Union Bankshares (UNB) names CEO as Board Chair and ratifies 2026 auditor

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Union Bankshares, Inc. reported results of its annual shareholder meeting held on May 20, 2026, and changes in board leadership. Long-time director and Board Chair Cornelius J. Van Dyke retired from the boards of Union Bankshares, Inc. and Union Bank after reaching the mandatory retirement age under the bylaws.

At the organizational board meeting immediately following the shareholder meeting, Chief Executive Officer David S. Silverman was named Board Chair, and Timothy W. Sargent was named Vice Chair and Lead Independent Director of both entities, consolidating leadership roles and designating an independent lead director.

Shareholders voted with strong participation: of 4,614,050 shares outstanding on the March 27, 2026 record date, 3,297,195 shares were represented in person or by proxy. They approved fixing the board size at ten directors and elected all ten nominees, including Silverman and Sargent, each receiving over 2.39 million votes for, along with substantial broker non-votes. Shareholders also ratified the appointment of BDMP Assurance, LLP as the Company’s external auditors for 2026, with 3,268,522 votes for, 11,454 against, and 17,219 abstentions.

8-K Event Classification

2 items: 5.02, 5.07

2 items

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

Item 5.07 Submission of Matters to a Vote of Security Holders Governance

Results of a shareholder vote on proposals at an annual or special meeting.

Key Figures

Shares outstanding: 4,614,050 shares Shares represented at meeting: 3,297,195 shares Auditor ratification votes for: 3,268,522 votes +4 more

7 metrics

Shares outstanding 4,614,050 shares Outstanding and entitled to vote as of March 27, 2026 record date

Shares represented at meeting 3,297,195 shares Represented in person or by proxy at May 20, 2026 annual meeting

Auditor ratification votes for 3,268,522 votes Votes in favor of BDMP Assurance, LLP as 2026 external auditors

Auditor ratification votes against 11,454 votes Votes against ratifying BDMP Assurance, LLP for 2026

Auditor ratification abstentions 17,219 votes Abstentions on ratification of BDMP Assurance, LLP for 2026

Example director support 2,419,334 votes for Votes for director nominee Jeffrey F. Weidley

Broker non-votes 829,514 Broker non-votes recorded on director election proposals

Key Terms

mandatory retirement age, Lead Independent Director, broker non-votes, external auditors, +1 more

5 terms

mandatory retirement age regulatory

"retired from his position as director and Board Chair ... as he had reached the mandatory retirement age under the bylaws"

Lead Independent Director financial

"Timothy W. Sargent was named Vice Chair and Lead Independent Director of Union Bankshares, Inc. and Union Bank"

A lead independent director is a board member who is not part of company management and is chosen to coordinate and represent the other independent directors, often running sessions without the CEO, helping set meeting agendas, and serving as a liaison between shareholders and the board. For investors, this role signals stronger, more balanced oversight—like a neutral referee who helps ensure decisions are fair, transparent and focused on protecting shareholder interests.

broker non-votes financial

"Votes For | Votes Against | Votes Withheld | Broker Non-votes"

Broker non-votes occur when a brokerage firm is unable to vote on a shareholder’s behalf during a company election or decision because the shareholder has not given specific voting instructions, and the broker is not allowed or chooses not to vote on certain matters. They are important because they can affect the outcome of votes, especially when the results are close, by effectively reducing the total number of votes cast.

external auditors financial

"To ratify the appointment of the firm of BDMP Assurance, LLP as the Company’s external auditors for 2026"

Independent, third-party professionals who examine a company's financial records, systems, and controls to verify that reported numbers are accurate and follow accounting rules — like an independent mechanic checking a car before you buy it. Investors rely on their work because a clean, unbiased check reduces the risk of hidden errors or fraud, supports trust in financial statements, and can influence a company's stock value and access to credit.

record date financial

"Of 4,614,050 shares outstanding on the record date of the meeting (March 27, 2026)"

The record date is the specific day when a company determines which shareholders are eligible to receive a dividend or participate in an upcoming vote. It’s like a cutoff date; if you own the stock on that day, you get the benefits or voting rights. This date matters because it decides who qualifies for certain company benefits.

Understanding 8-K Material Events →

05/21/2026 - 02:49 PM

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): May 20, 2026

(Exact name of registrant as specified in its charter)

UNION BANKSHARES, INC.


