UNB Board Change: Joel Bourassa Retires; Succession Subcommittee to Find Replacement

Rhea-AI Filing Summary

Union Bankshares announced that Director Joel S. Bourassa, age 67, will retire from the company's board and from Union Bank's board effective August 20, 2025. The company stated his retirement is not due to any disagreement with the company's operations, policies, or practices. Mr. Bourassa joined the holding company board in 2019 and has served on Union Bank's board since 2018. The filing notes his tourism industry experience and community service gave the board useful insight into the Grafton County market.

The board's Director Succession Subcommittee of the Nominating and Governance Committee, formed May 21, 2025, will conduct a search to fill the vacancy. Mr. Bourassa served on the company's Compensation Committee.

Insights

Corporate Governance Expert

TL;DR Routine director retirement with an organized succession process; governance impact appears minimal.

The disclosure describes an orderly retirement by a long-tenured director who played a committee role and provided local market expertise. The company has an existing Director Succession Subcommittee (formed May 21, 2025) tasked with candidate search, which is the standard governance response to a director vacancy. Because the filing states the retirement is not due to any disagreement, the change reads as routine rather than disruptive. Board composition will be temporarily altered until a replacement is identified.

Community Banking Analyst

TL;DR Departure removes a director with local Grafton County insight but the bank has begun a formal search to replace him.

Mr. Bourassa's background in the tourism business and community service is highlighted as providing valuable knowledge of the Grafton County market. His exit may modestly reduce direct local market perspective on the board until a similarly experienced director is appointed. The Compensation Committee membership and clear succession steps limit immediate operational or oversight gaps.

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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): August 13, 2025

(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 Arrangement of Certain Officers.

(b) On August 13, 2025, Director, Joel S. Bourassa, age 67, informed the Board of Directors (the "Board") of Union Bankshares, Inc. (the"Company") of his intention to retire as a director of the Company and its wholly-owned subsidiary, Union Bank, effective August 20, 2025. Mr. Bourassa's decision to retire is not due to any disagreement with the Company on any matter relating the Company's operations, policies, or practices.

Mr. Bourassa joined the Board in 2019 and has served on Union Bank's board of directors since 2018. His years of experience in the tourism business in New Hampshire and years of community service in Lincoln and Woodstock, New Hampshire have provided the board with valuable knowledge and insight into the Company's Grafton County market. Mr. Bourassa serves on the Company's Compensation Committee.

The Director Succession Subcommittee of the Board's Nominating and Governance Committee, formed on May 21, 2025, will conduct a search for potential candidates to fill the Board vacancy.

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.
August 13, 2025			/s/ David S. Silverman
			David S. Silverman
			President and Chief Executive Officer
August 13, 2025			/s/ Karyn J. Hale
			Karyn J. Hale
			Chief Financial Officer

EXHIBIT INDEX

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

FAQ

Who is retiring from Union Bankshares (UNB)?

Joel S. Bourassa is retiring as a director of Union Bankshares, Inc. and as a director of its subsidiary, Union Bank.

When does Joel S. Bourassa's retirement take effect?

The retirement is effective August 20, 2025.

Is Mr. Bourassa's retirement due to any disagreement with UNB?

No. The company stated the decision to retire is not due to any disagreement with the company's operations, policies, or practices.

What roles did Mr. Bourassa hold on the board?

He served on the company's Compensation Committee and provided local market insight based on his tourism and community service experience.

How will UNB fill the board vacancy?

The Director Succession Subcommittee of the Board's Nominating and Governance Committee, formed on May 21, 2025, will conduct a search for potential candidates.