February 1, 2010 (FinancialWire) — The board of directors of Union Bankshares Corp. (NASDAQ: UBSH) has declared a quarterly dividend of $0.06 per share. The dividend is unchanged from the one paid by the company on November 30, 2009 and represents a decrease of 50.0% from the dividend for the same period last year paid on February 27, 2009.

The company reported earnings per share, on a diluted basis, of $0.02 for the quarter ended December 31, 2009. Net income available to common shareholders was $406 thousand, after deducting $2.4 million in preferred stock dividends and discount accretion related to the redemption of the U.S. Treasury’s preferred stock investment.

Excluding such items, net income was $2.8 million, according to Union Bankshares.

Virginia-based Union Bankshares is a community banking organization that provides banking to the Northern, Central, Rappahannock, Tidewater and Northern Neck regions of Virginia through its bank subsidiaries.

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