First United Corporation Announces 2024 Annual Meeting of Shareholders

Ticker: FUNC · Form: DEF 14A · Filed: Mar 19, 2024 · CIK: 763907

Sentiment: neutral

Topics: proxy statement, annual meeting, board election, charter amendment, executive compensation

TL;DR

<b>First United Corporation will hold its 2024 Annual Meeting on May 9, 2024, to vote on board elections, charter amendments, executive compensation, and auditor ratification.</b>

AI Summary

FIRST UNITED CORP/MD/ (FUNC) filed a Proxy Statement (DEF 14A) with the SEC on March 19, 2024. Annual Meeting scheduled for May 9, 2024, at 9:00 a.m. ET at The Wisp Hotel. Shareholders will vote on electing eleven board nominees. Proposal to amend charter to reduce vote threshold for certain shareholder actions from two-thirds to a majority. Advisory vote on 2023 compensation for named executive officers. Ratification of Crowe LLP as independent auditor for 2024.

Why It Matters

For investors and stakeholders tracking FIRST UNITED CORP/MD/, this filing contains several important signals. The proposed charter amendment could make it easier for shareholders to pass certain proposals by lowering the required vote from two-thirds to a majority. Shareholder approval of the independent auditor is a standard governance practice that signals confidence in the company's financial reporting.

Risk Assessment

Risk Level: low — FIRST UNITED CORP/MD/ shows low risk based on this filing. The filing is a routine proxy statement with no immediate financial or operational concerns highlighted.

Analyst Insight

Shareholders should review the proposals regarding board nominees, charter amendments, executive compensation, and auditor ratification before the May 9th meeting.

Key Numbers

Key Players & Entities

FAQ

When did FIRST UNITED CORP/MD/ file this DEF 14A?

FIRST UNITED CORP/MD/ filed this Proxy Statement (DEF 14A) with the SEC on March 19, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by FIRST UNITED CORP/MD/ (FUNC).

Where can I read the original DEF 14A filing from FIRST UNITED CORP/MD/?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by FIRST UNITED CORP/MD/.

What are the key takeaways from FIRST UNITED CORP/MD/'s DEF 14A?

FIRST UNITED CORP/MD/ filed this DEF 14A on March 19, 2024. Key takeaways: Annual Meeting scheduled for May 9, 2024, at 9:00 a.m. ET at The Wisp Hotel.. Shareholders will vote on electing eleven board nominees.. Proposal to amend charter to reduce vote threshold for certain shareholder actions from two-thirds to a majority..

Is FIRST UNITED CORP/MD/ a risky investment based on this filing?

Based on this DEF 14A, FIRST UNITED CORP/MD/ presents a relatively low-risk profile. The filing is a routine proxy statement with no immediate financial or operational concerns highlighted.

What should investors do after reading FIRST UNITED CORP/MD/'s DEF 14A?

Shareholders should review the proposals regarding board nominees, charter amendments, executive compensation, and auditor ratification before the May 9th meeting. The overall sentiment from this filing is neutral.

How does FIRST UNITED CORP/MD/ compare to its industry peers?

First United Corporation operates as a commercial bank.

Are there regulatory concerns for FIRST UNITED CORP/MD/?

The filing is a standard proxy statement under SEC regulations, requiring disclosure of corporate governance matters.

Industry Context

First United Corporation operates as a commercial bank.

Regulatory Implications

The filing is a standard proxy statement under SEC regulations, requiring disclosure of corporate governance matters.

What Investors Should Do

  1. Review the nominees for the Board of Directors.
  2. Understand the proposed charter amendment regarding voting thresholds.
  3. Evaluate the advisory vote on executive compensation for 2023.

Key Dates

Year-Over-Year Comparison

This is the initial filing for the 2024 proxy season, providing details for the upcoming annual meeting.

