8-K

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
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                                    Form 8-K


                Current Report Pursuant to Section 13 or 15(d) of
                           The Securities Act of 1934


       Date of Report (Date of earliest event reported): November 25, 2002

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                          UNION BANKSHARES CORPORATION
             (Exact name of registrant as specified in its charter)



           Virginia                        0-20293               54-1598552
(State or other jurisdiction of          (Commission          (I.R.S. Employer
 incorporation or organization)          File Number)        Identification No.)

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                              212 North Main Street
                                  P.O. Box 446
                          Bowling Green, Virginia 22427
          (Address of principal executive offices, including zip code)
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       Registrant's telephone number, including area code: (804) 633-5031


Item 5.  Other Events.

         On November 25, 2002, Bank of Williamsburg, a wholly-owned subsidiary
of Union Bankshares Corporation, entered into a definitive agreement for the
purchase of a 51% membership interest in Johnson Mortgage Company, LLC. The
transaction closed on November 26, 2002.

         A copy of the press release relating to the announcement is attached as
Exhibit 99.1 hereto.

Item 7.  Financial Statements and Exhibits.

         (a)      Financial Statements of Businesses Acquired.

                           Not applicable.

         (b)      Pro Forma Financial Information.

                           Not applicable.

         (c)      Exhibits.

                  99.1     Press Release, dated November 25, 2002





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                                   SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                  UNION BANKSHARES CORPORATION



                                  By:      /s/ D. Anthony Peay
                                      ----------------------------------------
                                           D. Anthony Peay
                                           Senior Vice President and
                                           Chief Financial Officer


November 26, 2002

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EX-99.1

Exhibit 99.1

Contact:          D. Anthony Peay - (804) 632-2112
                       Senior Vice President/ Chief Financial Officer
Distribute to:    Virginia State/Local Newslines, NY Times, AP, Reuters, S&P,
                       Moody's, Dow Jones, Investor Relations Service
November 25, 2002 3:30 p.m.                 Traded: NASDAQ    Symbol: UBSH

    UNION BANKSHARES ANNOUNCES PLANS TO ACQUIRE INTEREST IN JOHNSON MORTGAGE
                       AND STOCK REPURCHASE AUTHORIZATION

FOR IMMEDIATE RELEASE (Bowling Green, Virginia) Bank of Williamsburg, a
wholly-owned subsidiary of Union Bankshares Corporation, is pleased to announce
it has executed a Purchase Agreement to acquire a 51% membership interest in
Johnson Mortgage Company, L.L.C., a limited liability company. Closing is
expected on November 26, 2002 and will be effective as of November 1, 2002. The
transaction will be accounted for as an investment under the equity method of
accounting.

Johnson Mortgage Company is principally an originator of residential mortgage
loans which it sells on a servicing released basis in the secondary market.
Originations totaled $85.9 million in 2001 and $ 74.0 million through the first
ten months of 2002. The Company previously operated under a similar agreement
with another community bank, but a combination of mergers, created the
opportunity for this new affiliation with the Bank of Williamsburg.

"We are very pleased to once again be associated with a quality community
banking organization like the Bank of Williamsburg" said Allen Barber, President
of Johnson Mortgage Company, LLC. "We are very familiar with Bob Bailey, the
president of Bank of Williamsburg and look forward to working with him and his
team of community bankers." The Bank of Williamsburg has approximately $45
million in assets and has locations at 5125 John Tyler Parkway in Williamsburg
and 610 Thimble Shoals Drive in Newport News. The Newport News operation will be
relocated to a nearby full-service bank facility at 603 Pilot House Drive in
early February 2003.

"The affiliation of our organization with Johnson Mortgage Company is a unique
opportunity to create synergies for both organizations," said Bob Bailey,
President of Bank of Williamsburg. "Johnson Mortgage Company has a history of
providing quality products and service to its customers and strong operating
results to its owners."

Union Bankshares Corporation also announced its Board of Directors has
authorized management to purchase up to 100,000 shares of the Company's common
stock on the open market over the next year. While the Company's management has
not yet determined how many, if any, shares it might purchase subject to this
authorization, it is anticipated that any repurchased shares will be used
primarily for general corporate purposes, including the dividend reinvestment
plan, incentive stock option plan and other employee benefit plans. Under prior
authorizations, Union Bankshares Corporation repurchased 173,000 shares in
1999-2001.

Union Bankshares is one of the largest community banking organizations based in
Virginia, providing full service banking to the Central, Rappahannock,
Williamsburg and Northern Neck regions of Virginia through its bank
subsidiaries, Union Bank & Trust (19 locations in the counties of Caroline,
Hanover, King George, King William, Spotsylvania, Stafford, Westmoreland and the
City of Fredericksburg), Northern Neck State Bank (9 locations in the counties
of Richmond, Westmoreland, Essex, Northumberland and Lancaster), Rappahannock
National Bank in Washington, Virginia and Bank of Williamsburg in Williamsburg
and Newport News. In addition, Union Investment Services, Inc. provides full
brokerage services and Mortgage Capital Investors provides a full line of
mortgage products.

This press release may contain "forward-looking statements," within the meaning
of federal securities laws, that involve significant risks and uncertainties.
Statements herein are based on certain assumptions and analyses by the Company
and are factors it believes are appropriate in the circumstances. Actual results
could differ materially from those contained in or implied by such statements
for a variety of reasons including, but not limited to: changes in interest
rates; changes in accounting principles, policies, or guidelines; significant
changes in economic conditions; significant changes in regulatory requirements;
and significant changes in securities markets. Consequently, all forward-looking
statements made herein are qualified by these cautionary statements and the
cautionary language in the Company's most recent Form 10-K report and other
documents filed with the Securities and Exchange Commission. Union Bankshares
Corporation does not undertake to update forward-looking statements to reflect
circumstances or events that occur after the date the forward-looking statements
are made.