First United Corporation (NASDAQ:FUNC) Files An 8-K Other Events
Item 8.01. Other Events.

The terms of the Fixed Rate Cumulative Perpetual Preferred Stock, Series A (the “Series A Preferred Stock”) of First United Corporation (the “Company”) require the Company to consult with the Federal Reserve Bank of Richmond (the “Reserve Bank”) before redeeming any shares of the Series A Preferred Stock. On October 3, 2017, the Reserve Bank notified the Company that it does not object to the Company’s proposal to redeem the final 10,000 shares (the “Redeemed Shares”) of the Series A Preferred Stock for an aggregate redemption amount of $10.0 million. The Company anticipates that the redemption will occur on or about November 15, 2017. Holders of the Redeemed Shares will receive a notice from the Company that will provide further details about the redemption. The Redeemed Shares are part of the 30,000 shares of Series A Preferred Stock that the Company issued in January 2009 in connection with its participation in the U.S. Treasury’s Troubled Asset Relief Program Capital Purchase Program. The Company previously redeemed 20,000 shares of the Series A Preferred Stock. Thus, upon the redemption of the Redeemed Shares, the Company will no longer have any shares of Series A Preferred Stock issued or outstanding.

This report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” and “will” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are based on current expectations, estimates and projections, are not guarantees of future performance and involve risks, assumptions and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company expressly disclaims any current intention to update publicly any forward-looking statement after the filing of this report, whether as a result of new information, future events, changes in assumptions or otherwise.

About First United Corporation (NASDAQ:FUNC)

First United Corporation is a bank holding company. The Company’s primary business is serving as the parent company of First United Bank & Trust (the Bank), First United Statutory Trust I, First United Statutory Trust II and First United Statutory Trust III. It operates through community banking segment. The Bank is an independent community bank providing a range of retail and commercial banking services to businesses and individuals in its market areas. The Bank offers a range of services, such as checking, savings, money market deposit accounts, and certificates of deposit, business loans, personal loans, mortgage loans, lines of credit, and consumer-oriented retirement accounts including individual retirement accounts (IRAs) and employee benefit accounts. In addition, the Bank provides full brokerage services. The Bank also provides safe deposit and night depository facilities, insurance products and trust services.