Union Bankshares (UNB) Registration Filing summary

Company overview and business model

• Bank holding company headquartered in Vermont, operating through Union Bank, a Vermont-chartered commercial bank since 1891.

• Provides retail, commercial, municipal banking, asset management, and trust services via 20 banking offices and two loan centers in Vermont and New Hampshire.

• Focuses on serving individuals, small and medium businesses, nonprofits, municipalities, and school districts in its market area.

• Income primarily from interest and fees on loans and investments; profitability depends on net interest income and noninterest income.

Financial performance and metrics

• Financial statements and results are incorporated by reference from the Annual Report on Form 10-K for the year ended December 31, 2023, and subsequent quarterly reports.

Use of proceeds and capital allocation

• Net proceeds intended for general corporate purposes, including capital contributions to Union Bank, supporting lending and banking activities, repaying indebtedness, and funding acquisitions or strategic initiatives.

• Pending application, proceeds may be invested in short-term obligations.