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
Neil J. Van Dyke, age 72, Board Chair, will not stand for re-election at 2026 annual shareholder meeting.
Bylaw Section 3.2 prohibits election or re-election to Board after 72nd birthday.
Board decided on March 18, 2026, to appoint David Silverman as Board Chair post-Van Dyke retirement.
David Silverman, current President and CEO retiring in July, to lead Board due to his company knowledge.
Timothy Sargent, Vice Chair, designated Lead Independent Director as Silverman is not independent under Nasdaq rules.
Appointments formalized at Board annual organizational meeting after 2026 annual shareholder meeting.