BOWLING GREEN, Va., Feb. 4 /PRNewswire-FirstCall/ -- The Board of Directors of Union Bankshares Corporation (the 'Company') (Nasdaq: UBSH) has declared a quarterly dividend of $.12 per share. This dividend represents a decrease of 35.1% from the dividend for the same period last year paid on February 28, 2008 and for the last quarter paid on November 30, 2008. It also represents 70.6% of earnings per share reported for the quarter ended December 31, 2008. Based on the closing price of the Company's stock on January 30, 2009 ($15.63), the dividend yield is 3.07%. The dividend is payable on February 27, 2009 to shareholders of record as of February 16, 2009.

'The decision to lower the Company's quarterly dividend weighed heavily on your management team and board. We understand that many of our shareholders rely on the dividend for income and have come to expect the dividend to remain constant or increase. All involved in the decision believed it was prudent to reduce the dividend to reflect the recent financial performance of the Company and to retain its strong capital base during this uncertain and difficult economic period.' said G.