EXHIBIT 14

                           UNION BANKSHARES, INC.
               CODE OF ETHICS FOR SENIOR FINANCIAL OFFICERS
                       AND THE CHIEF EXECUTIVE OFFICER

This Code of Ethics for Senior Financial Officers and the Chief Executive
Officer of Union Bankshares, Inc. ("Bankshares") applies to the chief
executive officer and the chief financial/accounting officer of Bankshares
(the "Principal Financial Officers"). Bankshares and its subsidiary expect all
directors, officers, and employees to act in accordance with the highest
standards of personal and professional integrity in all aspects of their
activities, to comply with all applicable laws, rules and regulations, to deter
wrongdoing and to abide by the Code of Ethics and other policies and procedures
adopted that govern their conduct. Pursuant to the Sarbanes-Oxley Act of 2002,
and the regulations promulgated thereunder, Bankshares hereby adopts this
supplemental Code of Ethics for its Senior Financial Officers and the Chief
Executive Officer.

You agree to:

      (a) Engage in and promote honest and ethical conduct, including the
ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

      (b) Take all reasonable measures to protect the confidentiality of
non-public information about Bankshares or its subsidiary and their
customers obtained or created in connection with your activities and to
prevent the unauthorized disclosure of such information unless required by
applicable law, regulation, legal or regulatory process;

      (c) Maintain the Company's accounting records in accordance with
applicable laws, ensure that the information is proper, supported and
correctly classified and that it does not contain any false or misleading
entries. Report to the Audit Committee any untrue statement of material
fact or any omission of material information of which he or she becomes
aware of that may materially affect the disclosures made by the Company in
its public or regulatory filings;

      (d) Take all reasonable measures to produce full, fair, accurate,
timely, and understandable financial and other disclosures in reports and
documents that Bankshares or its subsidiary files with, furnishes, or
submits to, the Securities and Exchange Commission and other regulators,
and in other public communications made by Bankshares or its subsidiary;

      (e) Comply with applicable governmental laws, rules and regulations
and bring to the attention of the Audit Committee any evidence she or he
may have concerning any material violation of the securities or other laws,
rules or regulations applicable to the Company or its business operations;

      (f) Be responsible for the Company's system of internal financial
controls. You shall promptly bring to the attention of the Audit Committee
any information you may have concerning significant deficiencies in the
design or operation of internal controls which could adversely affect the
Company's ability to record, process, summarize and report financial data
or any fraud, whether or not material, that involves management or other
employees who have a significant role in the Company's financial reporting,
disclosures or internal controls; and

      (g) Promptly report any possible violation of this Code of Ethics to
the Audit Committee of the Board of Directors of Bankshares or any of the
parties or channels listed in Union Bank's Code of Ethics.


<PAGE>


Reports to the Audit Committee of possible violations of this Code of
Ethics may be made in writing, addressed to the Chair of Union Bankshares,
Inc. Audit Committee, P.O. Box 1346, Morrisville, VT 05661. You may choose
to remain anonymous in reporting any possible violation of this Code of
Ethics.

You are prohibited from directly or indirectly taking any action to
fraudulently influence, coerce, manipulate or mislead Bankshares or its
subsidiary's independent public auditors for the purpose of rendering the
financial statements of Bankshares or its subsidiary misleading.

You understand that you will be held accountable for your adherence to this
Code of Ethics. Your failure to observe the terms of this Code of Ethics
may result in disciplinary action, up to and including termination of
employment. Violations of this Code of Ethics may also constitute
violations of law and may result in civil and criminal penalties for you,
your supervisors and/or Bankshares or its subsidiary.

If you have any questions regarding the best course of action in a
particular situation, you should promptly contact Bankshares' Internal
Auditor or outside counsel for advice.

YOUR PERSONAL COMMITMENT TO THE BANKSHARES CODE OF ETHICS FOR SENIOR
FINANCIAL OFFICERS AND THE CHIEF EXECUTIVE OFFICER.

I acknowledge that I have received and read the Bankshares Code of Ethics
for Senior Financial Officers and the Chief Executive Officer, dated March 26,
2004, and understand my obligations as an officer to comply with the Code of
Ethics.

I understand that my agreement to comply with the Code of Ethics does not
constitute a contract of employment.


Please sign here: _____________________________    Date: __________________

Printed name and title: ___________________________________________________
This signed and completed form will be retained with the records of
Bankshares's Audit Committee.


<PAGE>