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Union Bankshares announces increase in third quarter earnings, dividend declared

first_imgSource: MORRISVILLE, Vt., Oct. 21, 2009 (GLOBE NEWSWIRE) — Union Bankshares, Inc (Nasdaq:UNB) today announced net income for the quarter ended September 30, 2009 of $1.44 million or $0.32 per share compared to $1.17 million or $0.26 per share for the same period in 2008. Net Income year to date was $3.95 million or $0.88 per share for 2009 compared to $3.76 million or $0.84 per share for 2008.Total Assets have grown $20.9 million, or 4.9%, to $443.9 million at September 30, 2009 from $423.1 million at September 30, 2008 while total deposits have grown $20.8 million, or 6.0%, to $369.4 million at September 30, 2009 from $348.6 million at September 30, 2008.Loan demand from new customers and refinancings continue to be strong with total loans growing to $351.9 million as of September 30, 2009 from $343.3 million, an increase of 2.4%, or $8.6 million, from the same time last year despite originating and selling $59.1 million residential mortgage loans to the secondary market over the last 12 months. The drop in the Prime Rate from the beginning of 2008 at 7.25% to 3.25% by the end of 2008, where it remains today, has driven the refinancing boom for residential and commercial mortgage customers. The impact of the prime rate drop on variable rate loans and new lower fixed rate loans have more than offset the increase in loan income due to volume growth with interest and fees on loans year to date at $16.3 million for 2009 versus $17.0 million for 2008. The growth in loans has been supported by deposit growth. Net interest income increased $157 thousand, or 3.6%, for the quarter over 2008 and $316 thousand, or 2.4%, year over year. The provision for possible loan losses increased $60 thousand from $185 thousand for 2008 to $245 thousand for 2009 mainly due to the growth in the loan portfolio as past due loans decreased from both September 30, 2008 and December 31, 2008.Expense related to FDIC insurance coverage was $566 thousand for 2009, of which $191 thousand was the special emergency assessment, compared to $37 thousand for 2008. The expense for the quarter ended September 30, 2009 was $101 thousand compared to $14 thousand for 2008 with the increase between years attributable to deposit growth as well as higher “regular” assessment rates.A quarterly cash dividend of $.25 per share was declared on October 21, 2009 to shareholders of record October 31, 2009, payable November 12, 2009.Union Bankshares, Inc., with headquarters in Morrisville, Vermont is the bank holding company parent of Union Bank, which offers deposit, loan, trust and commercial banking services throughout northern Vermont and in northwestern New Hampshire. As of September 30, 2009, the Company operated 13 banking offices and 28 ATM facilities in Vermont as well as a banking office and ATM in Littleton, New Hampshire.Statements made in this press release that are not historical facts are forward-looking statements. Investors are cautioned that all forward-looking statements necessarily involve risks and uncertainties, and many factors could cause actual results and events to differ materially from those contemplated in the forward-looking statements. For further information, please refer to the Company’s reports filed with the Securities and Exchange Commission at www.sec.gov(link is external).last_img read more

