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Vermont-based Union Bankshares to record $3.2M charge to earnings

Union Bankshares Inc. estimates it will record a $3.2 million charge to earnings, in connection with the termination of the Morrisville, Vt.-based company's noncontributory defined benefit pension plan.

A $1.1 million cash contribution may be required to fully fund the liabilities upon termination, which is expected to occur in the fourth quarter of 2018.

Union on Oct. 18 reported third-quarter net income of $2.4 million, or 53 cents per share, compared to the year-ago quarter's $2.3 million, or 51 cents per share.