Union Bankshares (UNB) of Morrisville, Vt., has named its president, David S. Silverman, as chief executive after Kenneth D. Gibbons stepped down from the position.
Silverman, 51, has served as president and a director of the bank, Union Bank, and the holding company since the spring of 2011. He previously served as senior vice president and senior loan officer at Union Bank.
Gibbons will remain as chairman of the bank and the holding company.
The changes were part of a previously announced management succession plan relating to Gibbons’ retirement, the $555 million-asset company said Friday in a filing with the Securities and Exchange Commission.
The company said in April that its net income for the first quarter totaled $1.2 million, up 20% from a year earlier, because of higher loan balances and increases in ATM and debit card fees.
