UNION BANKSHARES Business Summary

Union Bankshares, Inc. (NASDAQ: UNB) operates as the bank holding company for Union Bank, a community-focused financial institution serving northern Vermont and New Hampshire. The company generates revenue primarily through net interest income derived from a $1.2 billion loan portfolio—heavily concentrated in residential and commercial real estate—and investment securities. Its business is divided into three primary segments: commercial banking (small-to-medium business lending and treasury services), retail banking (consumer deposits, mortgages, and personal loans), and municipal banking. Additionally, the company drives noninterest income through its Asset Management Group, which provides fiduciary and wealth management services, and through the secondary market sale of residential mortgages. Positioned as a micro-cap regional player with approximately $1.62 billion in total assets, Union Bankshares competes directly with other community and regional banks such as ChoiceOne Financial Services, Carter Bankshares, and Southern First Bancshares, maintaining a competitive edge through deep-rooted local decision-making and an "Outstanding" CRA rating. Leadership is currently spearheaded by President and CEO David S. Silverman, a 39-year veteran of the bank who has held the top executive role since 2012. Supporting him is Karyn J. Hale, who serves as Vice President, Treasurer, and Chief Financial Officer; she is a Certified Public Accountant with a background in public accounting at A.M. Peisch & Company. In a significant succession move announced in February 2026, the board appointed Jeffery F. Weidley to join as President in May 2026 and succeed Silverman as CEO in July 2026. The company’s governance is overseen by an experienced board chaired by Cornelius J. Van Dyke, with Timothy W. Sargent serving as Vice Chairman. Unlike many of its peers, Union Bankshares maintains a unique ownership structure where the majority of shares are held by individual investors rather than large institutional funds, reflecting its origins as a bank founded in 1891 by local Morrisville community leaders.