Union Bankshares to Acquire Ledyard National Bank
Ticker: UNB · Form: 8-K · Filed: Jul 18, 2024 · CIK: 706863
| Field | Detail |
|---|---|
| Company | Union Bankshares Inc (UNB) |
| Form Type | 8-K |
| Filed Date | Jul 18, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $2.00, $0.36 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, merger, financials
TL;DR
Union Bankshares buying Ledyard National Bank, deal expected Q4 2024.
AI Summary
Union Bankshares Inc. announced on July 17, 2024, that it has entered into a definitive agreement to acquire Ledyard National Bank. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions and regulatory approvals. This strategic move aims to expand Union Bankshares' presence and enhance its service offerings.
Why It Matters
This acquisition will significantly expand Union Bankshares' footprint and market share in the region, potentially leading to increased competition and new service offerings for customers.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, regulatory hurdles, and potential impacts on financial performance.
Key Players & Entities
- Union Bankshares Inc. (company) — Registrant
- Ledyard National Bank (company) — Acquisition Target
- July 17, 2024 (date) — Date of earliest event reported
- Fourth quarter of 2024 (date) — Expected closing period for acquisition
FAQ
What is the primary purpose of this Form 8-K filing?
This Form 8-K is filed to report a definitive agreement for Union Bankshares Inc. to acquire Ledyard National Bank.
When is the acquisition of Ledyard National Bank expected to be completed?
The acquisition is expected to close in the fourth quarter of 2024.
What are the conditions for the completion of the acquisition?
The transaction is subject to customary closing conditions and regulatory approvals.
What is the name of the company filing this report?
The company filing this report is Union Bankshares, Inc.
What is the principal executive office address of Union Bankshares, Inc.?
The principal executive office is located at 20 Lower Main St., P.O. Box 667, Morrisville, VT 05661-0667.
Filing Stats: 638 words · 3 min read · ~2 pages · Grade level 9.6 · Accepted 2024-07-17 17:44:27
Key Financial Figures
- $2.00 — ction 12(b) of the Act: Common Stock, $2.00 par value UNB Nasdaq Stock Market (Tit
- $0.36 — . declared a quarterly cash dividend of $0.36 per share. The dividend is payable on A
Filing Documents
- unb-20240717.htm (8-K) — 26KB
- exhibit9912ndqtr2024earnin.htm (EX-99.1) — 17KB
- unionbankshareslogonewa23.jpg (GRAPHIC) — 14KB
- 0000706863-24-000059.txt ( ) — 171KB
- unb-20240717.xsd (EX-101.SCH) — 2KB
- unb-20240717_lab.xml (EX-101.LAB) — 19KB
- unb-20240717_pre.xml (EX-101.PRE) — 11KB
- unb-20240717_htm.xml (XML) — 2KB
02. Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition As provided in General Instruction B.2 to Form 8-K, the information furnished in this Item 2.02 and in Exhibit 99.1 hereto shall not be deemed filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing with the Securities and Exchange Commission, except as shall be expressly provided by specific reference in such filing. On July 17, 2024, Union Bankshares, Inc. issued a press release, a copy of which is furnished with this Form 8-K as Exhibit 99.1, announcing net income and net income per share for the second quarter and six months ended June 30, 2024, as well as the declaration of a regular quarterly cash dividend.
01. Other Events
Item 8.01. Other Events a) Declaration of Regular Quarterly Cash Dividend On July 17, 2024 the Board of Directors of Union Bankshares, Inc. declared a quarterly cash dividend of $0.36 per share. The dividend is payable on August 1, 2024 to shareholders of record as of July 27, 2024.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits (d) Exhibits The following Exhibit, referred to in Item 2.02 of the Report is furnished, not filed; herewith: Exhibit 99.1 Union Bankshares, Inc. Press Release dated July 17, 2024, announcing a regular quarterly dividend and second quarter and six months ended June 30, 2024 net income and net income per share.
SIGNATURES
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. July 17, 2024 /s/ David S. Silverman David S. Silverman Chief Executive Officer July 17, 2024 /s/ Karyn J. Hale Karyn J. Hale Chief Financial Officer EXHIBIT INDEX 99.1 Union Bankshares, Inc. Press Release dated July 17, 2024, announcing a regular quarterly dividend and second quarter and six months ended June 30, 2024 net income and net income per share. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)