First United (FUNC) Insider Buys Shares Through Dividend Reinvestment

Rhea-AI Filing Summary

Form 4 discloses that Director Brian R. Boal of First United Corp. (FUNC) acquired additional common shares on 08/04/2025.

• Transaction: Purchase (code “P”) of 76.784 shares through a dividend-reinvestment program.
• Price: $32.28 per share.
• Post-transaction holding: 20,680.167 direct-owned shares.
• No derivative securities were reported.

The filing reflects routine reinvestment activity rather than a large open-market buy. While insider purchases are generally viewed as a modest positive signal, the quantity represents a negligible percentage of FUNC’s outstanding shares, implying limited market impact.

Insights

Equity Research Analyst

TL;DR Minor dividend-reinvestment buy by director; positive sentiment but immaterial to valuation.

The 76.784-share purchase adds roughly $2.5 k to the director’s stake, lifting direct ownership to 20.7 k shares. Because the purchase was executed automatically under a dividend reinvestment plan, it does not necessarily signal an active bullish view. The increase is <0.1 % of FUNC’s float, so price impact should be negligible. Nonetheless, continued insider accumulation—however small—can be interpreted as alignment of interests with shareholders.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Boal Brian R.

(Last) (First) (Middle)

19 S. SECOND STREET

(Street)

OAKLAND MD 21550

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
FIRST UNITED CORP/MD/ [ FUNC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/04/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/04/2025		P		76.784(1)	A	$32.28	20,680.167	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The shares were purchased pursuant to a dividend reinvestment program offered through a brokerage account maintained by the reporting person.

	/s/ Carissa L. Rodeheaver, attorney-in-fact	08/04/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many FUNC shares did Director Brian R. Boal buy?

He acquired 76.784 common shares on 08/04/2025.

What was the purchase price of the FUNC shares?

The shares were bought at $32.28 each through a dividend reinvestment program.

How many FUNC shares does the director now own?

Following the transaction, he directly owns 20,680.167 shares.

Was this an open-market purchase or part of a plan?

The filing states the shares were acquired via a dividend reinvestment program.

Does the filing report any derivative securities?

No derivative securities were acquired, disposed of, or held according to Table II.