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UNITED STATES
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) October 21, 1998
(September 08, 1998)
Union National Bancorp, Inc.
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Maryland 52-1862338
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(State or other jurisdiction of (Commission file number) (IRS Employer
incorporation or Organization) Identification No.)
117 East Main Street, Westminster, Maryland 21157
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(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code (410) 848-7200
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Item 5: Other Events
The Union National Bank of Westminster ("Bank"), sole subsidiary bank
of Union National Bancorp, Inc., and Virginia W. Smith, President and CEO of the
Bank and the company, amended the existing employment agreement between the Bank
and Ms. Smith, which now states that Virginia W. Smith shall agree to tender her
resignation as Director of the company and/or the Bank in the event employment
of Ms. Smith is terminated for any cause, whether initiated by the Board of
Directors or the Executive.
Union National Bancorp, Inc. released a Press Release announcing stock
actions approved by the Board of Directors. The Press Release is dated
September 23, 1998, a copy of which is included as an exhibit.
Item 7: Financial Statements, Proforma Financial Information and Exhibits.
(b) Exhibits;
(10) Amendment to Employment Agreement
(20) Press Release- Union National Bancorp Approves Stock
Action
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Amendment to Employment Agreement
This amendment to the Employment Agreement by and between The Union
National Bank of Westminster ("Bank") and Virginia W. Smith ("Executive") is
entered into this 8th day of September, 1998.
Whereas, the Bank has previously entered into an Employment Agreement
dated August 9, 1995, between the above two parties, prior to the Executive's
appointment to the position of President. It is the desire of both parties to
amendment such Employment Agreement.
Paragraph 3 of the Employment Agreement is amended by adding a new
section `G' which reads as follows:
In the event employment of the Executive is terminated for any cause,
whether initiated by the Board of Directors or the Executive,
Executive agrees to tender her resignation as a Director of Union
National Bancorp, Inc. ("Company") and the Bank, immediately upon such
termination.
Paragraph 10 F of the Employment Agreement is amended to read as
follows:
In the event that one or more of the provisions of this Employment
Agreement, or any amendments thereof, shall be invalid, illegal, or
unenforceable in any respect, the validity, legality or enforceability
of the remaining provisions contained herein shall not in any way be
affected or impaired thereby.
All other terms, conditions and covenants of the Employment Agreement
remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed and sealed this
amendment as of the day and year first above written.
ATTEST: THE UNION NATIONAL BANK OF WESTMINSTER
/S/ By: /S/ (SEAL)
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Secretary K. Wayne Lockard, Chairman
/S/ (SEAL)
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Virginia W. Smith
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Exhibit 20
PRESS RELEASE
RELEASE IMMEDIATE Contact: Julie M. Beck
Union National Bank
Public Relations Coordinator
410-751-2175
DATE: September 23, 1998
UINON NATIONAL BANCORP, INC. DECLARES 10% STOCK DIVIDEND
The Board of Directors of Union National Bancorp, Inc., in Westminster,
Maryland, announced they have declared a 10% stock dividend. The stock dividend
will be paid October 22, 1998 to stockholders of record on October 15, 1998.
Union National Bancorp, Inc. had total assets of $275,773,191 at June 30, 1998
and achieved record earnings of $679,649 in the quarter ended June 30, 1998.
This represents a 15% increase over the same period last year.
Union National Bancorp, Inc., operates ten offices in Carroll County. Contact
Denise Baker at 410-751-2182.
