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UNION BANKSHARES ANNOUNCES RESULTS

 DENVER, July 28 /PRNewswire/ -- Union Bankshares Ltd. (NASDAQ: UBSC) announced second quarter net income of $174,000 or 14 cents per share for the quarter ended June 30, 1993. This represents a 12 percent decrease compared to the year earlier quarter when net income was $197,000 or 37 cents per share(a).
 Net securities gains of $5,000 and $9,000 are included in the net income figures for the quarters ended June 30, 1993 and 1992 respectively.
 Net income available for common shareholders for the six months ended June 30, 1993 was $568,000 or 61 cents per share, an increase of 15 percent over the like period in 1992.
 Net securities gains of $307,000 and $97,000 are included in the net income figures for the six month periods ended June 30, 1993 and 1992 respectively.
 Net interest income totaled $1,263,000 in the second quarter, 1993, an 11 percent increase over the year earlier quarter and was $2,438,000 for the six month period ended June 30, 1993.
 Total assets have increased $6 million to $121.5 million from year-end 1992 to June 30, 1993.
 Net loans increased $5 million from $50.8 million at Dec. 31, 1993, to $55.8 million at June 30, 1993, due to growth in the commercial loan portfolios. Total deposits declined during the period from $104.3 million at Dec. 31, 1992, to $102 million at June 30, 1993.
 "The company is very pleased with its performance in the second quarter of 1993, especially with its continued growth in loan balances," said Charles R. Harrison, chairman and chief executive officer.
 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 has total assets of more than $111 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 periods described. For the quarters ended June 30, 1993 and June 30, 1992, weighted average common shares outstanding were 1,213,895 and 532,928 respectively. For the period ended June 30, 1993 and June 30, 1992, weighted average common shares outstanding were 931,135 and 532,928 respectively. Common shares outstanding at June 30, 1993 were 1,208,700.
 -0- 7/28/93
 /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 -- DV007 -- 6928 07/28/93 16:45 EDT
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Publication:PR Newswire
Date:Jul 28, 1993
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