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Last $8.42 USD
Change Today -0.01 / -0.12%
Volume 709.0
FUNC On Other Exchanges
As of 2:13 PM 07/28/15 All times are local (Market data is delayed by at least 15 minutes).

first united corp (FUNC) Snapshot

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52 Week High
02/20/15 - $9.50
52 Week Low
09/26/14 - $7.63
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Current Stock Chart for FIRST UNITED CORP (FUNC)

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first united corp (FUNC) Details

First United Corporation operates as the holding company for First United Bank & Trust that provides various retail and commercial banking services to businesses and individuals. The company offers various deposit products, including checking accounts, savings and money market accounts, regular and individual retirement accounts (IRA) certificates of deposit, Christmas savings accounts, college savings accounts, and health savings accounts; Certificate of Deposit Account Registry Service program and Insured Cash Sweep program to municipalities, businesses, and consumers; and commercial customers packages, which include treasury management, cash sweep, and various checking opportunities. It also provides loans such as commercial loans secured by real estate, commercial equipment, vehicles, or other assets of the borrower; commercial real estate loans for residential and commercial development, agricultural purpose properties, and service industry buildings; residential mortgage loans; residential real estate construction loans; indirect and direct auto loans; and other secured and unsecured lines of credit and term loans. In addition, the company offers various trust services, including personal trust, investment agency accounts, charitable trusts, retirement accounts that consist of IRA roll-overs, 401(k) accounts and defined benefit plans, estate administration, and estate planning; insurance products; brokerage services; and safe deposit and night depository facilities. It operates 25 banking offices, 1 call center, and 28 automated teller machines in Allegany, Frederick, Garrett, and Washington counties in Maryland; and in Berkeley, Mineral, and Monongalia counties in West Virginia. First United Corporation was founded 1900 and is headquartered in Oakland, Maryland.

303 Employees
Last Reported Date: 03/9/15
Founded in 1900

first united corp (FUNC) Top Compensated Officers

Chairman, Chief Executive Officer, Member of ...
Total Annual Compensation: $297.8K
President, Director, Member of Asset & Liabil...
Total Annual Compensation: $220.0K
Senior Vice President of First United Bank & ...
Total Annual Compensation: $168.8K
Compensation as of Fiscal Year 2014.

first united corp (FUNC) Key Developments

First United Corporation and First United Bank & Trust Announce Executive Changes

On May 27, 2015, the Boards of Directors of First United Corporation and its wholly-owned subsidiary, First United Bank & Trust, appointed Tonya K. Sturm to the position of Chief Financial Officer of the company and the Bank, effective June 1, 2015. Carissa L. Rodeheaver, who currently serves as President and, until Ms. Sturm's appointment, served as Chief Financial Officer, will continue to serve as President. Prior to her appointment as Chief Financial Officer and since September 3, 2008, Ms. Sturm, age 48, served as Vice President and Controller of the Company and the Bank.

First United Corporation Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Reports Net Charge-Offs for the First Quarter Ended March 31, 2015

First United Corporation reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. Net income available to common shareholders was $0.7 million for the first three months of 2015, compared to $0.9 million for the same period of 2014. Basic and diluted net income per common share was $0.11, compared to basic and diluted net income per common share of $0.15 for the same period of 2014. The decrease in earnings was due primarily to a $0.3 million decrease in the provision for loan losses offset by a $0.3 million increase in other operating expenses as well as a $0.2 million increase in dividends paid on the outstanding shares of First United Corporation's Fixed Rate Cumulative Perpetual Preferred Stock, Series A. Interest income was $11.4 million against $11.8 million last year. Net interest income was $8.9 million against $8.9 million last year. Income before taxes was $1.8 million against $1.8 million last year. Book value per share was $13.16 against $12.54 at March 31, 2014. Return on average assets was 0.41% against 0.41% last year. Return on average shareholders' equity was 5.01% against 5.18% last year. The overall decrease in interest income was due to a slight decrease in average earning asset balances; however, the 10 basis point reduction in the rates earned was the large contributor when comparing the first three months of 2015 to the same period of 2014. Net charge-offs for the quarter was $0.4 million against $1.4 million last year.

First United Corporation, Annual General Meeting, May 14, 2015

First United Corporation, Annual General Meeting, May 14, 2015., at 10:00 US Eastern Standard Time. Location: The Wisp Resort. Agenda: To vote on the election of the 4 nominees to serve on the Board of Directors until the 2018 annual meeting of hareholders and until their successors are elected and qualified; to ratify the appointment of Baker Tilly Virchow Krause, LLP as the Corporation’s independent registered public accounting firm for 2015; to approve, by a non-binding advisory vote, the compensation paid to the Corporation’s named executive officers for 2014; to recommend, by a non-binding advisory vote, the frequency of future Say-on-Pay Votes (every 1 year, every 2 years or every 3 years); and to transact such other business as may be properly brought before the meeting or any adjournment or postponement thereof.


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Industry Average

Valuation FUNC Industry Range
Price/Earnings 18.9x
Price/Sales 1.1x
Price/Book 0.6x
Price/Cash Flow 9.4x
TEV/Sales NM Not Meaningful

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