Exhibit 99.1

                                NEWS RELEASE

                                                 July 24, 2003

For Further Information

Contact:    Union Trust Company
            Jeannie Merchant
            Marketing Director

Telephone: 667-2504

For Immediate Release

                 Union Trust Reports Second Quarter Earnings

      Ellsworth - Union Bankshares Company is pleased to announce the net
earnings for the first half of 2003 were $2,216,386, an increase of $61,632
or 2.9% over the same period last year. Non-interest income showed an
increase of $836,486 or 31.4%. "Growth in non-interest income was driven by
record levels of mortgage financing activity, a strong performance by our
financial servicing group (Investment and Trust Services, Financial
Planning and Cornerstone Investments)," noted Peter Blyberg, President and
CEO of Union Trust Company. On the balance sheet, the loan portfolio grew
by $23.7 million or 10.63% over the second quarter of 2002 while deposits
were up $23.7 million or 9.33% year on year.

Established in 1887, Union Trust Company is a full-service, independent,
community bank that is locally owned and operated. From sixteen offices
Union Trust provides a variety of banking, brokerage, insurance,
retirement, employee benefit, investment, personal trust and financial
planning services to individuals, businesses, municipalities, and non-
profit organizations along the coast of Maine from Waldoboro to Machias.
Union Trust takes pride in delivering personalized, responsive service and
developing quality, innovative products for its customers. Employing over
160 people, Union Trust has a documented record of consistent earnings
growth. As of June 30, 2003, consolidated assets were in excess of $404
million. Union Trust can be found on the Internet at www.uniontrust.com.