UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): September 1, 1996 Commission File No. 0-20293 UNION BANKSHARES CORPORATION (Exact name of registrant as specified in its charter) Virginia 54-1598552 (State of Incorporation) (I.R.S. Employer Identification No.) 211 North Main Street P.O. Box 446 Bowling Green, Virginia 22427 (Address of principal executive offices) (804) 633-5031 (Registrant's telephone number, including area code) Item 2. Acquisition or Disposition of Assets On September 1, 1996 Union Bankshares Corporation, a Virginia corporation ("Union"), acquired King George State Bank Inc., King George, Virginia ("King George"), through a statutory share exchange with King George (the "Merger"). The Merger was accounted for as a pooling of interests business combination. Union issued 275,000 shares of common stock for all the outstanding common shares of King George. The exchange ratio was 5.5 shares of Union common stock for each share of King George common stock outstanding on September 1, 1996. Upon consummation of the Merger on September 1, 1996, Union had outstanding a total of 3,567,049 shares of common stock. King George State Bank operates from a single location in King George County, Virginia, and will continue to carry on its banking business in substantially the same manner as before the Merger. For additional information concerning the Merger, reference is made to the Registration Statement on Form S-4 (No. 333-6631) filed by Union and declared effective on July 17, 1996. Item 7. Financial Statements and Exhibits (a) Financial Statements of the Business Acquired The financial statements of King George are included in Exhibit 99.1 of this filing and include the balance sheets of King George as of December 31, 1995 and 1994, and the related statements of income, changes in stockholders' equity, and cash flows for each of the years in the three year period ended December 31, 1995, and the report of Smith & Eggleston, P. C., independent auditors, dated February 16, 1996 thereon. Interim financial statements as of June 30, 1996 and for the six months then ended are not included in this Report because it was impracticable to provide this information in the required format within the prescribed time period. This interim financial information will be provided as soon as practicable (and in any event by October 4, 1996) by the filing of an amendment to this Report. (b) Pro Forma Financial Information Pro forma condensed financial information regarding the Merger is included in Exhibit 99.2 of this filing. (c) Exhibits Exhibit 99.1: Financial statements King George as of December 31, 1995 and for the period then ended. Exhibit 99.2: Pro forma condensed financial information regarding the Merger. Signatures Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. UNION BANKSHARES CORPORATION Date: September 13, 1996 By: /s/ D. ANTHONY PEAY ------------------- D. Anthony Peay Vice President and Chief Financial Officer