Union Bankshares has $3 million in net income

ELLSWORTH – Union Bankshares Co., holding company of Union Trust Co., has reported just more than $3 million in net income, with assets in excess of $345 million, as of Dec. 31, 2000.

Officials reported earnings per share of $5.19, return on equity of 9.5 percent, and return on assets of 1 percent. Net interest income was up 9.9 percent and non-interest income was up 6.2 percent, due primarily to a 27.1 percent increase in trust and investment services income.

Financial results for 2000 reflect two significant one-time expenses. More than 7,500 square feet were added to the main office in Ellsworth to accommodate growth in the mortgage-processing department and in trust and investment services.

The other initiative was the acquisition of The Waldoboro Bank, which has increased Union Trust’s market area from two to five counties, increased the population base by 125 percent, and the number of business establishments by 116 percent.

For two years in a row, Union Trust has been named by Entrepreneur Magazine as one of the top “small business-friendly banks in the nation.”

Established in 1887, Union Trust is a full-service, independent, community bank that is locally owned and operated, with 15 offices serving customers along the coast of Maine from Waldoboro to Machias.

Union Trust can be found on the Internet at www.uniontrust.com.