First United (NASDAQ: FUNC) approves 1,000,000‑share stock repurchase plan

Rhea-AI Filing Summary

First United Corporation adopted a new stock repurchase program effective January 26, 2026. The program authorizes the company to buy back up to 1,000,000 shares of its common stock, which is about 15.4% of the issued and outstanding shares as of that date, over an 18‑month period.

Shares may be repurchased in open market or privately negotiated transactions at times, amounts and prices determined by the President and CEO, in line with securities laws, including Rule 10b‑18, and the company’s blackout policy. The company emphasizes it might not repurchase any shares; activity will depend on market opportunities, share price and volume, and its capital requirements and plans. Any purchases will be reported in future periodic SEC filings.

Positive

• Authorization of a sizable share repurchase program – the board approved an 18‑month plan allowing buybacks of up to 1,000,000 common shares, approximately 15.4% of outstanding shares as of the effective date.

Negative

• None.

Insights

Equity capital management analyst

First United authorizes an 18‑month buyback of up to 1,000,000 shares, but actual repurchases remain optional.

The board has approved a stock repurchase program allowing First United Corporation to buy back up to 1,000,000 shares of common stock, about 15.4% of shares outstanding as of the effective date. The program runs over an 18‑month window and can use open‑market or privately negotiated transactions, subject to Rule 10b‑18 and internal blackout rules.

This authorization gives the company flexibility to reduce its share count, which can support per‑share metrics if executed, but it is explicitly discretionary and may not be used at all. Management notes that execution will depend on trading prices, available volumes, and its capital needs and plans, so the real impact will only become clear through future quarterly and annual reports that detail any buyback activity.

8-K Event Classification

2 items: 8.01, 9.01

2 items

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 26, 2026

First United Corporation

(Exact name of registrant as specified in its charter)

Maryland		0-14237		52-1380770
(State or other jurisdiction of		(Commission file number)		(IRS Employer
incorporation or organization)				Identification No.)

19 South Second Street, Oakland, Maryland 21550

(Address of principal executive offices) (Zip Code)

(301) 334-9471

(Registrant’s telephone number, including area code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock	FUNC	Nasdaq Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

INFORMATION TO BE INCLUDED IN THE REPORT

Item 8.01. Other Events.

The Board of Directors of First United Corporation (the “Corporation”) adopted a stock purchase program (the “Repurchase Program”) that became effective on January 26, 2026. The Repurchase Program authorizes the Corporation to purchase up to an aggregate of 1,000,000 shares of its common stock, par value $.01 per share (the “Common Stock”), representing approximately 15.4% of the issued and outstanding shares of Common Stock as of such date, over an 18-month period. The shares may be purchased in open market transactions or privately-negotiated transactions at such times, in such amounts, at such prices and upon such other terms as are determined in the discretion of the Corporation’s President and Chief Executive Officer, provided that each proposed purchase must be consistent with applicable securities laws and regulations, including Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended, and the Corporation’s blackout policy. Information about purchases effected under the Repurchase Program, if any, will be disclosed in the appropriate items of the periodic reports that the Corporation files with the Securities and Exchange Commission.

It should be noted that the Corporation might not purchase any shares of Common Stock under the Repurchase Program. Whether any purchases are made (and the number of shares purchased) will depend on a variety of factors, including the opportunities (if any) to purchase shares that might exist from time to time, the prices and volumes at which such shares might be available and the Corporation’s capital requirements and plans.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

The exhibits filed or furnished with this report are listed in the following Exhibit Index:

Exhibit No.		Description
104		Cover page interactive data file (embedded within the iXBRL document)

SIGNATURES

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

	FIRST UNITED CORPORATION
Dated: January 27, 2026	By:	/s/ Tonya K. Sturm
		Tonya K. Sturm
		Senior Vice President & CFO

FAQ

What did First United Corporation (FUNC) announce in this 8-K?

First United Corporation announced that its Board of Directors adopted a stock repurchase program effective January 26, 2026, authorizing potential buybacks of its common stock over a defined period.

How many First United (FUNC) shares are authorized for repurchase?

The program authorizes repurchases of up to 1,000,000 shares of First United’s common stock, which represents approximately 15.4% of the issued and outstanding shares of common stock as of January 26, 2026.

How long will First United’s new stock repurchase program last?

The repurchase program may be used over an 18‑month period starting from its effective date of January 26, 2026.

Is First United Corporation required to repurchase shares under this program?

No. First United states it might not purchase any shares under the program. Whether any shares are bought, and how many, will depend on market opportunities, share price and volume, and the company’s capital requirements and plans.

How will First United (FUNC) execute share repurchases if it chooses to do so?

If used, shares may be bought in open market transactions or privately negotiated transactions, at times, prices and amounts determined by the President and CEO, in compliance with applicable securities laws, including Rule 10b‑18, and the company’s blackout policy.

Where will investors see details of any First United share repurchases?

The company states that information about any purchases under the program will be disclosed in the appropriate items of its periodic reports filed with the Securities and Exchange Commission.