(State or other jurisdiction		(Commission	(IRS Employer
of incorporation)		File Number)	Identification Number)
VT		001-15985	03-0283552

(Address of principal executive offices)			(Zip Code)
20 Lower Main St., P.O. Box 667			05661-0667
Morrisville	,	VT

Registrant's telephone number, including area code: (802) 888-6600

(Former name or former address, if changed since last report)

Not applicable

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting materials pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

At the Union Bankshares, Inc. annual meeting of shareholders held on May 20, 2026, Director Cornelius J. Van Dyke did not stand for re-election and retired from his position as director and Board Chair of Union Bankshares, Inc. and Union Bank as he had reached the mandatory retirement age under the bylaws.

At the Union Bankshares, Inc. organizational Board meeting held immediately after the annual shareholders meeting on May 20, 2026, Chief Executive Officer David S. Silverman was named Board Chair and Timothy W. Sargent was named Vice Chair and Lead Independent Director of Union Bankshares, Inc. and Union Bank.

Item 5.07: Submission of Matters to a Vote of Security Holders

The Company held its annual meeting of shareholders on May 20, 2026. Of 4,614,050 shares outstanding on the record date of the meeting (March 27, 2026) and entitled to vote, 3,297,195 shares were represented in person or by proxy. The following two matters were voted on by the shareholders and approved at the meeting:

1.To fix the number of directors at ten for the ensuing year and to elect the following individuals as directors to serve a one year term:


Nominees	Votes For	Votes Against	Votes Withheld	Broker Non-votes
Dawn D. Bugbee	2,391,408	64,566	11,707	829,514
Steven P. Cote	2,398,242	61,347	8,092	829,514
Walter B. Frame III	2,399,876	60,785	7,020	829,514
Mary K. Parent	2,403,279	63,081	1,321	829,514
Nancy C. Putnam	2,400,009	65,856	1,816	829,514
Gregory D. Sargent	2,394,809	72,070	802	829,514
Timothy W. Sargent	2,393,437	72,641	1,603	829,514
David S. Silverman	2,408,750	41,322	17,609	829,514
Janet P. Spitler	2,399,557	63,180	4,944	829,514
Jeffrey F. Weidley	2,419,334	33,897	14,450	829,514

2.To ratify the appointment of the firm of BDMP Assurance, LLP as the Company’s external auditors for 2026. The number of votes in favor was sufficient to ratify the appointment.


Votes For	Votes Against	Abstained
3,268,522	11,454	17,219

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, Inc.

May 21, 2026			/s/ David S. Silverman
			David S. Silverman
			Chief Executive Officer

May 21, 2026			/s/ Karyn J. Hale
			Karyn J. Hale
			Chief Financial Officer

EXHIBIT INDEX


104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

Source: View Original Filing on SEC EDGAR

FAQ

What leadership changes did Union Bankshares (UNB) announce in this 8-K?

Union Bankshares reported that director and Board Chair Cornelius J. Van Dyke retired after reaching the mandatory retirement age. CEO David S. Silverman became Board Chair, and Timothy W. Sargent was appointed Vice Chair and Lead Independent Director.

Why did Cornelius J. Van Dyke retire from the Union Bankshares (UNB) board?

Cornelius J. Van Dyke retired from the boards of Union Bankshares, Inc. and Union Bank because he reached the mandatory retirement age set in the company’s bylaws. He did not stand for re-election at the May 20, 2026 annual meeting.

How many Union Bankshares (UNB) shares were represented at the May 20, 2026 annual meeting?

Out of 4,614,050 shares outstanding and entitled to vote on the March 27, 2026 record date, 3,297,195 shares were represented in person or by proxy at the May 20, 2026 annual shareholder meeting, indicating strong participation.

Were all Union Bankshares (UNB) director nominees elected at the 2026 annual meeting?

Yes. Shareholders approved fixing the number of directors at ten and elected all ten nominees to one-year terms. Each nominee, including David S. Silverman and Timothy W. Sargent, received more than 2.39 million votes in favor, plus broker non-votes.

Which audit firm did Union Bankshares (UNB) shareholders ratify for 2026?

Shareholders ratified the appointment of BDMP Assurance, LLP as Union Bankshares, Inc.’s external auditors for 2026. The proposal received 3,268,522 votes for, 11,454 votes against, and 17,219 abstentions, which was sufficient for ratification.

What is the role of the Lead Independent Director at Union Bankshares (UNB)?

The filing states that Timothy W. Sargent was named Vice Chair and Lead Independent Director of Union Bankshares, Inc. and Union Bank. While specific duties are not detailed, the title indicates he serves as the primary independent director in board leadership.

Filing Exhibits & Attachments

3 documents