFERS 792,530 (381,168) (40,452) (412,049) (10,589) (671) 52,399 --
----------- --------- --------- --------- --------- -------- -------- ----------
NET INCREASE (DECREASE) 760,706 (209,965) 37,445 89,418 90,684 5,896 74,063 848,247
NET ASSETS AVAILABLE FOR
BENEFITS, BEGINNING OF YEAR 1,650,342 658,864 289,621 482,146 460,532 86,992 277,154 3,905,651
----------- --------- --------- --------- --------- -------- -------- ----------
NET ASSETS AVAILABLE FOR
BENEFITS, END OF YEAR $ 2,411,048 $ 448,899 $ 327,066 $ 571,564 $ 551,216 $ 92,888 $351,217 $4,753,898
=========== ========= ========= ========= ========= ======== ======== ==========
</TABLE>
See Notes to Financial Statements
-7-
<PAGE>
<TABLE>
<CAPTION>
UNION BANKSHARES, LTD. PROFIT SHARING 401(k) PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
(WITH FUND INFORMATION)
YEARS ENDED DECEMBER 31, 1998 AND 1997
1997
---------------------------------------------------------------------------------------------
Non-
Participant
Directed Participant Directed
------------ ------------------------------------------------------------------
American Funds
Union Union ------------------------------------------------------
Bankshares, Bankshares, New Investment Cash
Ltd. Ltd. Perspec- Company Income Bond Management
Common Common tive 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 in fair value
of investments $ 518,652 $214,150 $ 32,360 $ 59,933 $ 34,537 $ 1,538 $ -- $ 861,170
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
-8-
<PAGE>
UNION BANKSHARES, LTD. PROFIT SHARING 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
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, 1998 AND 1997
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, 1998 AND 1997
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, 1998 AND 1997
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 1998 and 1997, 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.
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<PAGE>
UNION BANKSHARES, LTD. PROFIT SHARING 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
NOTE 3: INVESTMENTS
Plan investments are summarized as follows:
<TABLE>
<CAPTION>
December 31, 1998 December 31, 1997
--------------------- ----------------------
Number of Number of
Shares or Shares or
Principal Principal Fair
Amount Value Amount Value
--------- ---------- --------- ----------
<S> <C> <C> <C> <C>
Common Stock, Union Bankshares, Ltd. 219,837 $2,747,964 86,551 $2,175,017
American Fund Mutual Funds:
New Perspective Fund 14,251 327,066 14,909 288,794
Investment Company of America 18,396 571,564 16,862 476,345
Income Fund of America 31,789 551,216 25,916 460,532
Bond Fund of America 6,825 92,888 6,214 86,992
Cash Management Trust of America 351,217 351,217 277,154 277,154
---------- ----------
$4,641,915 $3,764,834
========== ==========
</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, 1998 and
1997, are as follows:
1998 1997
-------- --------
Common Stock, Union Bankshares, Ltd. $(33,163) $732,802
Mutual Funds 128,291 128,368
-------- --------
$ 95,128 $861,170
======== ========
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.
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<PAGE>
UNION BANKSHARES, LTD. PROFIT SHARING 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
NOTE 5: RECONCILIATION OF DIFFERENCES BETWEEN THESE FINANCIAL STATEMENTS AND
THE FINANCIAL INFORMATION REQUIRED ON FORM 5500
<TABLE>
<CAPTION>
1998 1997
---------- -----------
<S> <C> <C>
Net assets available for benefits
as presented in these financial
statements $4,753,898 $ 3,905,651
Adjustments:
Benefits payable -- (41,911)
Other 2,000 --
---------- -----------
Net assets available for benefits
as presented on Form 5500 $4,755,898 $ 3,863,740
========== ===========
1998 1997
---------- -----------
Net increase in net assets available
for benefits as presented in these
financial statements $ 848,247 $ 1,036,898
Adjustments:
Benefits paid 41,911 (41,911)
Other 2,000 --
---------- -----------
Net increase in net assets available
for benefits as presented on
Form 5500 $ 892,157 $ 994,987
========== ===========
</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.
-14-
<PAGE>
UNION BANKSHARES, LTD. PROFIT SHARING 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
NOTE 7: YEAR 2000
Like all entities, the Company is exposed to risks associated with the Year
2000 Issue, which affects computer software and hardware; transactions with
customers, vendors and other entities; and equipment dependent on microchips.
The Company recognizes that the Year 2000 Issue poses a risk beyond January 1,
2000 as errors may not become evident until after that date. The Company has
performed the remediation steps it believes necessary to address the Year 2000
Issue. It is not possible for an entity to guarantee the results of its own
remediation efforts or to accurately predict the impact of the Year 2000 Issue
on third parties with which the Company does business. If remediation efforts of
the Company or third parties with which it does business are not successful, the
Year 2000 problem could have negative effects on the Company's financial
condition and results of operations in the near term.
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<PAGE>
SUPPLEMENTARY INFORMATION
-16-
<PAGE>
<TABLE>
<CAPTION>
UNION BANKSHARES, LTD. PROFIT SHARING PLAN AND TRUST
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1998
Number of
Shares or
Principal Fair
Amount Value
--------- ----------
<S> <C> <C>
Common Stock, Union Bankshares, Ltd. 219,837 $2,747,964
American Fund Mutual Funds:
New Perspective Fund 14,251 327,066
Investment Company of America 18,396 571,564
Income Fund of America 31,789 551,216
Bond Fund of America 6,825 92,888
Cash Management Trust of America 351,217 351,217
----------
Total Investments $4,641,915
==========
</TABLE>
-17-
<PAGE>
<TABLE>
<CAPTION>
UNION BANKSHARES, LTD. PROFIT SHARING PLAN AND TRUST
ITEM 27b - SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1998
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 $904,513 Various $381,168 $381,168 --
The American Funds Group mutual funds:
Investment Company of America Various $447,032 Various $438,626 $438,626 --
</TABLE>
-18-
<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: December 3, 1999 By /s/ HERMAN J. ZUECK
--------------------------------------
Name: Herman J. Zueck
Title: Trustee
Date: December 3, 1999 By /s/ CHARLES R. HARRISON
--------------------------------------
Name: Charles R. Harrison
Title: Trustee
Date: December 3, 1999 By /s/ BRUCE E. HALL
--------------------------------------
Name: Bruce E. Hall
Title: Trustee
-19-
<PAGE>
EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION OF EXHIBITS
23.1 Consent of Baird, Kurtz & Dobson
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,
1998.
/s/ Baird, Kurtz & Dobson
Denver, Colorado
December 2, 1999
