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UNION BANKSHARES POSTS THIRD QUARTER RESULTS

 BOWLING GREEN, Va., Oct. 15 /PRNewswire/ -- Union Bankshares' earnings for the nine months ended Sept, 30 were $3,854,925 or $1.18 per share. This is a 3.3 percent increase over the same period earnings for the prior year.
 Earnings for the third quarter were $1,329,020 or $.41 per share, a 2.9 percent increase over the third quarter 1992. While the company net interest spread remains favorable, earnings have been impacted by increased operating expenses related to the merger of Northern Neck Bankshares and Union Bancorp which created Union Bankshares. Also affecting earnings is the increase in federal income taxes retroactive to the first of the year.
 Deposit growth, which increased by $30 million or 10.2 percent in the last twelve months, was enhanced by Union Bank and Trust Company's acquisition of Dominion/First Union's Manquin branch. Assets increased by 9.7% or $33 million over the same period.
 Union Bankshares Corporation (NASDAQ: UBSH) is a community bank holding company whose primary subsidiaries are Northern Neck State Bank, Warsaw, and Union Bank and Trust Company, Bowling Green.
 UNION BANKSHARES CORPORATION
 Quarterly Results
 Third Quarter 1993
 Year to date 1993 1992
 Total Assets $ 371,560,100 $ 338,702,400
 Total Deposits 323,509,700 293,633,100
 Net Income 3,854,900 3,730,500
 Per Share Net Income $ 1.18 $ 1.15
 Third Quarter
 Net Income $ 1,329,000 $ 1,291,700
 Per Share Net Income $ .41 $ .40
 -0- 10/15/93
 /CONTACT: G. William Beale, 804-633-5031, or E. Peyton Motley, 804-333-4066, both of Union Bankshares Corporation/
 (UBSH)


CO: Union Bankshares ST: Virginia IN: FIN SU: ERN

MP -- NY034 -- 2720 10/15/93 11:53 EDT
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Publication:PR Newswire
Date:Oct 15, 1993
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