<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>uni1-992.txt
<DESCRIPTION>EXHIBIT 99.2
<TEXT>

                                                               Exhibit 99.2

                            FOR IMMEDIATE RELEASE

   Union Bankshares Announces 2001 Earnings and Quarterly Dividend Payment

Morrisville, VT January 4, 2002 - Union Bankshares, Inc. (AMEX - UNB) today
announced net income for the quarter ended December 31, 2001 was $1.197
million or $.40 per share compared to $1.307 million or $.43 per share for
the same period last year.

Net income for the year ended December 31, 2001 was $4.83 million or $1.59
per share compared to $4.80 million or $1.58 per share for 2000.

A dramatic decrease in interest rates during the year narrowed the
companies' interest margins, which was partially offset by a $26 million
increase in loans outstanding and asset growth of $33 million.

A quarterly dividend of $.28 per share was declared on January 4, 2002 to
shareholders of record January 14, 2002, payable January 17th.

Union Bank and Citizens Savings Bank and Trust Company are wholly-owned
subsidiaries of Union Bankshares, Inc. offering deposit, loan, trust and
commercial banking services in North Central Vermont.


This press release contains forward-looking statements. Investors are
cautioned that all forward-looking statements involve risks and
uncertainties, and several factors could cause actual results to differ
materially from those in the forward-looking statements. Forward-looking
statements relate to anticipated revenues, gross margins, earnings, and
growth of the market for our products. The following factors, among others,
could cause actual results to differ from those indicated in the forward-
looking statements: uncertainties associated with market acceptance of and
demand for the company's products, impact of competitive products and
pricing, dependence on third party suppliers, uncertainties associated with
the development of technology, and the dependence on intellectual property
rights. Investors are directed to the company's 2000 annual report, which
is available from the company without charge for a more complete
description of the company's business.


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