Exhibit 13 | ||
While the loan portfolio has shown strong growth the quality component has remained healthy. We want to continue expanding our fee income to be a stronger complement to net interest income. Our non-interest income increased last year due largely to an increase in our investment and trust service and fee income. Going forward, our goal is to be able to offer the best service at competitive prices as we continue to focus on growing our financial services business (investment management, trust and brokerage). Additional growth in non-interest income also came from service charges on deposit accounts. As the consumer mortgage market slowed during 2005 mainly due to a decline in refinancing activity, our heavy dependence on that business showed itself in reduced loan fee income. Going forward, our increased emphasis on developing commercial business should reduce that reliance. We will strengthen our presence in the strongest markets to take advantage of the growth opportunities that they present. This past year we refocused our resources in Washington County with the closure of our Machias Branch and the consolidation of our Cherryfield Branch with our Milbridge location at the end of 2004. This was in recognition of a number of demographic and economic pressures. The economies resulting from this will be felt more fully in future years. We took some of those savings and strengthened our presence in the Knox, Lincoln and Waldo county markets with the addition of staff focused on developing |
| commercial relationships. We are relocating our Rockland Branch to a higher visibility location and turning our Camden location into a commercial branch capable of accepting deposits and conducting business related transactions. In addition, we relocated our Somesville branch to Town Hill to reflect the fact that we had outgrown that office. We want to improve the customer experience since we believe that the quality of the service we deliver will determine our success. We have a new Marketing Manager, Kristin Tardif, who has undertaken a top to bottom review of our branding, marketing and merchandising and you should be seeing the results of that during 2006. Our goal is to give ourselves a stronger brand image in our markets and capitalize on our strengths. We are also expanding our customer service training programs to encompass everyone in the bank. Our goal in making these changes has been to strengthen our market presence, serve our customers and communities to the best of our abilities and provide a stronger return to our shareholders. President and CEO |
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Union Bankshares Annual Report 2005 | Page 1 |
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Our We aspire to be the Building customer loyalty Our We believe in: Respect for people and the community |
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Union Bankshares Annual Report 2005 | Page 2 |
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Union Trust is | ||
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| Their individual success stories are inspirational and collectively they form a gallery of portraits personifying the qualities behind the success of Union Trust itself. We look for partners who share our values. Partners with vision, initiative, aspirations, ingenuity, determination, expertise and a commitment to their business and to the communities in which they live. Whether a business partner is generating millions of dollars in sales or represents a much smaller, home grown business, our representatives give their time and attention to helping them grow, to working out problems, to seeing opportunities where there were obstacles. The five success stories featured here are examples of the kind of partnerships we have forged over the years with people whose success has greatly contributed to our own. It is with great pride and deep appreciation that we pay tribute to a small sampling of our many successful unions. |
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Union Bankshares Annual Report 2005 | Page 3 |
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Jon Wilson and |
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Jon Wilson stands outside the double sliding doors of the now internationally renown Wooden Boat School on the estate he purchased with the help of Union Trust. His wooden boat can be seen outside the Wooden School Pier. |
| As a young man in the early 1970s, Jon Wilson earned a modest living building and repairing wooden boats. Preserving a rich tradition and keeping a fine art alive on the coast of Maine were reward enough, in those days. But as time went on, it seemed to Jon that the art and tradition were in increasing danger of becoming |
| extinct, and he began to consider what he could do to slow that seemingly inevitable process. A perennial student, Jon thought that if he could create a magazine about wooden boats, he could simultaneously study and celebrate the genius of the great designers, builders and owners of wooden boats and yachts. |
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Union Bankshares Annual Report 2005 | Page 4 |
