-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 EWJUmqxLFZUVO1qKyYXep+ff22Z7Ep06r1In7VXvI4980pN+F2ilanf7p9iEhdfx
 Mtja5kaPYiCARfHMH0p+vg==

<SEC-DOCUMENT>0000910647-04-000198.txt : 20040428
<SEC-HEADER>0000910647-04-000198.hdr.sgml : 20040428
<ACCEPTANCE-DATETIME>20040428095728
ACCESSION NUMBER:		0000910647-04-000198
CONFORMED SUBMISSION TYPE:	10-K/A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20031231
FILED AS OF DATE:		20040428

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UNION BANKSHARES INC
		CENTRAL INDEX KEY:			0000706863
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				030283552
		STATE OF INCORPORATION:			VT
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15985
		FILM NUMBER:		04758808

	BUSINESS ADDRESS:	
		STREET 1:		20 MAIN STREET
		STREET 2:		P O BOX 667
		CITY:			MORRISVILLE
		STATE:			VT
		ZIP:			05661-0667
		BUSINESS PHONE:		8028886600

	MAIL ADDRESS:	
		STREET 1:		20 MAIN STREET
		STREET 2:		P O BOX 667
		CITY:			MORRISVILLE
		STATE:			VT
		ZIP:			05661-0667
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K/A
<SEQUENCE>1
<FILENAME>uni-10ka.txt
<DESCRIPTION>BODY OF FORM 10-K/A
<TEXT>

                                UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION

                           Washington, D.C. 20549

                                 FORM 10-K/A

          (X) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
                       SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2003    Commission file number 000-28449


                           UNION BANKSHARES, INC.
                         VERMONT          03-0283552
                                P.O. BOX 667
                                 MAIN STREET
                           MORRISVILLE, VT  05661

                Registrant's telephone number:  802-888-6600

             Former name, former address and former fiscal year,
                if changed since last report:  Not applicable

         Securities registered pursuant to section 12(b) of the Act:

                        Common Stock, $2.00 par value
                        -----------------------------
                              (Title of class)

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.  Yes   X    No
                                                    -----     -----

Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K.

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Act).  Yes       No   X
                                        -----    -----

The aggregate market value of the common stock held by non-affiliates of
the registrant on June 30, 2003, based on the last closing price on the
American Stock Exchange of $30.55 (not restated for the 3-for-2 stock split
effective 8/8/04) was $65,714,333.  For purposes of this calculation, all
directors and executive officers of the Registrant are assumed to be
affiliates.  Such assumptions, however, shall not be deemed to be an
admission of such status as to any such individual.

As of March 17, 2004, there were 4,550,313 shares of the registrant's $2
par value common stock issued and outstanding.

                     DOCUMENTS INCORPORATED BY REFERENCE

Specifically designated portions of the following documents are
incorporated by reference in the indicated Part of this Annual Report on
Form 10-K:

                             Document                                 Part
                             --------                                 ----

Annual Report to Shareholders for the year ended December 31, 2003    I, II
Proxy Statement for the 2004 Annual Meeting of Shareholders            III


EXPLANATORY NOTE:  The only change to the Company's Annual Report on Form
10-K reflected in this amendment on Form 10-K/A is to the disclosure in
Part III, Item 12 as to the number of securities remaining available at
December 31, 2003 for future issuance under equity compensation plans.  The
number of shares remaining available for future issuance under the
Company's equity compensation plans as of December 31, 2003 was incorrectly
disclosed in the original Form 10K  as 55,700 whereas the actual number of
shares remaining available was 55,200.


<PAGE>  1


                           UNION BANKSHARES, INC.
                             Table of Contents*


Part III

Item 12-Security Ownership of Certain Beneficial Owners and Management
        and Related Stockholder Matters (b)                                  3

Part IV

Item 15-Exhibits, Financial Statement Schedules and Reports on Form 8-K      3

Signatures                                                                   5
Exhibit Index                                                                6

- -----------------------------------------------------------------------------



<FN>
- --------------------
*     No changes to Parts I and II (Items 1 through 9A), or items 10, 11,
      13 and 14 of Part III, of the Company's 2003 Annual Report on Form
      10-K filed with the Commission on March 30, 2004
</FN>


<PAGE>  2


Part III-Item 12  Security Ownership of Certain Beneficial Owners and
Management and Related Stockholder Matters

The following information from the Company's Proxy Statement for the 2004
Annual Meeting of Shareholders is hereby incorporated by reference:

Information regarding the share ownership of management and principal
shareholders under the caption "SHARE OWNERSHIP INFORMATION - Share
Ownership of Management and Principal holders"

The following table summarizes equity compensation under the Company's
Incentive Stock Option Plan, the only equity compensation plan of the
company.

