OAKLAND, MARYLAND, June 30, 2020 — First United Corporation (NASDAQ: FUNC), a bank holding company and the parent company of First United Bank & Trust, has released the results from the recent annual meeting proxy contest that occurred on Thursday, June 11, 2020. The Company announced the reaffirmation of, and vote, that confirmed all its director candidates. Each of the Company’s four nominees: John W. McCullough; John F. Barr; Brian R. Boal; and Marisa A. Shockley, will each retain their seats on the Board of Directors. The vote tally was overwhelmingly in favor of all the Company’s nominees and the results can be found in the 8-K released on June 17, 2020.
First United’s Board of Directors is comprised of eleven directors who represent the various geographies where the Bank operates. The Board values diversity of thought and gender and was recognized as a “Winning (W)” company by 2020 Women on Boards, the premier global education and advocacy campaign committed to increasing the number of women on corporate boards. Carissa Rodeheaver, CEO, President and Chairman of the Board of Directors, was named one of “Maryland’s Top 100 Women” by The Daily Record in 2020. According to Rodeheaver, “the Board of Directors was overwhelmed by the support of our local and institutional shareholders as our director nominees were re-elected by a large margin at our recent annual meeting. The results confirmed the confidence that our shareholders place in our experienced and knowledgeable Board and in their leadership as we continue to serve our communities and recover from the impact of COVID-19 and the challenges of these unprecedented times.”
The Bank believes strongly in being a supportive community member and has played a pivotal role in helping its communities navigate the COVID-19 pandemic and the economic uncertainties that have followed. In addition to ongoing initiatives to help the local, small business community and personal banking clients during these challenging times, the Bank quickly adapted its resources and enabled processing of all Paycheck Protection Program (PPP) loan applications received. At this time, First United has processed over 1,000 PPP loans, totaling over $146 million in funding and supporting nearly 17,000 local jobs. Additionally, the Bank helped clients with the processing of over 600 loan modifications totaling over $222 million in the first half of 2020.
“First United Bank & Trust has been an icon in our community for decades. The Board, Management, and Associates understand the economics of our market area and the value of our local businesses. As a community bank headquartered in Western Maryland, their ability to customize financial solutions is a true asset to our local consumers and business owners,” stated Jake Shade, President of the Board of Commissioners in Allegany County, MD.
First United, through its current leadership, has consistently strengthened the Bank’s balance sheet, improved margins, enhanced the diversification of both the Bank’s revenue streams and loan book, all the while executing on efficiency and growth initiatives, returning a 23% increase in earnings per share in 2019. The strong profitability has enabled the bank to maintain and increase its quarterly dividend. These efforts continued as on Thursday, June 18, 2020, the Company declared a cash dividend of $.13 per share that will be payable on August 3, 2020 to holders of record of the Corporation’s common stock as of July 17, 2020.
“The Board is committed to protecting the investment of our shareholders and to delivering a strong, long-term total shareholder return. The support of our local customers and the associates who serve our communities are the backbone of our financial strength,” commented John McCullough, Lead Independent Director. For the last three years, First United has consistently earned a five-star rating from Bauer Financial, the nation’s leading independent bank and credit union rating and research firm, which indicates that a bank excels in areas of capital adequacy, profitability and asset quality, among other key metrics.
First United remains the only bank headquartered in Western Maryland and continues to be a consistent resource for its local communities. The Company’s efforts have a strong local economic impact, whether it is from the $200,000+ in annual, local contributions and donations, or the 300+ First United associates who annually donate over 45,000 hours in volunteerism and financial education outreach.
“First United and its employees are integral for Garrett County and its communities. Not only are they one of the largest private employers in the county, but they are financially supportive of every major community event. The employees serve on numerous boards including economic development, chamber of commerce and public-school committees, and Garrett College work groups. First United is truly a pillar of Garrett County,” said Paul Edwards, Chairman of the Garrett County Board of Commissioners.
First United Corporation operates one full-service commercial bank, First United Bank & Trust. The Bank has a network of community offices in Garrett, Allegany, Washington, and Frederick Counties in Maryland, as well as Mineral, Berkeley, Harrison and Monongalia Counties in West Virginia. The First United website can be located at MyBank.com. As of 3/31/2020, the Corporation posted assets of $1.5 billion.