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Never mind that he knew "absolutely nothing" about the magazine business. Never mind that he knew "hardly anything" about business. He knew there were at least a handful of people like himself, and that if he could get a few issues published, it could catch hold. So he sold his boat and launched his dream. That was more than thirty years ago, and today WoodenBoat is a thriving enterprise with three magazines, a mail order business, a book publishing division and a seasonal school. The wooden boat and yacht industry is a robust international enterprise. The art and tradition are anything but extinct. Union Trust has been a partner from the beginning, when then vice-president Bob Boit saw in Jon the potential to make a vision work, and helped him understand how to apply fiscal discipline to that vision. The combination worked. It's been a great partnership for 30 years. |
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Union Bankshares Annual Report 2005 | Page 5 |
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| Innovation and Aspiration When Janet Eugley and her husband bought the Echo Hill Lodge in l996, it had stood empty for 3 years. With a bit of ingenuity, hard work and, of course, money, Janet knew it could be transformed into a successful dance and function hall. Although, they began with another bank in purchasing Echo Hill, they found the costs too high and burdensome and turned to Union Trust for a second opinion. |
| Tina Torres-York in Waldoboro listened attentively and had a better idea. Realizing that the total property fell between commercial and residential, she was able to secure an affordable interest rate. But the partnership didn't stop there. "Tina has been very accessible, very helpful through-out the years. She finds it so easy to say "We can look at that." And with her help we've been able to under-take the necessary renovations on the property. Tina can think outside the box and come up with successful solutions to problems. She has gone out on a limb with us more than once, but each time she's shared our conviction that we'll pull it off successfully. That's the kind of comfort we can't get from another bank." Innovation is Janet's middle name - perhaps a legacy from her engineer father. As a laboratory technologist at an OB/GYN medical office for 15 years and mother of two she realized the importance of early monitoring of the unborn baby's heartbeat - before it can be picked up by conventional ultrasound. She put her technical skills and engineering bent to work and invented the EchoHeart Doppler. This inexpensive and practical instrument can monitor a fetal heartbeat at very early stages and enhance the chances for the successful delivery of a healthy baby. Union Trust will always go the extra mile to form a lasting partnership with people like Janet Eugley. People with vision and passion and commitment. Our mutual success depends on it. | |
| Janet Eugley Damariscotta EchoHeart Monitor A smiling Janet Eugley with a friend whose wedding ceremony was held at Echo Hill and whose early heart monitoring assured the delivery of her healthy baby. The EchoHeart Doppler shown has just recieved FDA approval. | ||||
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Union Bankshares Annual Report 2005 | Page 6 |
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Union Bankshares Annual Report 2005 | Page 7 |
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Our Ingenuity and good taste Kathy and Bob Bartlett embody the spirit of Yankee ingenuity that is so characteristic of Maine. This enterprising couple left an established art glass career in Detroit and moved to Maine to do "something different", something that would fit their love of Maine and its natural resources and fulfill their passion for fine food and wine. That something turned out to be the Bartlett Winery, the first and oldest winery in the state of Maine. It uses locally grown produce, berries and fruits, and produces top quality wines presented in beautiful bottles with exquisite botanical drawings that exemplify quality and good taste. So determined were the Bartletts to make their dream come true that they championed the passage of new legislation that for the first time allowed wineries to operate in the State of Maine, paving the way for others to follow. Union Trust was the bank the Bartletts had chosen for their personal banking, so it was only natural that they turned to the same bank for their commercial needs. |
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They found a friend and mentor in John Lynch who remains their primary contact to this day. "John believed in us and our mission. He was both conservative and flexible which was a perfect balance for us since what we were doing was out of the ordinary, yet we are by no means reckless. John understood perfectly our commitment to create a successful enterprise, but more than that he applauded and encouraged our commitment to using ingredients that would support Maine agriculture, our passion for quality and details and desire to leave behind a legacy of beauty and excellence. He was more than a banker to us. He was our mentor, our cheerleader, our sounding board, our friend." Union Trust is proud to have business partners like the Bartlett's. We share the same values and aspirations. We share a commitment to our community, its people, its environment. We put our trust in the passionate attention to details and quality of work whether it is in the form of wine of financial acumen. It is this kind of partnership that makes for a successful union. |
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Union Bankshares Annual Report 2005 | Page 8 |
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Union Bankshares Annual Report 2005 | Page 9 |
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Union Bankshares Annual Report 2005 | Page 10 |
