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UNB > SEC Filings for UNB > Form 8-K on 2-Jan-2014All Recent SEC Filings

Show all filings for UNION BANKSHARES INC



Other Events

Item 8.01. Other Events

Reauthorization of Limited Quarterly Stock Repurchase Program

On January 2, 2014, the Board of Directors of Union Bankshares, Inc. reauthorized a limited stock repurchase program, initially authorized in May, 2010 and reauthorized for calendar year 2012 and calendar year 2013, pursuant to which the Company may repurchase up to 2,500 shares of its common stock (subject to standard anti-dilution adjustments) each calendar quarter in open market purchases or privately negotiated transactions, as management may deem advisable and as market conditions may warrant. The repurchase authorization for a calendar quarter expires at the end of that quarter to the extent it has not been exercised, and is not carried forward into future quarters. The limited quarterly authorization is not intended to be the exclusive means for effecting stock repurchases. As reauthorized, the quarterly repurchase program will expire on December 31, 2014.

Since inception of the program in May 2010, the Company has repurchased 7,849 shares of common stock at a total cost of $147 thousand.

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