Union Bankshares in Morrisville, Vt., has implemented a 20-year term limit for its directors.
The $1.5 billion-asset company disclosed in a regulatory filing that its board changed its bylaws to add the term limit. Union already has a mandatory retirement age of 72 years.
The amendment took effect on Nov. 20.
The board also granted exemptions to two directors who would otherwise surpass the 20-year limit prior to turning 72.