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Trust and Determination When Dan Chalmers' long and successful career as a lobsterman ended, Dan took a good hard look at his options and together with his wife, Rita, started a new career. With his intimate knowledge of the ocean and its people it was only natural that his new enterprise focused on serving other ocean people. Dan knew that although anyone can own a boat not everyone can afford to store it professionally. What was needed was a "do it yourself" storage facility that would be affordable to his lobstermen friends as well as pleasure boat owners. It was an ambitious undertaking because it involved purchasing a 28 acre property, and Dan did not have that kind of money. Still, he was determined to make a go of it and found a silent partner to help with the purchase. Dan is the kind of man who inspires trust. People who know him and Rita know they'll do what it takes to see a project through - climbing under boats, painting, scraping - anything necessary to provide the kind of service boat people depend on. |
| Dan and Rita personify the kind of partners in success Union Trust actively seek out. Soon after Dan had started his ambitious project, two representatives from the bank came to his site. They liked what they saw and told him they would be happy to provide financial assistance should he ever need it. Union Trust has been Dan's bank ever since, providing financing for his ever expanding business which now includes 69 acres of land, a full time crew of nine, servicing 2000 moorings annually and building docks and floats from Seal Harbor to Brooklin and beyond. "Union Trust has always treated me with respect", says Dan. "In fact, they treat me as if I'm doing them a favor rather than the other way around. Their extreme courtesy and knowledge has been a huge help and support to my wife and me in making difficult decisions. We look forward to doing future business with them. There's always room for expansion." |
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Union Bankshares Annual Report 2005 | Page 11 |
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Our Expertise and Expansion Three years ago, Mike Cote left behind a long career in the premium food business, first with Pepperidge Farm and then Odwalla, and made two very big decisions: to go out on his own and move back to his home state, Maine. With his partner, Cynthia Fisher, Mike bought Look's Cannery, an 85 year old, Down East, Maine premium food processor. They then rolled up their sleeves and went to work, keeping what was successful and changing what needed improvement. One of the biggest obstacles was convincing people they could get gourmet food in a can. Undaunted, Mike took thermoses of his delicious lobster bisque and clam chowder to trade shows and food chains and proved that tasting was believing. Orders started pouring in from California to Japan. Eighteen months later, Mike and Cynthia had expanded the line to thirty-eight products and had converted the Bar Harbor line to "All Natural," The quality of the |
| finished product is so important to Mike that raw materials are hand-sorted and every batch is tasted before canning to insure consumers receive the best product possible. This obviously adds to the cost in a highly competitive arena but Mike is a firm believer in the axiom that "God is in the details" and it's this unwavering commitment to quality that sets Look's gourmet foods apart. Mike and Cynthia know that discriminating consumers know the difference and are willing to pay for a truly premium product. The company's tagline, which appears on all new product labeling reads "Quality is our "Maine" Distinction" and rings true within the entire operation from the moment raw materials are received to final labeling and shipping. Quality, commitment, skills honed over time, courage, ingenuity, long term vision - these are the qualities Union Trusts looks for in a successful partnership. We are pleased and proud to include the Look's Gourmet Company in our family of partners in success. |
| Look's Gourmet Foods Company Mike Cote has much to be happy about. His highly successful Bar Harbor Premium line of chowders, bisques and sauces recently went "all natural". The little wharf pictured is the original wharf of Cutler's Cannery, purchased by Mike and Cynthia. |
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Union Bankshares Annual Report 2005 | Page 12 |
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Union Bankshares Annual Report 2005 | Page 13 |
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Union Bankshares Annual Report 2005 | Page 14 |
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| BERRY.DUNN.MCNEIL & PARKER |
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| CERTIFIED PUBLIC ACCOUNTANTS |
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| To the Board of Directors of Union Bankshares Company: We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Union Bankshares Company and its subsidiary as of December 31, 2005 and 2004, and the related consolidated statements of income, changes in shareholders' equity and cash flows for each of the three years in the period ended December 31, 2005 (not presented herein); and in our report dated March 17, 2006, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated financial statements is fairly stated, in all material respects, in relation to the consolidated financial statements from which it has been derived. Portland, Maine |
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| PORTLAND, ME BANGOR, ME LEBANON, NH MANCHESTER, NH |
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Union Bankshares Annual Report 2005 | Page 15 |
