Union Bankshares (UNB) to shift board leadership as CEO Silverman becomes chair

Rhea-AI Filing Summary

Union Bankshares, Inc. announced a planned leadership transition at the board level tied to its existing age-limit bylaw. Board Chair Neil J. Van Dyke, age 72, will not stand for re-election at the 2026 annual meeting under Section 3.2 of the bylaws.

Following his retirement, current President and Chief Executive Officer David Silverman, who is already scheduled to retire from executive management in July, is expected to become Board Chair. Because Mr. Silverman will not qualify as an independent director under Nasdaq rules, Vice Chair Timothy Sargent has been designated to serve as Lead Independent Director once the changes are formally approved at the Board’s annual organizational meeting.

Insights

Corporate governance analyst

Union Bankshares outlines a planned shift from an independent to non‑independent board chair with a designated lead independent director.

The company is implementing its mandatory retirement bylaw as Board Chair Neil Van Dyke reaches age 72. The Board plans for outgoing CEO David Silverman to assume the chair role, citing his deep knowledge of the bank’s business and markets.

Because Silverman will not be independent under Nasdaq rules, the Board has designated Timothy Sargent as Lead Independent Director. This structure preserves a formal independent leadership counterweight while consolidating strategic experience in the chair. The changes are expected to be formalized at the annual organizational meeting following the 2026 shareholder meeting.

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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): March 18, 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.

(b) Section 3.2 of the Bylaws of Union Bankshares, Inc. (the “Company”) provides, in pertinent part, that no individual may be elected, re-elected or appointed to the Board of Directors (the “Board”) after reaching his or her 72nd birthday. Accordingly, Board Chair Neil J. Van Dyke, age 72, will not stand for re-election to the Board at the Company’s 2026 annual meeting of shareholders. In view of the Board Chair’s upcoming retirement and, as previously reported, the pending transition in the Company’s executive management with the retirement of current President and Chief Executive Officer David Silverman in July and the hiring of Jeffrey Weidley to succeed him, on March 18, 2026 the Board decided that Mr. Silverman should assume the position of Board Chair following Mr. Van Dyke’s retirement. The Board has concluded that Mr. Silverman, with his deep knowledge of the Company’s banking business, operations and markets, is best suited to lead the Board at this time.

As Mr. Silverman would not be considered an independent director under Nasdaq listed company rules, the Board has designated Vice Chair Timothy Sargent to serve as the Lead Independent Director.

It is expected that Mr. Silverman’s appointment as Board Chair and Mr. Sargent’s appointment as Lead Independent Director will be formalized by the Board at its annual organizational meeting following the annual meeting of shareholders and will take effect at that time.

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.
March 24, 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)

FAQ

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

Union Bankshares disclosed that Board Chair Neil J. Van Dyke will retire at the 2026 annual meeting, and current President and CEO David Silverman is expected to become Board Chair, with Vice Chair Timothy Sargent serving as Lead Independent Director once the Board formalizes the appointments.

Why is Neil J. Van Dyke leaving the Union Bankshares (UNB) board?

Neil J. Van Dyke is leaving the board because Union Bankshares’ bylaws bar election, re-election, or appointment of directors after their 72nd birthday. Having reached age 72, he will not stand for re-election at the company’s 2026 annual meeting of shareholders, triggering a planned board leadership transition.

What new role is planned for Union Bankshares CEO David Silverman?

Union Bankshares’ board decided that David Silverman, currently President and Chief Executive Officer, should become Board Chair following Neil J. Van Dyke’s retirement. This move comes alongside Silverman’s previously reported July retirement from executive management, allowing him to remain involved in overseeing the company’s strategy and governance.

How will board independence be handled at Union Bankshares (UNB) after these changes?

Because David Silverman will not be considered an independent director under Nasdaq rules, the Board has designated Vice Chair Timothy Sargent as Lead Independent Director. This role is intended to provide independent board leadership and oversight once Silverman becomes Board Chair, maintaining a clear independent governance voice.

When will the Union Bankshares board leadership changes become effective?

The company expects David Silverman’s appointment as Board Chair and Timothy Sargent’s appointment as Lead Independent Director to be formalized at the Board’s annual organizational meeting. That meeting will be held following the 2026 annual meeting of shareholders, and the appointments will take effect at that time.

What bylaw triggered the Union Bankshares (UNB) board transition?

Section 3.2 of Union Bankshares’ bylaws states that no individual may be elected, re-elected, or appointed to the board after turning 72. Because Board Chair Neil J. Van Dyke is 72, this provision requires his retirement from the board at the 2026 annual meeting of shareholders.

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