<DOCUMENT>
<TYPE>EX-13
<SEQUENCE>4
<FILENAME>uni-x132.txt
<DESCRIPTION>EXHIBIT 13.2
<TEXT>

                                                               Exhibit 13.2


                         INDEPENDENT AUDITOR'S REPORT


Board of Directors
Union Bankshares, Inc. and Subsidiaries
Morrisville, Vermont


We have audited the consolidated balance sheets of Union Bankshares, Inc.
and Subsidiaries as of December 31, 2000 and the related consolidated
statements of income, changes in stockholders' equity, and cash flows for
the year then ended.  These consolidated financial statements are the
responsibility of the Company's management.  Our responsibility is to
express an opinion on these consolidated financial statements based on our
audits.

We conducted our audits in accordance with U. S. generally accepted
auditing standards.  Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement.  An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements.  An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation.  We believe that our audits
provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the consolidated financial
position of Union Bankshares, Inc. and Subsidiaries as of December 31,
2000, and the results of their operations and their cash flows for the year
then ended in conformity with U. S. generally accepted accounting
principles.

                                       /s/ A.M. Peisch & Company, LLP

January 12, 2001
St. Johnsbury, Vermont
VT Reg. No. 92-0000102


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