Filing Stats: 4,906 words · 20 min read · ~16 pages · Grade level 16.3 · Accepted 2024-03-19 07:59:07

Key Financial Figures

Filing Documents

From the Filing

DEF 14A 1 tm242779d1_def14a.htm DEF 14A UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement Confidential, For Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement Definitive Additional Materials Soliciting Material Under &sect;240.14a-12 First United Corporation (Name of Registrant as Specified in Its Charter) N/A (Name of Person(s) Filing Proxy Statement, if Other Than the Registrant) Payment of Filing Fee (Check the appropriate box): No fee required Fee paid previously with preliminary materials Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 FIRST UNITED CORPORATION 19 South Second Street Oakland, Maryland 21550-0009 NOTICE OF ANNUAL MEETING OF SHAREHOLDERS March 28, 2024 Dear Shareholders of First United Corporation: Notice is hereby given that the 2024 Annual Meeting of the Shareholders (the &ldquo;2024 Annual Meeting&rdquo;) of First United Corporation (the &ldquo;Corporation&rdquo;) will be held at 9:00 a.m., Eastern Time, on May 9, 2024, and at any adjournment or postponement thereof. T he 2024 Annual Meeting will be held at The Wisp Hotel &ndash; Crawford Room, 290 Marsh Hill Road, McHenry, Maryland 21541. The purposes of the 2024 Annual Meeting are to vote on several matters being proposed by the Corporation&rsquo;s Board of Directors (the &ldquo;Board&rdquo;): 1 To vote on the election of the eleven nominees named in the Board&rsquo;s Proxy Statement and accompanying form of Proxy to serve on the Board, each until the 2025 Annual Meeting of Shareholders and until his or her successor is duly elected and qualified (Proposal 1); 2 To approve an amendment to the Corporation&rsquo;s charter (the &ldquo;Charter&rdquo;) to reduce the votes required to approve certain shareholder actions, from two-thirds of all votes entitled to be cast on the matter to a majority of all votes entitled to be cast on the matter (Proposal 2); 3 To approve, by a non-binding advisory vote, the compensation paid to the Corporation&rsquo;s named executive officers for 2023 (Proposal 3); 4 To ratify the appointment of Crowe LLP as the Corporation&rsquo;s independent registered public accounting firm for 2024 (Proposal 4); and 5 If necessary or appropriate, to approve the adjournment or postponement of the 2024 Annual Meeting to a later date or dates to permit further solicitation of additional proxies in the event there are not sufficient votes at the special meeting to approve any of the foregoing Proposals (Proposal 5). In the event that any other business properly comes before the 2024 Annual Meeting or at any adjournment or postponement thereof, shareholders will also be asked to vote on such business. The foregoing items of business are more fully described in the Proxy Statement accompanying this Notice of Annual Meeting of Shareholders. The Board recommends a vote on the enclosed Proxy Card &ldquo; FOR &rdquo; each of the eleven director nominees named in the Proxy Statement and &ldquo; FOR &rdquo; each of Proposals 2, 3, 4, and 5. The Board has fixed February 29, 2024 as the record date for purposes of determining shareholders who are entitled to notice of, and to vote at, the 2024 Annual Meeting pursuant to the Maryland General Corporation Law. The 2024 Annual Meeting may be adjourned or postponed from time to time. At any adjourned or postponed meeting, action with respect to matters specified in this notice may be taken without further notice to shareholders, unless required by law or the Corporation&rsquo;s bylaws. Whether or not you expect to attend the 2024 Annual Meeting, we encourage you to submit your proxy as soon as possible using one of three convenient methods by (i) accessing the Internet voting site, available at www.envisionreports.com/FUNC , (ii) calling (800) 652-8683, or (iii) signing, dating and returning the Proxy Card or Voting Instruction Form provided to you. You are urged to complete and submit the enclosed Proxy Card, even if your shares have been sold after the Record Date. If your shares of common stock are held in a brokerage account or by a bank, trustee or other nominee (i.e., your shares are held in &ldquo;street name&rdquo;), you will receive a Voting Instruction Form from that nominee. You must provide voting instructions by completing the Voting Instruction Form and returning it to your broker, bank, trustee or other nominee for your shares to be voted. We recommend that you instruct your broker, bank, trustee or other nominee to vote your shares on the enclosed Voting Instruction Form. The proxy is rev

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