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Union Bankshares
Union Bankshares, led by CEO David Silverman, operates as a publicly traded Vermont community bank holding company founded in 1919.
Union Bankshares
Union Bankshares, Inc., founded in 1919 and headquartered in Morrisville, Vermont, is the holding company for Union Bank. The firm operates as a traditional community bank serving northern Vermont and New Hampshire. President and CEO David S. Silverman and CFO Karyn J. Hale lead the company, which is publicly traded on the Nasdaq under the ticker UNB. Union Bank focuses on classic community banking: residential and commercial real estate lending, construction loans, commercial business loans, and municipal lending. Deposit gathering provides the funding base, with checking, savings, and time deposit products serving individuals, businesses, and local governments across their branch network. The loan portfolio skews heavily toward real estate, and the bank carries a municipal deposit franchise uncommon in smaller community banks. The bank runs around 20 branches and reported roughly $1.3 billion in total assets as of mid-2024 (per public filings, 2024). Strategic moves remain conservative — the firm prioritizes the dividend, paying consistently for decades. A notable operational event: September 2023 saw the bank complete a core system conversion to modernize its back-office technology, a significant undertaking for an institution of its size. Union Bankshares stands out structurally as one of the few remaining independent, rural community bank holding companies in a region that saw heavy consolidation among mutual savings banks and credit unions. Its public listing with a stable retail and institutional shareholder base makes it an anomaly — a standalone, dividend-paying, thinly traded micro-cap with no apparent interest in selling.
General information
Firm type
Asset Manager
Year founded
1919
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Morrisville
Corporate office
Morrisville, VT, United States
Principals
David S. Silverman
President and Chief Executive Officer
Karyn J. Hale
Executive Vice President, Chief Financial Officer, and Treasurer
Frequently asked questions
Who runs Union Bankshares?
David S. Silverman serves as President and Chief Executive Officer. Karyn J. Hale is the Executive Vice President, Chief Financial Officer, and Treasurer. Both are long-tenured executives of the Vermont-based community bank holding company.
Is Union Bankshares a family office or a traditional bank?
Union Bankshares is a traditional, publicly traded bank holding company. Its wholly owned subsidiary, Union Bank, operates as a community bank providing deposit accounts, mortgage lending, commercial loans, and municipal services across northern Vermont and New Hampshire. It is not a family office.
What is Union Bankshares' investment posture?
The bank does not operate as an institutional allocator. It deploys capital through classic community bank lending: residential mortgages, commercial real estate loans, construction lending, and small business loans funded by its deposit base. Its equity is publicly traded on Nasdaq, and the firm prioritizes a consistent dividend for shareholders.
Does Union Bankshares participate in fund commitments or direct deals?
No. Union Bankshares is a depository institution with no disclosed alternatives program, venture capital activity, or third-party fund commitments. Its only investment vehicle is its own loan portfolio, which is funded by customer deposits.
How large is Union Bankshares' loan portfolio?
The bank reported approximately $1.3 billion in total assets as of mid-2024, with the loan book concentrated in real estate lending — both residential and commercial — alongside municipal loans and commercial business credits (per public filings, 2024).
What is Union Bankshares' known posture on co-investments alongside external GPs?
The bank does not engage in co-investments or alternative asset management. Its regulatory structure as a community bank and its public disclosures indicate no participation in the private markets ecosystem beyond occasionally purchasing participation interests in loans originated by other community banks.
Where does Union Bankshares operate geographically?
Union Bank operates roughly 20 branches concentrated in northern Vermont, particularly Lamoille County, with additional locations extending into adjacent New Hampshire communities. The footprint is deliberately small, consistent with a community banking charter.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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