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OAKLAND, Md. - First United Corporation (NASDAQ:FUNC) announced Wednesday that its Board of Directors has declared a cash dividend of $.22 per share for the third quarter of 2025.
The dividend will be payable on August 1, 2025, to shareholders who hold the company’s common stock as of the close of business on July 18, 2025, according to a press release statement.
First United Corporation serves as the parent company of First United Bank & Trust, a Maryland trust company with commercial banking powers. The company operates through several wholly-owned subsidiaries including OakFirst Loan Center, Inc., OakFirst Loan Center, LLC, First OREO Trust, and FUBT OREO I, LLC.
The bank also maintains a 99.9% ownership stake in Liberty Mews Limited Partnership, which develops low-income housing in Garrett County, Maryland, and holds a similar 99.9% non-voting membership interest in MCC FUBT Fund, LC, which focuses on low-income housing development in Allegany County, Maryland.
In other recent news, First United Corporation disclosed the results of its annual shareholder meeting, held on May 7, 2025. Shareholders elected ten directors to serve until the 2026 annual meeting, with a significant majority supporting the election. Additionally, an advisory resolution approving the compensation for the company’s named executive officers for 2024 received substantial backing. The appointment of Crowe LLP as the independent auditor for the fiscal year ending December 31, 2025, was also ratified with overwhelming support. Furthermore, First United Corporation announced amendments to its executive retirement plan, affecting top executives like Carissa L. Rodeheaver and Jason B. Rush. These changes allow executives to modify the distribution form of their defined benefits under the supplemental executive retirement plan (SERP). The amendments require any changes to be made at least 12 months before the scheduled distribution date and defer the distribution start by at least five years. The updated plan also includes interest accrual on postponed lump sum payments, calculated annually.
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