UNION BANKSHARES INC 8-K

What Happened
Union Bankshares, Inc. filed an 8-K (March 24, 2026) disclosing that Board Chair Neil J. Van Dyke, age 72, will not stand for re‑election at the Company’s 2026 annual meeting due to the Company bylaw age limit. On March 18, 2026 the Board decided that current President and Chief Executive Officer David Silverman will assume the position of Board Chair following Mr. Van Dyke’s retirement. The filing notes that Mr. Silverman is expected to retire as President and CEO in July and that Jeffrey Weidley has been hired to succeed him. Because Mr. Silverman would not be considered an independent director under Nasdaq rules, the Board designated Vice Chair Timothy Sargent to serve as Lead Independent Director. The Chair and Lead Independent Director appointments are expected to be formalized at the Board’s organizational meeting after the annual shareholders’ meeting.

Key Details

• By law (Section 3.2 of the Company Bylaws) no one may be elected or re-elected to the Board after turning 72; Neil J. Van Dyke (age 72) will not stand for re-election at the 2026 annual meeting.
• Board decision date: March 18, 2026 — David Silverman to become Board Chair after Van Dyke’s retirement.
• CEO transition: Silverman is expected to retire as President/CEO in July 2026; Jeffrey Weidley has been hired to succeed him.
• Governance note: Silverman would not be independent under Nasdaq rules; Timothy Sargent designated as Lead Independent Director. Filing signed March 24, 2026 by CFO Karyn J. Hale.

Why It Matters
This 8-K describes a planned leadership and governance transition that affects both the board and the executive team. For investors, key takeaways are continuity in leadership (the outgoing CEO will move to Chair), an identified CEO successor, and a formal step to preserve board independence through a Lead Independent Director. These are material governance changes that may influence investor views on oversight and strategic continuity; shareholders should watch for related proxy materials and any additional disclosures about the CEO transition timeline or executive responsibilities.