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Union Bankshares Company and Subsidiary | |||||||
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Summary of Financial Highlights |
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December 31, 2005, 2004, 2003, 2002, and 2001 |
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| 2005 | 2004 | 2003 | 2002 | 2001 | ||
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Summary of Operations |
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Net income | $ 4,747 | $ 4,829 | $ 4,278 | $ 4,315 | $ 3,226 | ||
Net interest income | 15,817 | 15,932 | 14,131 | 14,001 | 13,058 | ||
Non-interest income | 5,751 | 5,713 | 6,128 | 5,837 | 4,822 | ||
Non-interest expense | 15,220 | 14,549 | 13,801 | 13,423 | 13,004 | ||
Provision for (recovery of ) loan losses | (215) | 222 | 420 | 360 | 300 | ||
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Per Common Share Data |
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Earnings per share (in dollars) | $ 4.28 | $ 4.24 | $ 3.73 | $ 3.75 | $ 2.79 | ||
Dividends declared per share (in dollars) | 1.600 | 1.275 | 1.175 | 1.100 | 1.050 | ||
Book value per share (in dollars) | 36.96 | 36.86 | 35.57 | 33.37 | 29.56 | ||
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Financial Ratios |
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Return on average equity | 11.61% | 11.63% | 10.75% | 11.82% | 9.92% | ||
Return on average assets | 0.91 | 1.03 | 1.06 | 1.15 | 0.93 | ||
Average equity to average assets | 7.87 | 8.84 | 9.87 | 9.76 | 9.34 | ||
Net interest margin | 3.41 | 3.77 | 3.95 | 4.30 | 4.33 | ||
Allowance for loan losses to total loans | 1.19 | 1.45 | 1.52 | 1.63 | 1.63 | ||
Non performing loans to total loans | 0.69 | 0.47 | 0.61 | 0.81 | 0.90 | ||
Efficiency ratio | 68.30 | 65.89 | 66.56 | 65.90 | 70.33 | ||
Dividend payout ratio (declared) | 37.36 | 30.18 | 31.46 | 29.34 | 37.60 | ||
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At Year End |
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Total assets | $529,883 | $488,355 | $464,194 | $381,029 | $362,003 | ||
Loans, gross | 355,858 | 309,951 | 286,333 | 226,226 | 211,568 | ||
Total investment securities | 140,688 | 144,139 | 138,155 | 109,569 | 102,970 | ||
Total deposits | 334,998 | 304,982 | 298,454 | 275,765 | 267,907 | ||
Total borrowed funds | 147,695 | 134,414 | 117,729 | 59,284 | 54,366 | ||
Total shareholders' equity | 40,575 | 41,092 | 40,752 | 38,318 | 34,136 | ||
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All share amounts have been restated to reflect the Company's 2-for-1 stock split, in the form of a 100% stock dividend, paid on March 21, 2005. | |||||||
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Union Bankshares Annual Report 2005 | Page 16 |
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Union Bankshares Company and Subsidiary | ||||||
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Consolidated Balance Sheets |
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December 31 |
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ASSETS |
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Cash and cash equivalents | $ 9,725 | $ 10,112 |
| Demand deposits | $ 49,006 | $ 46,314 |
Securities, available for sale, at |
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market | 128,852 | 134,157 |
| NOW deposits | 72,899 | 66,913 |
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| Money market accounts | 22,990 | 30,858 |
Securities, held to maturity | 2,078 | 2,255 |
| Savings deposits | 73,623 | 70,921 |
Other investment securities | 9,758 | 7,727 |
| Certificates of deposit | 116,480 | 89,976 |
Loans held for sale | - | 246 |
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| Total deposits | 334,998 | 304,982 |
Loans | 355,858 | 309,951 |
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Less allowance for loan losses | 4,248 | 4,504 |
| Borrowings from Federal Home |
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Net loans | 351,610 | 305,447 |
| Other borrowed funds | 17,584 | 14,254 |
| Other liabilities | 6,615 | 7,867 | |||
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equipment, net | 6,220 | 5,672 |
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Goodwill | 6,305 | 6,305 |
| SHAREHOLDERS' EQUITY |
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| Common stock | 13,721 | 13,937 |
Bank owned life insurance | 8,762 | 8,413 |
| Surplus | 1,932 | 2,973 |
Other assets | 6,573 | 8,021 |
| Retained earnings | 27,126 | 24,152 |
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| Minimum pension liability adjustment | (766) | (427) |
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| Total shareholders' equity | 40,575 | 41,092 |
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Total assets | $529,883 | $488,355 |
| Total liabilities and shareholders' equity | $529,883 | $488,355 |
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Refer to the Union Bankshares 2005 Annual Report on Form 10-K for a complete set of consolidated financial statements, including information covering stock prices, dividends, outstanding shares, per share data and financial ratio calculations. | ||||||
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Union Bankshares Annual Report 2005 | Page 17 |
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Union Bankshares Company and Subsidiary | |||
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Consolidated Statements of Income |
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Years Ended December 31 |
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INTEREST AND DIVIDEND INCOME |
