GOLD BANC TO ACQUIRE UNION BANK & TRUST OF DENVER IN $65 MILLION
TAX-FREE STOCK SWAP

TRANSACTION HIGHLIGHTS -- GOLD BANC'S LARGEST ACQUISITION IN ITS
HISTORY WILL INCREASE TOTAL ASSETS BY OVER 25% TO OVER $1.5
BILLION. -- PROVIDES THE GOLD BANC FRANCHISE WITH 7 MORE
LOCATIONS IN THE VIBRANT DENVER MARKET, AN ADDITIONAL $270
MILLION IN CORE DEPOSITS, AND UNION BANK'S EXPERIENCED AND HIGHLY
SUCCESSFUL MANAGEMENT TEAM. -- EFFECTIVELY LEVERAGES CAPITAL,
MAINTAINS SOLID ASSET QUALITY AND HELPS SUPPORT CONTINUED
EARNINGS GROWTH. -- CONSISTENT WITH GOLD BANC'S STRATEGY OF
MAINTAINING STRONG LOCAL MANAGEMENT AND BOARDS OF DIRECTORS.

LEAWOOD, Kan., Aug. 9 /PRNewswire/ -- Gold Banc, (Nasdaq: GLDB -
news), one of the country's fastest growing community banking and
financial services organizations, announced today the Company has
signed a definitive agreement to acquire Union Bankshares, Ltd.,
(Nasdaq: UBSC - news), and its wholly-owned subsidiary, Union
Bank & Trust, one of the leading community banks in the metro
Denver region. The deal will increase Gold Banc's assets by over
25 percent to over $1.5 billion, from $1.2 billion as of June 30,
1999.

The total purchase price of the acquisition is approximately
$65.0 million in a stock-for-stock, tax-free exchange. The
exchange ratio will be determined by dividing $23.05 by the
average price for Gold Banc common stock during the 10-day
trading period ending three days prior to closing, unless the
average price is less than $13.00 or greater than $16.00, in
which case the average price shall be fixed at $13.00 or $16.00,
respectively. On August 9, 1999, the closing price on the Nasdaq
Stock Market for Gold Banc Common Stock was $11.50 per share.
Should the average price of Gold Banc common stock fall below
$11.00 for a period of 10 trading days immediately prior to
shareholder approval, Union Bankshares can terminate the
transactions.

Union Bankshares currently has approximately 2.4 million common
shares outstanding, and Gold Banc has approximately 17.2 million
common shares outstanding.

The transaction will be accounted for as a pooling of interests
and is expected to be accretive to Gold Banc's earnings.
Completion of the transaction is subject to the approval of the
appropriate regulatory authorities and the shareholders of both
Gold Banc and Union Bankshares. The deal is expected to close in
the fourth quarter of 1999.

Michael W. Gullion, Gold Banc Chairman and CEO, commented: ``The
acquisition of Union Bank is a watershed for Gold Banc -- this
single transaction increases our assets by one-fourth, boosts
core deposits 30 percent, and maintains our solid asset quality.
We also gain seven locations in the vibrant Denver region which
is one of the country's best community banking markets, as well
as the benefit of Union's strong local business relationships.
The addition of Union Bank significantly advances our vision of
becoming the high performance banking and financial services
provider of choice in our markets.''

Gullion added: "Union Bank has an exceptional management team
and, like Gold Banc, they have<PAGE>pursued a strategy of quality
growth founded on strong community relationships. We are
especially eager to explore the expanded range of synergies and
new business opportunities which we plan to leverage across
Union's established account base using our full service Internet
banking, our retail brokerage and investment management services,
our insurance and trust services businesses and our recently
acquired mortgage banking services business, which closed August
2, 1999.''

Union Bank Management Comments

Charles R. Harrison, Chairman and CEO of Union Bankshares, Ltd.,
remarked: ``Our board of directors is pleased to join the Gold
Banc family and, on behalf of Union shareholders, we believe the
terms of this transaction represent an appropriate recognition of
the underlying value of our franchise. As two of the premier
community banking and financial services companies in the
country, the enhanced financial leverage and operational strength
of the combined Gold Banc-Union Bank organization allows us to
jointly pursue even more attractive growth opportunities
beneficial to customers and shareholders alike.''

Herman J. Zueck, Chairman and CEO of Union Bank & Trust, added:
``Joining Gold Banc allows us to preserve the valuable
relationships our local boards of directors have built with their
respective communities. Union Bank and Gold Banc are ideal
strategic partners because we have similar cultures focused on
providing personalized service, which is key to attracting and
retaining individual and small business customers in a highly
competitive marketplace. Gold Banc also enhances our competitive
position by enabling us to provide a broader range of the
financial services that today's busy, convenience-oriented
customers expect from their community bank.''

It was emphasized that Union Bank & Trust will continue to
operate under the Union Bank & Trust name with an ongoing
philosophy of personal attention and professional service. Herman
Zueck will serve as Chairman of the Board of Union Bank & Trust.
Union Bank's customer contact staff will remain intact, and
customers can expect to see the same people they have come to
know and trust each time they visit any Union Bank & Trust
location.

Overview of Union Bank & Trust

Union Bankshares, Ltd. is an independent bank holding company
which owns Union Bank & Trust, a state chartered commercial bank
located in Denver, Colorado. The bank, acquired by the company in
1985, and its predecessors have been operating since 1917. The
bank attracts FDIC-insured deposits, and focuses on providing
relationship banking based on personal attention and professional
service. Most of the bank's customers are small and medium-sized
businesses and individuals located in the Denver area. The
company added its seventh location in December 1998 with the
acquisition of Lakewood State Bank in Lakewood, Colorado.

Union Bank & Trust emphasizes asset quality and capital
preservation. The bank's ratios of nonperforming assets to
capital and to total assets were .76% and .01%, respectively, at
June 30, 1999. Also at June 30, 1999, Union Bank & Trust had
consolidated total assets of $339.9 million, net loans of $157.4
million, deposits of $270 million and shareholders' equity of
$19.4 million. The company's Tier I and total risk-based capital
ratios were 10.1% and 13.5%, respectively.
<PAGE>
Safe Harbor Statement

This news release contains comments or information that
constitute forward-looking statements (within the meaning of the
Private Securities Litigation Reform Act of 1995), which involve
significant risks and uncertainties. Actual results may differ
materially from the results discussed in the forward-looking
statements. Factors that might cause such a difference include,
but are not limited to: (1) expected cost savings from
acquisitions cannot be fully realized or realized within the
expected time frame; (2) revenues following the merger are lower
than expected; (3) competitive pressures among depository
institutions increase significantly; (4) costs or difficulties
related to the integration of the business of the organizations
are greater than expected; (5) changes in the interest rate
environment reduce interest margins; (6) general economic
conditions, either nationally or in states in which the combined
company will be doing business, are less favorable than expected;
and (7) legislation or regulatory changes adversely affect the
businesses in which the combined company would be engaged.

For more information on Gold Banc toll-free via fax, simply dial
1-800-PRO-INFO, follow the voice menu prompts and enter the
company code ``GLDB'' on any touch tone phone, or visit the Gold
Banc page on FRB's web site at www.frbinc.com .

Visit Gold Banc at www.goldbanc.com .