Equity Compensation Plan Information as of December 31, 2003:

<TABLE>
<CAPTION>

                                                                                                  Number of securities
                                                                                                  remaining available for future
                                 Number of securities to be                                       issuance under equity
                                 issued upon exercise of          Weighted-average exercise       compensation plans
                                 outstanding options, warrants    price of outstanding options,   (excluding securities reflected
                                 and rights                       warrants and rights             in column (a)
                                 -----------------------------    -----------------------------   --------------------------
Plan Category                              Column a                         Column b                        Column c
- -------------                              --------                         --------                        --------

<s>                                         <c>                              <c>                             <c>
Equity compensation plans
 approved by security holders               13,675                           $16.61                          55,200
Equity compensation plans
 not approved by security
 holders                                         -                                -                               -
                                            ------                           ------                          ------
Total                                       13,675                           $16.61                          55,200
                                            ======                           ======                          ======
</TABLE>

Part IV-Item 15  Exhibits, Financial Statement Schedules and Reports on
Form 8-K

A.    Documents Filed as Part of this Report:
      (1)   The following consolidated financial statements, as included in
            the 2003 Annual Report to Shareholders, are incorporated herein
            by reference (See Exhibit 13.1):
            1)    Consolidated Balance Sheet at December 31, 2003 and 2002
            2)    Consolidated Income Statement for the years ended
                  December 31, 2003, 2002 and 2001
            3)    Consolidated Statement of Changes in Stockholders' Equity
                  for the years ended December 31, 2003, 2002 and 2001
            4)    Consolidated Statement of Cash Flows for the years ended
                  December 31, 2003, 2002 and 2001
            5)    Notes to the Consolidated Financial Statements

      (2)   The following exhibits are either filed herewith as part of
            this report, or are incorporated herein by reference.

Item No:

   3.1      Amended and Restated Articles of Incorporation of Union
            Bankshares, Inc. (as of May 7, 1997), previously filed with the
            Commission as Exhibit 3.1 to the Company's Registration
            Statement on Form S-4 (#333-82709) and incorporated herein by
            reference.
   3.2      Amendment filed May 19, 1998 to Amended and Restated Articles
            of Association of Union Bankshares, Inc., adding new sections 8
            and 9, previously filed with the Commission as Exhibit 3.1 to
            the Company's Registration Statement on Form S-4 (#333-82709)
            and incorporated herein by reference.
   3.3      Amendment filed November 24, 1999 to Amended and Restated
            Articles of Association of Union Bankshares, Inc. increasing
            the authorized common shares to 5,000,000, previously filed
            with the Commission on December 10, 1999 as Exhibit 3.3 to the
            Company's Current Report on Form 8-K 12g3, and incorporated
            herein by reference.
   3.4      Bylaws of Union Bankshares, Inc., as amended, previously filed
            with the Commission as Exhibit 3.1 to the Company's
            Registration Statement on Form S-4 (#333-82709) and
            incorporated herein by reference.
  10.1      Stock Registration Agreement dated as of February 16, 1999,
            among Union Bankshares, Inc., Genevieve L. Hovey, individually
            and as Trustee of the Genevieve L. Hovey Trust (U.A. dated
            8/22/89), and Franklin G. Hovey, II, individually, previously
            filed with the Commission as Exhibit 3.1 to the Company's
            Registration Statement on Form S-4 (#333-82709) and
            incorporated herein by reference.


