Union Bankshares, Inc. has filed an 8-K report detailing significant changes in its leadership structure. The report, dated March 24, 2026, reveals that Neil J. Van Dyke, the current Board Chair, will not seek re-election at the upcoming annual meeting due to reaching the age limit set forth in the company's bylaws. This transition is part of a broader executive management change, as David Silverman, the current President and CEO, is set to retire in July 2026. The Board has decided that Silverman will assume the role of Board Chair following Van Dyke's retirement, citing his extensive knowledge of the company's operations and markets as a key factor in this decision. Additionally, Timothy Sargent, the Vice Chair, has been designated as the Lead Independent Director to ensure governance standards are maintained, given that Silverman will not qualify as an independent director under Nasdaq rules. The formalization of these appointments is expected to occur at the Board's annual organizational meeting after the shareholders' meeting. This leadership transition is anticipated to have a positive impact on the company's strategic direction and operational execution, as it aligns experienced leadership with the company's future goals.

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