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Driver Management Mails Letter to First United Shareholders, Detailing the Case for Board-Level Change at the Upcoming 2020 Annual Meeting

Believes Carissa Rodeheaver, First United’s Chairman and CEO, and the Legacy Directors Have Clearly Failed to Deliver Enduring Value for Shareholders

Highlights the Board’s History of Poor Judgement and Reckless Decisions, Which Led First United to Accept a Government Bailout and Cut Its Dividend For Years Following the 2008-09 Financial Crisis

Encourages Investors to See Through the Undignified, Low-Road Smear Campaign that Ms. Rodeheaver Has Seemingly Sanctioned Against Driver in Response to Our Efforts to Enhance Value For All Shareholders

Urges Shareholders to Vote on the WHITE Proxy Card to Elect Driver’s Slate of Three Highly-Qualified, Independent Directors with Banking Sector Experience to the Eleven-Member Board

Driver Management Company LLC ("Driver"), the manager of an investment partnership that holds more than 5% of the outstanding shares of First United Corporation ("First United" or the "Company") (NASDAQ: FUNC), has sent a letter to shareholders regarding its nomination of three candidates for election to First United’s Board of Directors (the "Board") at the 2020 Annual Meeting of Shareholders (the "2020 Annual Meeting") on June 11, 2020. Visit www.RenovateMyBank.com to read the letter and obtain information about how to vote for change on the WHITE Proxy Card.

Abbott Cooper, Driver’s founder and managing member, commented:

"Our letter to First United’s shareholders should be an eye-opener and make clear once and for all that the current Board is ill-equipped to steward our capital. For too long, First United’s boardroom has been marred by cronyism, poor decisions, self-dealing and waste at shareholders’ expense. This is why we believe Ms. Rodeheaver’s regime has failed to produce enduring value and is now trying to distract from reality by attacking Driver, which has spent the past year championing logical actions that could have de-risked shareholders from a dismal Board and led to meaningful value creation.

Fortunately, shareholders have an opportunity at the 2020 Annual Meeting on June 11, 2020 to add sound judgement and necessary oversight to the Board by electing our three highly-qualified, independent nominees, each of whom have no connection to Driver. This is an opportunity to elect three new directors to an underperforming, conflicted eleven-member Board. You can help ensure shareholders have a voice in First United’s future, so that history is not repeated coming out of the current crisis created by COVID-19."

If you have questions about First United’s campaign of obfuscation (funded by shareholder resources), please review our informative Q&A.

About Driver Management

Driver employs a valued-oriented, event-driven investment strategy that focuses exclusively on equities in the U.S. banking sector. The firm’s leadership has decades of experience advising and engaging with bank management teams and boards of directors on strategies for enhancing shareholder value.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200420005848/en/


Saratoga Proxy Consulting
John Ferguson / Joe Mills, 212-257-1311
jferguson@saratogaproxy.com / jmills@saratogaproxy.com

Greg Marose / Charlotte Kiaie, 347-343-2999
gmarose@profileadvisors.com / ckiaie@profileadvisors.com