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UNION BANKSHARES ANNOUNCES INITIAL PUBLIC OFFERING

 DENVER, March 10 /PRNewswire/ -- Union Bankshares Ltd. announced the initial public offering today of 6,000 units, consisting of a total of 600,000 shares of common stock and $6,000,000 principal amount of convertible subordinated notes at a total of $2,025 per unit. The underwriters of the offering, represented by Dain Bosworth Inc., have been granted a 30-day option to purchase up to 900 additional units to cover over-allotments.
 All of the 6,000 units (each composed of 100 shares of common stock and $1,000 principal amount of convertible notes) will be issued and sold by the company. The company will use approximately $6,000,000 of the offering proceeds to retire existing indebtedness and repurchase preferred stock held by the company's principal lender. The remainder of the proceeds will be new financing. The price for the units is $2,025 per unit, consisting of $10.25 per share for the common stock and par for the convertible notes, which will bear an interest rate of 8.30 percent per annum and have a conversion price of $12.71.
 The company 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. The bank has total assets of more than $110 million and emphasizes relationship banking for small- to medium-sized business customers.
 This announcement shall not constitute an offer to sell or the solicitation or an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state. A copy of the prospectus relating to these securities may be obtained from Dain Bosworth Inc., 1200 17th St., Suite No. 2200, Denver CO 80202.
 -0- 3/10/93
 /CONTACT: Herman J. Zueck, executive VP of Union Bankshares, 303-744-3221/


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

JB-LS -- DV005 -- 4817 03/10/93 09:03 EST
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Publication:PR Newswire
Date:Mar 10, 1993
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