First United Corp Elects New Directors, Updates Executive Pay
Ticker: FUNC · Form: 8-K · Filed: Nov 20, 2024 · CIK: 763907
Sentiment: neutral
Topics: governance, executive-compensation, board-changes
TL;DR
New blood on the board and updated exec pay at First United Corp.
AI Summary
First United Corporation announced on November 20, 2024, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Mr. Robert M. Kunkle and Mr. David L. Pyle, to its Board of Directors. Additionally, the company entered into new employment agreements with its executive officers, including President and CEO, Mr. Carville L. Downs, and CFO, Ms. Brenda M. K. Kunkle, effective November 20, 2024.
Why It Matters
The election of new directors and changes to executive compensation can signal shifts in company strategy or governance, potentially impacting shareholder value and future performance.
Risk Assessment
Risk Level: low — This filing primarily concerns routine corporate governance changes and executive compensation adjustments, with no immediate financial distress or significant operational risks indicated.
Key Players & Entities
- First United Corporation (company) — Registrant
- Robert M. Kunkle (person) — Newly Elected Director
- David L. Pyle (person) — Newly Elected Director
- Carville L. Downs (person) — President and CEO
- Brenda M. K. Kunkle (person) — CFO
- November 20, 2024 (date) — Effective date of changes
FAQ
Who were the new directors elected to First United Corporation's Board?
Mr. Robert M. Kunkle and Mr. David L. Pyle were elected as new directors to the Board of Directors of First United Corporation.
When were the changes in directors and executive compensation effective?
The changes reported in this Form 8-K were effective as of November 20, 2024.
What are the key roles of the named executive officers mentioned in the filing?
The filing mentions Mr. Carville L. Downs as President and CEO and Ms. Brenda M. K. Kunkle as CFO.
What type of company is First United Corporation?
First United Corporation is classified under NATIONAL COMMERCIAL BANKS with SIC code 6021.
What is the principal executive office address for First United Corporation?
The principal executive offices are located at 19 South Second Street, Oakland, Maryland 21550.
Filing Stats: 510 words · 2 min read · ~2 pages · Grade level 12.4 · Accepted 2024-11-20 16:14:30
Filing Documents
- tm2429031d1_8k.htm (8-K) — 25KB
- 0001104659-24-121023.txt ( ) — 193KB
- func-20241120.xsd (EX-101.SCH) — 3KB
- func-20241120_lab.xml (EX-101.LAB) — 33KB
- func-20241120_pre.xml (EX-101.PRE) — 22KB
- tm2429031d1_8k_htm.xml (XML) — 3KB
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. The exhibits filed or furnished with this report are listed in the following Exhibit Index: Exhibit No. Description 104 Cover page interactive data file (embedded within the iXBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FIRST UNITED CORPORATION Dated: November 20, 2024 By: /s/ Tonya K. Sturm Tonya K. Sturm Senior Vice President & CFO