SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------------ Form 8-K Current Report Pursuant to Section 13 or 15(d) of The Securities Act of 1934 Date of Report (Date of earliest event reported): September 27, 1999 ------------------------ UNION BANKSHARES CORPORATION (Exact name of registrant as specified in its charter) Virginia 0-20293 54-1598552 (State or other jurisdiction of (Commission (I.R.S. Employer incorporation or organization) File Number) Identification No.) ------------------------ 212 North Main Street P.O. Box 446 Bowling Green, Virginia 22427 (Address of principal executive offices, including zip code) ------------------------ Registrant's telephone number, including area code: (804) 633-5031 ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT. On September 27, 1999, the Registrant's Board of Directors voted to engage the accounting firm of Yount, Hyde & Barbour, P.C. as the independent public accountant to audit the Registrant's financial statements for the fiscal year ending December 31, 1999, to replace the firm of KPMG LLP, the independent public accountant engaged to audit the Registrant's financial statements as of December 31, 1998 and 1997, and for each of the years in the two year period ended December 31, 1998. Consistent with the Registrant's policies, the Registrant conducted a bidding process to select the independent public accountant to audit the Registrant's fiscal year ending December 31, 1999. The Registrant's Audit Committee received bids from several independent public accounting firms including KPMG LLP. After reviewing the proposals, the Registrant's Audit Committee selected Yount, Hyde & Barbour, P.C., which Registrant's Board of Directors approved. In connection with the audit of the two fiscal years ending December 31, 1998 and the subsequent interim period preceding the engagement of Yount, Hyde & Barbour, P.C., there were no disagreements with KPMG LLP on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreements if not resolved to their satisfaction would have caused them to make reference in connection with their opinion to the subject matter of the disagreement. KPMG LLP did not resign or decline to stand for reelection. Upon selection of Yount, Hyde & Barbour, P.C., the Registrant dismissed KPMG LLP with respect to the audit of the Registrant's consolidated financial statements for periods beginning with the fiscal year ending December 31, 1999 and thereafter. KPMG LLP's report on the consolidated financial statements as of December 31, 1998 and 1997, and for each of the years in the two year period ended December 31, 1998, contained no adverse opinion or disclaimer of opinion and was not qualified as to uncertainty, audit scope or accounting principles. The Registrant will be requesting that KPMG LLP furnish it with a letter addressed to the Securities and Exchange Commission stating whether it agrees with the above statements. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS Exhibit 16.1 - Letter from KPMG LLP.* - ------------------- * To be filed by amendment. 2 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 thereunto duly authorized. UNION BANKSHARES CORPORATION By: /s/ G. William Beale --------------------------------------- G. William Beale President and Chief Executive Officer October 4, 1999 3