<PAGE>  3


  10.2      1998 Incentive Stock Option Plan of Union Bankshares, Inc. and
            Subsidiary, previously filed with the Commission as Exhibit 3.1
            to the Company's Registration Statement on Form S-4 (#333-
            82709) and incorporated herein by reference.*
  10.3      Form of Union Bankshares, Inc. Deferred Compensation Plan and
            Agreement, previously filed with the Commission as Exhibit 10.3
            to the Company's 2001 Form 10-K and incorporated here in by
            reference.*
  11        Statement re:  Computation of per share earnings:  See Note 1
            to the consolidated financial statements for details on
            earnings per share computations for 2003, 2002 and 2001
  13.1      The following specifically designated portions of Union's 2003
            Annual Report to Shareholders have been incorporated by
            reference in this Report on Form 10-K, is filed herewith:
            pages 11 to 58**
  14        Code of Ethics for Senior Financial Officers and the Chief
            Executive Officer**
  21        Subsidiary of Union Bankshares, Inc.
                  Union Bank, Morrisville, Vermont
  31.1      Certifications of Chief Executive Officer pursuant to Section
            302 of the Sarbanes-Oxley Act of 2002***
  31.2      Certifications of Chief Financial Officer pursuant to Section
            302 of the Sarbanes-Oxley Act of 2002***
  32.1      Certification of the Chief Executive Officer pursuant to
            Section 906 of the Sarbanes-Oxley Act of 2002***
  32.2      Certification of the Chief Financial Officer pursuant to
            Section 906 of the Sarbanes-Oxley Act of 2002***
      (3)   Reports on Form 8-K
            a)    Form 8-K filed on October 17, 2003 to report third
                  quarter and year-to-date earnings and the declaration of
                  a dividend.
            b)    Form 8-K filed on October 31, 2003 to report we mailed
                  our internal, unaudited Third Quarter 2003 Report to our
                  shareholders.


<FN>
*     denotes management contract or compensatory plan.
**    previously filed with the Commission as an exhibit to the Company's
      2003 Annual Report on Form 10-K
***   supplements the certifications previously filed with the Commission
      as exhibits to the Company's 2003 Annual Report on Form 10-K
</FN>


<PAGE>  4


SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly authorized, as of
April 27, 2004.

Union Bankshares, Inc.

By: /s/ Kenneth D. Gibbons             By: /s/ Marsha A. Mongeon
    --------------------------             --------------------------------
    Kenneth D. Gibbons                     Marsha A. Mongeon
    President and Chief Executive          Treasurer and Chief Financial/
    Officer                                Accounting Officer


<PAGE>  5


                                EXHIBT INDEX


   3.1      Amended and Restated Articles of Incorporation of Union
            Bankshares, Inc. (as of May 7, 1997), previously filed with the
            Commission as Exhibit 3.1 to the Company's Registration
            Statement on Form S-4 (#333-82709) and incorporated herein by
            reference.
   3.2      Amendment filed May 19, 1998 to Amended and Restated Articles
            of Association of Union Bankshares, Inc., adding new sections 8
            and 9, previously filed with the Commission as Exhibit 3.1 to
            the Company's Registration Statement on Form S-4 (#333-82709)
            and incorporated herein by reference.
   3.3      Amendment filed November 24, 1999 to Amended and Restated
            Articles of Association of Union Bankshares, Inc. increasing
            the authorized common shares to 5,000,000, previously filed
            with the Commission on December 10, 1999 as Exhibit 3.3 to the
            Company's Current Report on Form 8-K 12g3, and incorporated
            herein by reference.
   3.4      Bylaws of Union Bankshares, Inc., as amended, previously filed
            with the Commission as Exhibit 3.1 to the Company's
            Registration Statement on Form S-4 (#333-82709) and
            incorporated herein by reference.
  10.1      Stock Registration Agreement dated as of February 16, 1999,
            among Union Bankshares, Inc., Genevieve L. Hovey, individually
            and as Trustee of the Genevieve L. Hovey Trust (U.A. dated
            8/22/89), and Franklin G. Hovey, II, individually, previously
            filed with the Commission as Exhibit 3.1 to the Company's
            Registration Statement on Form S-4 (#333-82709) and
            incorporated herein by reference.
  10.2      1998 Incentive Stock Option Plan of Union Bankshares, Inc. and
            Subsidiary, previously filed with the Commission as Exhibit 3.1
            to the Company's Registration Statement on Form S-4 (#333-
            82709) and incorporated herein by reference.*
  10.3      Form of Union Bankshares, Inc. Deferred Compensation Plan and
            Agreement, previously filed with the Commission as Exhibit 10.3
            to the Company's 2001 Form 10-K and incorporated here in by
            reference.*
  11        Statement re:  Computation of per share earnings:  See Note 1
            to the consolidated financial statements for details on
            earnings per share computations for 2003, 2002 and 2001
  13.1      The following specifically designated portions of Union's 2003
            Annual Report to Shareholders have been incorporated by
            reference in this Report on Form 10-K, is filed herewith:
            pages 11 to 58**
  14        Code of Ethics for Senior Financial Officers and the Chief
            Executive Officer**
  21        Subsidiary of Union Bankshares, Inc.
                  Union Bank, Morrisville, Vermont
  31.1      Certifications of Chief Executive Officer pursuant to Section
            302 of the Sarbanes-Oxley Act of 2002***
  31.2      Certifications of Chief Financial Officer pursuant to Section
            302 of the Sarbanes-Oxley Act of 2002***
  32.1      Certification of the Chief Executive Officer pursuant to
            Section 906 of the Sarbanes-Oxley Act of 2002***
  32.2      Certification of the Chief Financial Officer pursuant to
            Section 906 of the Sarbanes-Oxley Act of 2002***
      (4)   Reports on Form 8-K
            c)    Form 8-K filed on October 17, 2003 to report third
                  quarter and year-to-date earnings and the declaration of
                  a dividend.
            d)    Form 8-K filed on October 31, 2003 to report we mailed
                  our internal, unaudited Third Quarter 2003 Report to our
                  shareholders.


