Union Bankshares Appoints Jeffery Weidley as New President, Future CEO

summarizeSummary

Union Bankshares announced the appointment of Jeffery F. Weidley as President, effective May 4, 2026, who will succeed David S. Silverman as CEO upon his retirement in July 2026.

check_boxKey Events

• New President Appointed

  Jeffery F. Weidley has been named President of Union Bankshares and its subsidiary, Union Bank, effective May 4, 2026.

• CEO Succession Plan Finalized

  Mr. Weidley is slated to assume the additional titles of CEO for both entities in July 2026, following the retirement of current President and CEO David S. Silverman.

• Executive Compensation Details

  Mr. Weidley's compensation package includes an annual base salary of $500,000, a sign-on equity award of 3,000 restricted stock units, and a $25,000 relocation assistance payment.

• Change in Control Agreement

  Mr. Weidley will enter into a Change of Control Agreement, providing severance benefits in the event of a qualifying termination following a change in control.

auto_awesomeAnalysis

This filing details the planned leadership transition at Union Bankshares, with Jeffery F. Weidley stepping in as President and future CEO. While the retirement of long-serving CEO David S. Silverman was previously disclosed, the announcement of his successor and the terms of his employment agreement provide crucial clarity on the company's future direction. Weidley's background in senior banking roles suggests a focus on strategic growth and digital initiatives. Investors will be watching for any shifts in strategy or operational focus under the new leadership.