University of Vermont Foundation begins operations

first_imgUVM Foundation Board of DirectorsEugene W. Kalkin ’50 (Chair)Bernardsville, NJJohn A. Hilton, Jr. ’68 (Vice Chair)New York, NYRichard Ader ’63New York, NYMax G. Ansbacher ’57New York, NYJohn Bramley (ex officio)Colchester, VTRobert P. Brennan, Jr. ’83Chappaqua, NYRichard Bundy (ex officio)South Burlington, VTDaniel A. Burack ’55Harrison, NYBrooks Buxton ’56Jericho, VTRobert F. Cioffi ’90 (ex officio)New Canaan, CTMichele Resnick Cohen ’72New York, NYSteven Grossman ’61New York, NYZachary Gund ’93Concord, MASteve N. Ifshin ’58New York, NYJames R. Keller ’72Gig Harbor, WATed Madden ’92 (ex officio)Wellesley, MADon McCree ’83Rye, NYPamela Gillman McDermott ’73Hingham, MAKaren Nystrom Meyer ’70Colchester, VTMildred A. Reardon, MD ‘67Williston, VTWilliam F. Ruprecht ’80Greenwich, CTScott S. Segal ’77Charleston, WVWilliam G. Shean ’79Winchester, MAUVM Foundation Leadership CouncilRichard Ader ’63New York, NYMax G. Ansbacher ’57New York, NYJames Betts ‘69, MD’73Alameda, CalilforniaJohn Bramley Colchester, VTRobert P. Brennan, Jr. ’83Chappaqua, New YorkRichard BundySouth Burlington, VTDaniel A. Burack ’55Harrison, NYJ. Brooks Buxton ’56Jericho, VTMichael Carpenter P’09Greenwich, CTRobert F. Cioffi ’90New Canaan, CTMichele Cohen ’72New York, NYJohn Frank ‘79Greenwich, CTSteven Grossman ’61New York, NYGrant Gund ‘91Weston, MAZachary Gund ’93Concord, MAMary Ellen Guzewicz ‘73Westport, CTJohn A. Hilton ’68New York, NYStephen N. Ifshin ’58New York, NYEugene W. Kalkin ’50Bernardsville, NJJoan KalkinBernardsville, NJJames R. Keller ’72Gig Harbor, WADr. Samuel LabowStowe, VTVictor Livingstone ‘87South Hamilton, MATed Madden ’92Wellesley Hills, MADonald H. McCree, III ’83Rye, NYPamela G. McDermott ’73Hingham, MAKaren N. Meyer ’70Colchester, VTWolfgang MiederWilliston, VTJulie Simon Munro ‘86Larkspur, CAJeff Newton ‘79Concord, MAJacqueline Noonan MD’54Lexington, KYMildred A. Reardon MD’67Williston, VTWilliam F. Ruprecht ’80Greenwich, CTScott S. Segal ’77Charleston, WVWilliam G. Shean ’79Winchester, MAJack S. Silver ‘64New York, NYDavid Spector ‘56New York, NYJohn Tampas ‘51, MD ‘54Colchester, VTKenneth Wormser ‘78Demarest, NJCharles Zabriskie ‘53Wellesley Hills, MA University of Vermont,The University of Vermont began a new chapter in its fundraising history January 1, 2012, with the formal start of the University of Vermont and State Agricultural Foundation, Inc.The foundation was incorporated in March 2011 and has since been engaged in organizing its administrative and governance structure. The purpose of the UVM Foundation is to secure and manage private support for UVM. It will devote itself to raising financial support for the academic and related priorities of the university, including gifts that will build a supplemental endowment.”This alliance has broad implications for the financial health of the University, and its impact will be felt throughout the institution,” said UVM Interim President John Bramley. “With the establishment of the University of Vermont Foundation, UVM has signaled its intent to become more engaged in the broader scope of American philanthropy.”As the primary and preferred recipient for charitable gifts that benefit the university, the UVM Foundation is an independent organization governed by its own Board of Directors, , and assisted in its work by a volunteer Foundation Leadership Council comprised of major donors. Foundation responsibilities include identifying and nurturing relationships with potential donors and other friends of UVM; soliciting cash, securities, real and intellectual property and other private resources; and acknowledging and stewarding gifts in accordance with donor intent.”We couldn’t be more pleased with the way the UVM Foundation has come together in the last year,” said UVM Foundation President and CEO Richard Bundy, who came to Vermont from the Iowa State University Foundation. “With an outstanding Board of Directors and Foundation Leadership Council in place, capable and experienced fundraising staff, and a strong and expanding base of engaged donors, we’re eager to take the university to a new level of philanthropic support.”With the official launch, the 75 staff who were formerly members of the university’s Office of Development and Alumni Relations (DAR) became employees of the UVM Foundation, and DAR has been eliminated from the UVM administrative organization. The UVM Alumni Association will continue to operate its various programs and initiatives as an integral part of the overall UVM Foundation.UVM had its fourth consecutive year of growth in private giving in the fiscal year ending June 30, 2010, and set a new record for fundraising receipts with more than $29 million raised in support of UVM people, programs, and facilities.last_img read more