<FN>
*     denotes management contract or compensatory plan.
**    previously filed with the Commission as an exhibit to the Company's
      2003 Annual Report on Form 10-K
***   supplements the certifications previously filed with the Commission
      as exhibits to the Company's 2003 Annual Report on Form 10-K
</FN>


<PAGE>  6

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>2
<FILENAME>unika311.txt
<DESCRIPTION>EXHIBIT 31.1
<TEXT>

                CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER       Exhibit 31.1


I, Kenneth D. Gibbons, President and Chief Executive Officer of Union
Bankshares, Inc., certify that:

1.    I have reviewed this annual report on Form 10-K (as amended) of Union
      Bankshares, Inc.;

2.    Based on my knowledge, this annual report does not contain any untrue
      statement of a material fact or omit to state a material fact
      necessary to make the statements made, in light of the circumstances
      under which such statements were made, not misleading with respect to
      the period covered by this annual report;

3.    Based on my knowledge, the financial statements, and other financial
      information included in this annual report, fairly present in all
      material respects the financial condition, results of operations and
      cash flows of the registrant as of, and for, the periods presented in
      this annual report;

4.    The registrant's other certifying officers and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Exchange Act Rules 13a-15(e) and 15d-15(e) for the
      registrant and we have:

      a)    designed such disclosure controls and procedures under our
            supervision to ensure that material information relating to the
            registrant, including its consolidated subsidiary, is made
            known to us by others within those entities, particularly
            during the period in which this annual report is being
            prepared;

      b)    evaluated the effectiveness of the registrant's disclosure
            controls and procedures; and presented in this annual report
            our conclusions about the effectiveness of the disclosure
            controls and procedures as of the end of the period covered by
            this annual report based on such evaluations; and

      c)    disclosed in this report any change in the registrant's
            internal control over financial reporting that occurred during
            the registrant's most recent fiscal quarter that has materially
            affected, or is reasonably likely to materially affect the
            registrant's internal control over financial reporting; and

5.    The registrant's other certifying officers and I have disclosed,
      based on our most recent evaluation of internal control over
      financial reporting, to the registrant's auditors and the audit
      committee of registrant's board of directors:

      a)    all significant deficiencies and material weaknesses in the
            design or operation of internal controls over financial
            reporting which could adversely affect the registrant's ability
            to record, process, summarize and report financial data; and

      b)    any fraud, whether or not material, that involves management or
            other employees who have a significant role in the registrant's
            internal controls over financial reporting; and

6.    The registrant's other certifying officers and I have indicated in
      this annual report whether or not there were significant changes in
      internal controls or in other factors that could significantly affect
      internal controls subsequent to the date of our most recent
      evaluation, including any corrective actions with regard to
      significant deficiencies and material weaknesses.


