First United Corporation’s SEC filings document a Maryland bank holding company with common stock listed on the Nasdaq Stock Market under FUNC. Recent 8-K reports furnish operating results, dividend announcements, annual meeting materials, officer appointments, and executive compensation arrangements tied to the company and its bank subsidiary, First United Bank & Trust.
Proxy materials and related governance filings cover director elections, executive compensation, equity awards, pay-versus-performance disclosures, and shareholder meeting matters. The filing record also reflects the company’s capital structure as a public bank holding company and its formal disclosures around community banking, wealth management, risk oversight, and board-level compensation programs.
First United Corporation is soliciting proxies for its 2026 Annual Meeting of Shareholders to be held at 9:00 a.m. Eastern on May 7, 2026 at First United Operations Center in Oakland, Maryland. The Board asks shareholders to vote to elect ten directors, approve a charter amendment reducing certain shareholder-approval vote thresholds from two-thirds to a majority, cast a non-binding Say-on-Pay vote for 2025 executive compensation, recommend the frequency of future Say-on-Pay votes, and ratify Crowe, LLP as the independent registered public accounting firm for 2026.
The Board unanimously recommends voting FOR all proposals. The record date for voting is February 27, 2026; shares of Common Stock issued and outstanding were 6,501,382 as of that date. Proxy materials, the Proxy Card and the 2025 Annual Report (including the 2025 Form 10-K) will be first sent on or about March 31, 2026.
First United Corporation updated both its long-term and short-term executive incentive plans. For the Long-Term Incentive Plan, performance-vesting restricted stock units now use return on average equity and tangible book value per share growth measured against a custom peer group of 103 similarly sized publicly traded banks, with payouts tied to 25th, 50th, and 75th percentile performance levels.
For the Short-Term Incentive Plan, 2026 cash awards for senior executives will depend on return on average assets, efficiency ratio, loan delinquencies, and individual goals. Potential 2026 payouts range from $71,250–$213,750 for CEO Jason B. Rush, $36,796–$110,389 for CFO Tonya K. Sturm, and $39,347–$118,040 for executive Robert L. Fisher, II.
First United Corporation updated its change in control severance arrangement for President and Chief Executive Officer Jason B. Rush. Under a new Second Amended and Restated Agreement tied to the company’s Change in Control Severance Plan, his cash severance multiple increases from 2.0 times to 2.99 times his defined “Final Pay” if he experiences a qualifying severance after a change in control. The agreement is dated March 11, 2026 and is filed as an exhibit to this report.
Tasker Anthony James reported acquisition or exercise transactions in this Form 4 filing.
First United Corp. senior vice president and COO Anthony James Tasker received an equity award of 465 shares of common stock in the form of restricted stock units. This compensation-related grant increased his direct holdings to 988 shares after the transaction.
The RSUs will vest in equal annual installments over three years beginning on March 6, 2027, as long as he remains employed on each vesting date. This filing reflects a routine stock-based compensation grant rather than an open-market stock purchase.
Fisher Robert L. II reported acquisition or exercise transactions in this Form 4 filing.
First United Corp executive Robert L. Fisher II received an award of 875 restricted stock units of Common Stock as compensation. The RSUs were granted at no cash cost and each unit represents the right to receive one share of First United common stock.
According to the award terms, the RSUs will vest in equal installments over three years beginning on March 6, 2027, provided he remains employed on each vesting date. Following this grant, his directly held common stock position reported in the filing is 14,153 shares.
Rush Jason Barry reported acquisition or exercise transactions in this Form 4 filing.
First United Corporation President & CEO Jason Barry Rush received an equity grant of 1,252 restricted stock units, each representing one share of common stock. The RSUs vest ratably over three years beginning on March 6, 2027, contingent on continued employment.
Following this grant, Rush directly holds 26,498.193 shares of First United common stock. This is a routine compensation-related award, not an open-market purchase or sale.
Sanders Keith reported acquisition or exercise transactions in this Form 4 filing.
FIRST UNITED CORP/MD/ EVP & Chief Wealth Officer Keith Sanders received an equity award of 735 restricted stock units representing common stock. The RSUs vest in equal installments over three years beginning on March 6, 2027, contingent on continued employment on each vesting date. Following this grant, Sanders directly holds 15,182.8195 shares of common stock.
Peterson Julie W reported acquisition or exercise transactions in this Form 4 filing.
FIRST UNITED CORP/MD/ SVP & Chief Credit Officer Julie W. Peterson received an equity award of 651 shares of Common Stock in the form of restricted stock units. These RSUs each represent the contingent right to receive one share and will vest ratably over three years beginning on March 6, 2027, subject to continued employment. After this grant, Peterson directly holds a total of 1,603.2413 Common Stock shares.
Sturm Tonya K. reported acquisition or exercise transactions in this Form 4 filing.
First United Corporation EVP & CFO Tonya K. Sturm reported a grant of 819 restricted stock units, each representing one share of common stock. The RSUs vest ratably over three years beginning on March 6, 2027, if she remains employed on each vesting date. Following this award, she holds 11556.9988 shares directly and 5.4999 shares indirectly through a 401(k) plan.
First United Corporation, parent of First United Bank & Trust, reports on its 2025 operations as a regional community banking and wealth management company focused on Maryland and West Virginia. At December 31, 2025, it had total assets of $2.1 billion, net loans of $1.5 billion, deposits of $1.7 billion and shareholders’ equity of $203.6 million.
The bank operates 23 branches and offers a full suite of retail, commercial, mortgage, wealth and trust services, with wealth assets under supervision of about $1.8 billion. The filing details extensive regulation, capital and liquidity requirements, and outlines numerous risks, including funding dependence, interest rate sensitivity, commercial real estate exposure, investment portfolio volatility and broader economic and competitive pressures.