First United Corporation Announces Planned Retirement of Chairman of the Board, President & CEO Carissa L. Rodeheaver

Rhea-AI Summary

First United Corporation (NASDAQ: FUNC) announced that Carissa L. Rodeheaver, Chairman, President & CEO, will retire at the conclusion of the 2026 annual meeting currently scheduled for May 7, 2026. Effective January 1, 2026, she will transition to Executive Chairman to facilitate succession.

The board named Jason B. Rush, Senior VP & Chief Operating Officer, to succeed Rodeheaver as President and CEO effective January 1, 2026; the boards intend to elect him as a director. As of September 30, 2025, the corporation reported $2 billion in assets.

Positive

• Planned CEO succession effective January 1, 2026
• Successor Jason B. Rush has been COO since January 2017
• Company assets of $2 billion as of September 30, 2025

Negative

• Executive leadership change spans transition period through May 7, 2026, posing near-term execution risk
• Director election of Jason B. Rush remains pending board votes

Insights

Corporate Governance Expert

Planned CEO transition to an internal successor with an orderly timeline; governance continuity likely, not disruptive.

First United Corporation sets a clear succession path: effective January 1, 2026 the current CEO becomes Executive Chairman and Jason B. Rush becomes President and CEO, with retirement at the annual meeting on May 7, 2026. The board intends to add Mr. Rush as a director, which aligns leadership and board oversight.

The arrangement reduces execution risk because leadership change occurs gradually and stays internal. Retention of the outgoing CEO as Executive Chairman through year-end and as an advisor afterward supports knowledge transfer. A remaining risk is stakeholder reaction to any unspoken strategic differences; the release gives no quantitative succession contingency if plans change.

Watch for the board to confirm Mr. Rush's director election by May 7, 2026, any changes to executive compensation or equity vesting tied to the transition, and disclosures around leadership responsibilities between January 1, 2026 and the annual meeting. These items should appear in upcoming proxy or filings within the next quarter.

Banking Operations Expert

Operational continuity appears preserved through an internal promotion; core banking metrics remain unchanged.

The bank reports $2 billion in assets as of September 30, 2025 and highlights steady dividends and record performance under the outgoing CEO. Promoting the Chief Operating Officer signals continuity in operations and strategic execution.

Risks include whether the new CEO will maintain current digital and community initiatives such as the trademarked platform Finture and the Foundation. The release gives no operational targets or changes to strategy, so monitoring near-term KPI disclosures is essential.

Concrete near-term items to watch include upcoming quarterly filings for any shifts in guidance, executive compensation detail tied to the succession, and the formal director election on May 7, 2026. Expect clearer operational signals within the next two reporting cycles.

OAKLAND, Md., Nov. 14, 2025 /PRNewswire/ -- First United Corporation (NASDAQ: FUNC) and First United Bank & Trust today announced that Carissa L. Rodeheaver, Chairman of the Board, President, and Chief Executive Officer, will retire at the conclusion of the 2026 annual meeting of shareholders currently scheduled for May 7, 2026. To facilitate the succession of management, effective January 1, 2026, Ms. Rodeheaver will serve as Executive Chairman of the Corporation and the Bank until her retirement.

Carissa Rodeheaver has served as CEO since 2016, leading the Company through transformative growth, innovation, and strategic expansion. Under her leadership, First United achieved record financial performance, increased stock price, delivered steady dividend payments, and enhanced its reputation as a trusted industry leader by maintaining a balanced approach to growth and risk management.

"It has been the honor of my 33+ year career to serve First United and its stakeholders," said Rodeheaver. "I am deeply proud of what we've accomplished together through our commitment to community banking and am confident in the Company's future."

During her tenure, Rodeheaver championed initiatives that enhanced shareholder value, advanced digital transformation, and fostered a culture of integrity, inclusion, and community engagement, including having established the First United Community Dreams Foundation and launch of the Company's trademarked financial education platform, Finture. Rodeheaver was instrumental in steering First United through shifting regulatory environments and economic challenges, all while strengthening its commitment to customer-focused philosophies and operational excellence.

The Board of Directors has implemented a succession plan whereby Jason B. Rush, Senior Vice President & Chief Operating Officer, will succeed Rodeheaver as President and Chief Executive Officer of both the Corporation and the Bank effective January 1, 2026, and the boards of directors intend to elect Mr. Rush to serve as a director of the Corporation and the Bank. Mr. Rush has served as Senior Vice President and Chief Operating Officer of the Corporation and the Bank since January 2017 and has held various roles since joining the Bank in 1993.

"On behalf of the Board, I want to express our deepest gratitude to Carissa Rodeheaver for her visionary leadership and unwavering commitment to excellence," said Brian R. Boal, Lead Independent Director. "Thanks to her dedication to long-term growth and focus on leadership development, First United is well-positioned for continued success."

Following retirement, Rodeheaver will remain available in an advisory capacity to support a seamless transition and looks forward to dedicating more time to family, travel and those items that bring her personal joy.

First United Corporation operates one full-service commercial bank, First United Bank & Trust. The Bank, which is celebrating its 125th anniversary in 2025, has a network of community offices in Garrett, Allegany, Washington, and Frederick counties in Maryland, as well as Mineral, Berkeley, and Monongalia counties in West Virginia. First United's website can be located at MyBank.com. As of September 30, 2025, the Corporation posted assets of $2 billion.

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SOURCE First United Corporation

FAQ

When will Carissa Rodeheaver officially retire from First United (FUNC)?

She will retire at the conclusion of the 2026 annual meeting currently scheduled for May 7, 2026.

Who will become CEO of First United (FUNC) and when does the change take effect?

Jason B. Rush will succeed as President and CEO effective January 1, 2026.

Will Carissa Rodeheaver have a transitional role at First United (FUNC)?

Yes. Effective January 1, 2026, she will serve as Executive Chairman until her retirement in May 2026.

What is Jason Rush's experience at First United ahead of becoming CEO of FUNC?

Mr. Rush has served as Senior Vice President and Chief Operating Officer since January 2017 and has worked at the bank since 1993.

How large is First United (FUNC) by assets?

The corporation reported $2 billion in assets as of September 30, 2025.