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UNION BANKSHARES ANNOUNCES FIRST QUARTER RESULTS

 DENVER, May 4 /PRNewswire/ -- Union Bankshares Ltd. (NASDAQ: UBSC) announced first quarter net income of $406,000 or 61 cents per share for the quarter ended March 31, 1993. This represents a 31 percent increase over the like quarter one year ago when net income was $310,000 or 55 cents per share(a).
 Net securities gains of $302,000 and $88,000 are included in the net income figures for the quarters ended March 31, 1993 and 1992 respectively.
 Net income, net of securities gains, decreased $118,000 in the first quarter, 1993, largely due to expenses related to the company's initial public offering which was completed in March 1993.
 Net interest income totaled $1.2 million in the first quarter, 1993, an 8 percent increase over the similar quarter, 1992. Total assets increased $3.8 million to $119.3 million from year-end 1992 to March 31, 1993.
 Net loans increased from $50.8 million to $54.5 million during the first quarter of 1993, primarily due to growth in the commercial loan portfolio. Total deposits declined during the period from $104.3 million to $99.9 million reflecting a $4.6 million drop in non-interest bearing deposits.
 "The company is very pleased with its performance in the first quarter of 1993, especially with its continued growth in loan balances," said Charles R. Harrison, chairman and chief executive officer.
 The company's total capital to risk weighted assets and leverage ratio are 12.6 percent and 6.6 percent respectively, which exceed regulatory minimums.
 Union Bankshares is a bank holding company whose principal asset is all of the common stock of Union Bank & Trust, a state chartered commercial bank located in Denver.
 Union Bank & Trust has total assets of more than $110 million and emphasizes relationship banking for small- to medium-sized business customers.
 (a) Per share amounts are based on weighted average common shares outstanding during the period described. For the periods ended March 31, 1993 and March 31, 1992, weighted average common shares outstanding were 644,742 and 532,928 respectively. The company completed its initial public offering in March 1993. Common shares outstanding at March 31, 1993 were 1,208,700.
 -0- 5/4/93
 /CONTACT: Ned W. High of Ned High Public Relations, 303-573-5464, for Union Bankshares; or Herman J. Zueck of Union Bankshares, 303-744-3221/
 (UBSC)


CO: Union Bankshares Ltd. ST: Colorado IN: FIN SU: ERN

BB -- DV002 -- 4363 05/04/93 13:15 EDT
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Date:May 4, 1993
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