Exhibit 99.1


                        INDEPENDENT AUDITORS' REPORT


The Board of Directors and Shareholders
Union Bankshares Company


We have audited the accompanying consolidated balance sheets of Union
Bankshares Company and Subsidiary as of December 31, 2002 and 2001, 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, 2002.
These consolidated financial statements are the responsibility of the Company's
management.  Our responsibility is to express an opinion on these consolidated
financial statements based on our audits.

We conducted our audits in accordance with U.S. generally accepted auditing
standards.  Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement.  An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements.  An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation.  We believe that our audits provide a reasonable basis
for our opinion.

In our opinion, the financial statements referred to above represent fairly, in
all material respects, the consolidated financial position of Union Bankshares
Company and Subsidiary as of December 31, 2002 and 2001, and the consolidated
results of their operations and their consolidated cash flows for each of the
three years in the period ended December 31, 2002 in conformity with U.S.
generally accepted accounting principles.

As discussed in notes 1 and 9 to the consolidated financial statements, the
Company changed its method of accounting for goodwill in 2002 in accordance
with Statement of Financial Accounting Standards No. 142, "Goodwill and Other
Intangible Assets."


Berry, Dunn, McNeil & Parker
Portland, Maine
January 24, 2003


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