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Interest and fees on loans | $19,491 | $16,521 | $15,311 |
Interest and dividends on investments | 6,021 | 5,570 | 4,786 |
Total interest and dividend income | 25,512 | 22,091 | 20,097 |
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INTEREST EXPENSE |
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Interest on deposits | 4,292 | 2,838 | 3,312 |
Interest on borrowed funds | 5,403 | 3,321 | 2,654 |
Total interest expense | 9,695 | 6,159 | 5,966 |
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Net interest income | 15,817 | 15,932 | 14,131 |
Provision for (recovery of ) loan losses | (215) | 222 | 420 |
Net interest income after provision for (recovery of ) loan losses | 16,032 | 15,710 | 13,711 |
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NON-INTEREST INCOME |
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Net gains on sales of investment securities | 4 | 237 | 558 |
Financial services fees and commissions | 2,359 | 1,912 | 1,773 |
Service charges and fees on deposit accounts | 1,928 | 1,792 | 1,252 |
Bankcard fees | 309 | 227 | 385 |
Loan fees | 763 | 888 | 1,496 |
Income from cash surrender value of life insurance | 349 | 372 | 318 |
Other income | 39 | 285 | 346 |
Total non-interest income | 5,751 | 5,713 | 6,128 |
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Salaries and employee benefits | 9,075 | 8,913 | 8,174 |
Net occupancy | 1,543 | 1,530 | 1,527 |
Equipment and data processing | 1,274 | 1,238 | 1,301 |
Other expense | 3,328 | 2,868 | 2,799 |
Total non-interest expense | 15,220 | 14,549 | 13,801 |
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Income before income taxes | 6,563 | 6,874 | 6,038 |
Income taxes | 1,816 | 2,045 | 1,760 |
Net income | $ 4,747 | $ 4,829 | $ 4,278 |
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Refer to the Union Bankshares 2005 Annual Report on Form 10-K for a complete set of consolidated financial statements, including information covering stock prices, dividends, outstanding shares, per share data and financial ratio calculations. | |||
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Union Bankshares Annual Report 2005 | Page 18 |
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Union Trust Officers |
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Peter Blyberg, |
| John Lynch, |
| Kent Winters, SVP, |
| Rebecca Sargent, |
| Peter Greene, SVP |
| Timothy Maynard, SVP |
CEO and President |
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| Mid-Coast Regional |
| SVP, Trust and |
| Bank Operations |
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Debra Ehrlenbach, SVP, |
| Sally Hutchins, SVP, |
| Robert Carter, SVP |
| Michael Marino, VP, |
| Kristin Tardif, VP, |
| Terance Fancy, VP |
Internal Audit |
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Michelle Bannister, |
| Susan Saunders VP, |
| Sandy Salsbury, VP, |
| Bette Pierson, VP, |
| Jim Callnan, VP |
| Craig Worcester, VP, |
VP, Training Officer |
| Bank Services |
| Human Resources |
| Mortgage Processing |
| Information Services |
| Cornerstone |
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Union Bankshares Annual Report 2005 | Page 19 |
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Union Trust Main Office | Union Trust Main Office |
Support Staff | |
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Deborah Preble, |
| Patrice Crossman, |
| Accounting Department |
Audit/Payroll |
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Michelle Moore, |
| Cindy Davis Pinkham, |
| Renee Ouellette |
Purchasing Assistant |
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| Jared Merritt |
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Steve Tobey, |
| Harold Batson, |
| Melissa Babbidge |
Bank Administration |
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Union Bankshares Annual Report 2005 | Page 20 |
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Loan Services | Cornerstone |
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Andrea Swett | Craig Worcester |
Denice Gray-York | Diane Rimm |
Nicole Hinkel | Ron Hamilton |
| Dennis Kinghorn |
Credit Administration | Mary Youngblood |
Annalee Grindal | |
Mike Marino | Brian Beaulieu |
Scott Shields | |
Karen LaCharite |
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Wanda Ring |
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Diana Preble |
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Kristen Curtis |
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Financial Services Trust and Investment Services |
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Rebecca Sargent |
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Janis Guyette |
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David Krech |
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Sarah Ruef-Lindquist |
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Lorraine Ouellette |
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Ed Bonenfant |
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Geddes Simpson |
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Sylvia Joy |
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Brenda Gatcomb |
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Rhonda Reardon |
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Elizabeth Gimpel |
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Brian Beaulieu |
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Annette Russell |
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Kim Saucier |
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Dodi Austin |
