Based on Preliminary Vote Count, Shareholders Re-Elected All Four of the Company's Nominees - John W. McCullough, John F. Barr, Brian R. Boal, and Marisa A. Shockley
OAKLAND, Md., June 11, 2020 /PRNewswire/ -- First United Corporation (NASDAQ: FUNC) ("First United" or the "Company"), a bank holding company and the parent company of First United Bank & Trust (the "Bank"), today announced that based on the preliminary vote count at the Company's 2020 Annual Meeting reviewed by its proxy solicitor, all of its director candidates, John W. McCullough, John F. Barr, Brian R. Boal, and Marisa A. Shockley, have been elected to the Company's Board of Directors (the "Board").
Carissa Rodeheaver, First United's CEO, President and Chairman of the Board, commented, "We appreciate our shareholders' support at this year's Annual Meeting and their recognition of the strength of our Board. As we have consistently stated, we have a highly-qualified, independent Board that is deeply aligned with the best interests of shareholders. First United has a history of engaging constructively with its shareholders and we are fortunate to have received valuable feedback from them, particularly in the months leading up to the Annual Meeting. We will continue to welcome and implement this feedback as we execute our board and corporate governance refreshment initiatives, as well as our plan to maximize long-term value. We will also continue to support our customers and communities through these unprecedented times."
According to the preliminary voting results, shareholders approved all other proposals put forth by the Company at the 2020 Annual Meeting, including the approval on an advisory basis of the compensation paid to First United's named executive officers in 2019, and the ratification on an advisory basis of the appointment of our registered public accounting firm for 2020.
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ABOUT FIRST UNITED CORPORATION
First United Corporation is the parent company of First United Bank & Trust, a Maryland trust company with commercial banking powers, and two statutory trusts that were used as financing vehicles. The Bank has four wholly-owned subsidiaries: OakFirst Loan Center, Inc., a West Virginia finance company; OakFirst Loan Center, LLC, a Maryland finance company; First OREO Trust, a Maryland statutory trust that holds and services real estate acquired by the Bank through foreclosure or by deed in lieu of foreclosure; and FUBT OREO I, LLC, a Maryland company that likewise holds and services real estate acquired by the Bank through foreclosure or by deed in lieu of foreclosure. The Bank also owns 99.9% of the limited partnership interests in Liberty Mews Limited Partnership; a Maryland limited partnership formed for the purpose of acquiring, developing and operating low-income housing units in Garrett County, Maryland. The Corporation's website is www.mybank.com.
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not represent historical facts, but are statements about management's beliefs, plans and objectives about the future, as well as its assumptions and judgments concerning such beliefs, plans and objectives. These statements are evidenced by terms such as "anticipate," "estimate," "should," "expect," "believe," "intend," and similar expressions. Although these statements reflect management's good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. These projections involve risk and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements. For a discussion of these risks and uncertainties, see the section of the periodic reports that First United Corporation files with the Securities and Exchange Commission (the "SEC") entitled "Risk Factors".
INFORMATION ABOUT THE PENDING DECLARATORY RELIEF ACTION IN GARRETT COUNTY
As previously announced, to ensure that the meeting proceeded in an orderly and timely fashion, but while reserving First United's rights in all respects, First United accepted Driver Opportunity Partners I LP's and its related entities' (collectively, "Driver") nominations as valid when the polls were open and tallied the votes attributable to Driver's shares of stock that were present and submitted at the meeting. First United continues to seek the declaratory relief requested in the Garrett County action filed by the Company on May 20, 2020 related to Driver's violations of Maryland statutes. This action may result in Driver's shares not being eligible to be voted and the invalidation of its nominations, in which case First United may request that the Inspector of Elections re-certify the vote at the Annual Meeting to give effect to any final adjudication of the Garret County action.
Subject to and without limitation of the foregoing, the Company will file the final voting results with respect to the Annual Meeting, as tabulated by the independent Inspector of Elections, on a Form 8-K with the Securities and Exchange Commission.
SOURCE First United Corporation