8-K - Union Bankshares, Inc. | StockGist

AI Analysis

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Union Bankshares, Inc. disclosed that Board Chair Neil J. Van Dyke, age 72, will not stand for re-election at the 2026 annual meeting of shareholders per Bylaw Section 3.2 age limit. David Silverman will assume the Board Chair position, with Timothy Sargent designated as Lead Independent Director, following the annual organizational meeting.

Key Takeaways

1Neil J. Van Dyke, age 72, Board Chair, will not stand for re-election at 2026 annual shareholder meeting.

2Bylaw Section 3.2 prohibits election or re-election to Board after 72nd birthday.

3Board decided on March 18, 2026, to appoint David Silverman as Board Chair post-Van Dyke retirement.

4David Silverman, current President and CEO retiring in July, to lead Board due to his company knowledge.

5Timothy Sargent, Vice Chair, designated Lead Independent Director as Silverman is not independent under Nasdaq rules.

6Appointments formalized at Board annual organizational meeting after 2026 annual shareholder meeting.

Current Report Details

Event Type

Management Change

Disclosure

Mandatory

Variant

8-K

Items Reported

5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (b) Section 3

Management Change

Executive & Director Changes

Neil J. Van Dyke

Board Chair

Not standing for re-election

Effective: 2026 annual meeting of shareholders

Reached 72nd birthday per Bylaw Section 3.2

David Silverman

Board Chair

Appointment

Effective: Following 2026 annual organizational meeting

Deep knowledge of Company’s banking business, operations and markets

Timothy Sargent

Lead Independent Director

Designation

Effective: Following 2026 annual organizational meeting

David Silverman not independent under Nasdaq rules

Exhibits (1)

8-K

BODY OF FORM 8-K