First United Corp announces shareholder vote results

First United Corporation (NASDAQ:FUNC), a Maryland-based commercial bank with a market capitalization of $204 million, disclosed the outcomes of its annual shareholder meeting held on May 7, 2025, in a recent SEC filing dated May 9, 2025. According to InvestingPro analysis, the bank currently trades at an attractive P/E ratio of 8.4x and has maintained a consistent dividend growth track record for seven consecutive years. The filing detailed the voting results on several key proposals, including the election of board directors and the ratification of the company’s independent auditor. InvestingPro data shows the company maintains a FAIR overall financial health score, with particularly strong metrics in profitability and price momentum.

During the meeting, shareholders elected ten directors to serve on the board until the 2026 annual meeting. The voting for the directors showed a significant majority in favor, with the number of votes withheld and abstentions being relatively small in comparison. The directors elected include John F. Barr, Brian R. Boal, Sanu B. Chadha, Christy M. DiPietro, Kevin R. Hessler, Patricia A. Milon, Beth E. Moran, Carissa L. Rodeheaver, I. Robert Rudy, and H. Andrew Walls, III.

Additionally, shareholders passed an advisory resolution approving the compensation paid to the company’s named executive officers for the year 2024. The resolution received substantial support, with over 3.4 million votes for and approximately 202,059 votes against, along with 108,887 abstentions.

The appointment of Crowe LLP as First United Corporation’s independent registered public accounting firm for the fiscal year ending December 31, 2025, was also ratified with overwhelming support. The proposal received around 4.8 million votes for, 29,561 against, and 10,408 abstentions.

The SEC filing did not report any significant changes or controversies surrounding the meeting, suggesting a straightforward approval of all proposed items by the company’s shareholders. The information provided in this article is based on the SEC filing by First United Corporation. Despite recent market volatility causing a 5.8% decline in share price over the past six months, the stock has delivered a robust 44% return over the past year. InvestingPro subscribers have access to 6 additional key insights about First United Corporation’s future prospects and valuation metrics.

In other recent news, First United Corporation has made amendments to its executive retirement plan, specifically affecting its top executives. The changes involve the supplemental executive retirement plan (SERP) for Carissa L. Rodeheaver, the Chairman, President, and CEO, and Jason B. Rush, Senior Vice President and Chief Operating Officer. Executives can now modify the distribution form of their defined benefits under the SERP, with specific conditions on timing and deferral. Modifications must be made at least 12 months before the scheduled distribution date, take effect a minimum of 12 months after the modification, and defer the distribution start by at least five years from the original date. Additionally, the amended plan includes the accrual of interest on postponed lump sum payments, calculated at the applicable third segment rate from the Internal Revenue Code. These amendments were detailed in participation agreements included in the SEC filing and were previously summarized in the proxy statement for the 2025 annual shareholders’ meeting. The company filed these documents with its Annual Report on Form 10-K for the year ended December 31, 2024. This update follows First United Corporation’s ongoing disclosures and is based on a press release statement.

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