Vermont Business Magazine On May 16, 2025, president and CEO of Union Bankshares Inc, David S. Silverman, age 64, informed the Board of Directors of his intention to retire from the company during 2026. Union Bankshares, based in Morrisville, is the parent company of Union Bank, with branches in northern Vermont and New Hampshire.
Accordingly, the Board will conduct a comprehensive search for Silverman's successor which includes the creation of a subcommittee of independent directors from the company's Nominating and Governance Committee. That subcommittee was expected be appointed at the next meeting of the Board, held on May 21, 2025, immediately following the annual meeting of shareholders.
The search process will include consideration of both internal and external candidates.
Silverman has served in various capacities during his 39 years with the company and its wholly owned subsidiary, Union Bank, including as president and CEO of both entities since 2012.
To help ensure a smooth transition, Silverman will continue to serve as President and Chief Executive Officer until his successor is named and a transition period is completed. It is also expected that he will remain on the Boards of Directors of the Company and Union Bank after appointment of his successor.
Source: 5.19.2025. Union Bankshares Inc.
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