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UNION BANKSHARES PLANS INITIAL PUBLIC OFFERING

 DENVER, Feb. 26 /PRNewswire/ -- Union Bankshares Ltd., a bank holding company whose principal asset is Union Bank & Trust located at First and Broadway in Denver, has filed a registration statement with the Securities and Exchange Commission (SEC) for an initial public offering of 6,000 units consisting of 600,000 shares of common stock and $6 million principal amount of convertible subordinated notes.
 The proposed offering is expected to be completed in early March 1993. Dain Bosworth Inc. will manage the underwriting group.
 All of the 6,000 units (each comprised of 100 shares of common stock and $1,000 principal amount of convertible notes) will be issued and sold by Union Bankshares.
 The company will use approximately $6 million of the proceeds to retire existing debt and to repurchase preferred stock held by the company's principal lender. The remainder of the proceeds will be new financing.
 The price range for the units is expected to be between $1,900 and $2,100 per unit, consisting of $9 to $11 per share for the common stock and par for the convertible notes.
 Union Bank & Trust is a state chartered commercial bank with total assets of more than $110 million. It emphasizes relationship banking for small- to medium-sized business customers.
 A registration statement relating to these securities has been filed with the SEC but has not yet become effective. The securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
 This news release shall not constitute an offer to sell or the solicitation of 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 the registration or qualification under the securities law of any such state.
 A copy of the preliminary prospectus relating to these securities may be obtained from Dain Bosworth Inc., 1200 17th St., Ste. 2200, Denver, CO 80202.
 -0- 2/26/93 R
 /CONTACT: Herman J. Zueck of Union Bankshares, 303-744-3221/


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

MC -- DV006 -- 1276 03/01/93 09:43 EST
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Publication:PR Newswire
Date:Mar 1, 1993
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