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Patty Dillon |
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Kelly Sprowl |
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Nancy Tucker |
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Victoria Grant |
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Mattie Treadwell |
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Marsha Scott |
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Union Bankshares Annual Report 2005 | Page 21 |
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Union Trust Office Employees |
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Bar Harbor | Castine |
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Chris Keefe, VP, RM | Donna Sawyer, Branch Manager |
Mary Silverman, Branch Manager |
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Sara Gilmore, Teller |
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Amy Thompson, Teller |
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Belfast | Ellsworth Main Office |
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Paul Doody, VP, RM | Larry Fernald, VP, RM |
Dawn Blake, RM | Thomas Estes, VP, RM |
Sandra Otis-Anderson, Branch Manager | Chris Young, AVP, RM |
Jeannie Hurd, CSR | Glen Carter, RM |
Judith Gaul, Teller |
|
Kimberly Tyler, Teller |
|
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Blue Hill | Beth Jewell, Branch Manager |
| Adele Berzinis, CSR |
Pam Fowler, VP RM | April Ashmore, Teller |
Dianne Thompson, Branch Manager | Rachel Neves, Teller |
Brandi Candage, CSR | Stephanie Wilson, Teller |
Joanne Douglas, Teller | Tia Dyer, Teller |
Tracy Duffy, Teller | Tammy Kaspala, Teller |
Gene Grindle, Teller |
|
Kathleen Gielarowski, Teller |
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Bernadette Keenan-McCormick, Teller |
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Camden | Debra Kalloch |
| Kirsten Hamilton |
Kent Winters, Sr. VP/Regional Manager | Deborah Tracy |
Brian Beaulieu, Cornerstone Financial Consultant |
|
Delia Lufkin, Office Manager |
|
Sarah Ruef-Lindquist, VP, Sr. Admin. Officer |
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Christine Beacham, Business Banking Manager |
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Union Bankshares Annual Report 2005 | Page 22 |
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Ellsworth Shop. Ctr. | Stonington |
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Lynda Hamblen, VP, RM | Sherry Rochefort, Branch Manager |
Melody Wright, Branch Manager, AVP | Roberta Dolbow, Teller |
Lacy Alley, Teller | Michelle Eaton, Teller |
Cathy Emerton, Teller | Regina McHenan, Teller |
Annalee Grindal, Teller |
|
Nichole Putnam, Teller |
|
Lindsey Willey, Teller |
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Jonesport | Town Hill |
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Wendy Beal, VP, RM | Andrea Leonard, VP, RM |
Lisa Look, Branch Manager | Jayne S. Wallace, Branch Manager |
Lisa Carver, Teller | Missey Bonville, Teller |
Cindy Kelley, Teller | John Foss, Teller |
Michele Merchant, Teller |
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Milbridge | Waldoboro |
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Jimmy Haskell, VP, RM | Tina Torres-York, AVP, RM |
Lisa Holmes, VP, RM | Kristin Lawson, Branch Manager |
Caroline Merritt, Branch Manager | Jessica Day, CSR |
Mindy Leighton, CSR | Kathe Marion, AVP, Mortgage Underwriter |
Kathy Faulkner, Teller | Valerie Shields, RM |
Cheryl Look, Teller | Jennifer Baum, Teller |
Tammy Sargent, Teller | Audrey Chandler, Teller |
Jessica Ward, Teller | Alanna Murray, Teller |
| Jessica Simmons, Teller |
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Rockland |
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Steve Staples, VP, Senior Commercial RM |
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Jane Dagley, VP, RM |
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Pam Dalfonso, Branch Manager |
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Suzette Oakes, CSR |
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Sylvia Colson, Teller |
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Sherry Emery, Teller |
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Gayle Hustus, Teller |
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Doria Morrison, Teller |
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Union Bankshares Annual Report 2005 | Page 23 |
|
Dedication | |
| |
We want to recognize the hard work and dedication of two long term members of the | |
Board of Directors, Richard Carver and John Sawyer. | |
| |
Richard joined the Board in 1974 and his insights, comments and observations over the years | |
have contributed in no small measure to our success in the Downeast region. | |
| |
John Sawyer also joined the Board in 1974 and was elected Chairman in October 1988. He | |
served the Bank well in his years on the Board with loyalty, dedication and a caring attitude | |
toward customers, employees and shareholders. John's term of service saw tremendous changes | |
in the Bank and his diligent approach toward his responsibilities helped guide us through | |
tumultuous times. | |
| |
We thank them both for their time and loyalty. | |
| |
______________________ | |
| |
In Memory of | |
Richard W. Whitney | |
Director for 34 years | |
| |
Design: | |
KNDA | |
Ellsworth, Maine | |
Photography: | |
Jamie Bloomquist, | |
Aaron Beauregard | |
Printing: | |
Penmor Lithographers, | |
Lewiston, Maine | |
Union Bankshares Annual Report 2005 | Page 24 |
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