Date: April 27, 2004

/s/ Kenneth D. Gibbons
- ----------------------
[Signature]
President and Chief Executive Officer


<PAGE>  7

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>3
<FILENAME>unika312.txt
<DESCRIPTION>EXHIBIT 31.2
<TEXT>

                CERTIFICATION OF THE CHIEF FINANCIAL OFFICER       Exhibit 31.2


I, Marsha A. Mongeon, Treasurer and Chief Financial Officer of Union
Bankshares, Inc., certify that:

1.    I have reviewed this annual report on Form 10-K (as amended) of Union
      Bankshares, Inc.;

2.    Based on my knowledge, this annual report does not contain any untrue
      statement of a material fact or omit to state a material fact
      necessary to make the statements made, in light of the circumstances
      under which such statements were made, not misleading with respect to
      the period covered by this annual report;

3.    Based on my knowledge, the financial statements, and other financial
      information included in this annual report, fairly present in all
      material respects the financial condition, results of operations and
      cash flows of the registrant as of, and for, the periods presented in
      this annual report;

4.    The registrant's other certifying officers and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Exchange Act Rules 13a-15(e) and 15d-15(e) for the
      registrant and we have:

      a)    designed such disclosure controls and procedures under our
            supervision to ensure that material information relating to the
            registrant, including its consolidated subsidiary, is made
            known to us by others within those entities, particularly
            during the period in which this annual report is being
            prepared;

      b)    evaluated the effectiveness of the registrant's disclosure
            controls and procedures; and presented in this annual report
            our conclusions about the effectiveness of the disclosure
            controls and procedures as of the end of the period covered by
            this annual report based on such evaluations; and

      c)    disclosed in this report any change in the registrant's
            internal control over financial reporting that occurred during
            the registrant's most recent fiscal quarter that has materially
            affected, or is reasonably likely to materially affect the
            registrant's internal control over financial reporting; and

5.    The registrant's other certifying officers and I have disclosed,
      based on our most recent evaluation of internal control over
      financial reporting, to the registrant's auditors and the audit
      committee of registrant's board of directors:

      a)    all significant deficiencies and material weaknesses in the
            design or operation of internal controls over financial
            reporting which could adversely affect the registrant's ability
            to record, process, summarize and report financial data; and

      b)    any fraud, whether or not material, that involves management or
            other employees who have a significant role in the registrant's
            internal controls over financial reporting; and

6.    The registrant's other certifying officers and I have indicated in
      this annual report whether or not there were significant changes in
      internal controls or in other factors that could significantly affect
      internal controls subsequent to the date of our most recent
      evaluation, including any corrective actions with regard to
      significant deficiencies and material weaknesses.


Date:  April 27, 2004

/s/ Marsha A. Mongeon
- ---------------------
[Signature]
Treasurer and Chief Financial Officer


<PAGE>  8

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>4
<FILENAME>unika321.txt
<DESCRIPTION>EXHIBIT 32.1
<TEXT>

                                                               Exhibit 32.1

         CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED
          PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

      In connection with the Annual Report of Union Bankshares, Inc. (the
"Company") on Form 10-K (as amended) for the period ended December 31, 2003
as filed with the Securities and Exchange Commission on the date hereof
(the "Report"), the undersigned Chief Executive Officer of the Company
hereby certifies, pursuant to 18 U.S.C. [SECTION]1350, as adopted pursuant
to [SECTION]906 of the Sarbanes-Oxley Act of 2002, that, to the best of his
knowledge;  1) the Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, and 2) the
information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company
as of and for the periods covered in the Report.

A signed original of this written statement required by Section 906 has
been provided to Union Bankshares, Inc. and will be retained by Union
Bankshares, Inc. and furnished to the Securities and Exchange Commission or
its staff upon request.



/s/ Kenneth D. Gibbons
- ----------------------
Kenneth D. Gibbons
Chief Executive Officer


April 27, 2004


<PAGE>  9

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>5
<FILENAME>unika322.txt
<DESCRIPTION>EXHIBIT 32.2
<TEXT>

                                                               Exhibit 32.2

         CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED
          PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

      In connection with the Annual Report of Union Bankshares, Inc. (the
"Company") on Form 10-K (as amended) for the period ended December 31, 2003
as filed with the Securities and Exchange Commission on the date hereof
(the "Report"), the undersigned Chief Financial Officer of the Company
hereby certifies, pursuant to 18 U.S.C. [SECTION]1350, as adopted pursuant
to [SECTION]906 of the Sarbanes-Oxley Act of 2002, that, to the best of her
knowledge;  1) the Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, and 2) the
information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company
as of and for the periods covered in the Report.

A signed original of this written statement required by Section 906 has
been provided to Union Bankshares, Inc. and will be retained by Union
Bankshares, Inc. and furnished to the Securities and Exchange Commission or
its staff upon request.



/s/ Marsha A. Mongeon
- ---------------------
Marsha A. Mongeon
Chief Financial Officer


April 27, 2004


<PAGE>  10

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
