Union Bankshares Inc. 8-K Summary
Business Context and Reporting Period
This Form 8-K Current Report was filed by Union Bankshares, Inc. on August 13, 2025. The report discloses a corporate governance event regarding the departure of a director.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
The material change reported is the announced retirement of Joel S. Bourassa, a Director of Union Bankshares, Inc. and its subsidiary, Union Bank. His retirement is effective August 20, 2025. The filing explicitly states this decision is not due to any disagreement with the Company regarding operations, policies, or practices.
Outlook and Management Commentary
Mr. Bourassa joined the Board in 2019 and served on Union Bank's board since 2018. He was a member of the Compensation Committee and provided insight into the Grafton County market based on his experience in the tourism business and community service in New Hampshire. The Director Succession Subcommittee of the Nominating and Governance Committee, formed on May 21, 2025, will conduct a search for candidates to fill the vacancy.
Key Facts for Investor Verification
- Joel S. Bourassa will retire as a director effective August 20, 2025.
- The departure is voluntary and unrelated to any disagreement with company management.
- A search for a replacement director is underway by the Director Succession Subcommittee.
- Mr. Bourassa served on the Compensation Committee.