OAKLAND, Md., March 26, 2020 /PRNewswire/ -- First United
Corporation (NASDAQ: FUNC), a bank holding company and the parent
company of First United Bank & Trust (the "Company" or "First
United"), today announced that it has been recognized as a "Winning
(W)" company by 2020 Women on Boards, the premier global education
and advocacy campaign committed to increasing the number of women
on corporate boards.
"We are proud of having a gender diverse board and are honored
by the recognition from 2020 Women on Boards," said Carissa Rodeheaver, CEO, President and Chairman
of the Board of Directors of the Company. "We view empowering women
and ensuring representation throughout our Company as an initiative
that creates meaningful value for our business, and this remains a
key priority for us at First United."
A "Winning (W)" company is selected from among the companies in
the Russell 3000 index for having achieved the goal of at least 20%
of its board seats being held by women. First United has four
female directors out of 11 total members, which means women hold
36% of its Board seats. 2020 Women on Boards annually tracks,
analyzes and reports on the progress of numbers of women serving on
the Russell 3000 company boards. As a campaign dedicated to
education and collaboration, 2020WOB recognizes companies,
including First United, that exhibit good corporate governance.
"It's even more critical now, at a time when the business world
is transforming a total shift in board governance practices, that
we applaud leading companies, including First United, that
appreciate having business-savvy women on their boards as a
competitive advantage," said Betsy Berkhemer-Credaire, CEO of 2020
Women on Boards. "Even with the positive national momentum, U.S.
companies are still a long way from gender balance in the
boardroom. And First United is paving the way."
ABOUT FIRST UNITED CORPORATION
First United Corporation is the parent company of First United
Bank & Trust, a Maryland trust
company with commercial banking powers (the "Bank"), 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. First United Corporation's website is
www.mybank.com.
ABOUT 2020 WOMEN ON BOARDS (2020WOB)
2020 Women on Boards (2020WOB), a 501(c)3 nonprofit, is the
leading global education and advocacy campaign driving the movement
toward gender balance on corporate boards of
directors. Founded in 2010, the campaign established its
initial goal that by 2020 at least 20% of all public company board
seats in the U.S. would be held by women. The target was met a year
early, achieving 20.4% in 2019, and the campaign will launch a new
brand and campaign mission in January 2021. Its annual research
will continue to track, analyze and publish the statistics of women
on the boards of Russell 3000 companies in its Gender Diversity
Index report and accessible within their Gender Diversity
Directory, both accessible online. The campaign continues to expand
within the U.S. and abroad. Educate. Collaborate. Advocate.
Celebrate! www.2020WOB.com
FORWARD-LOOKING STATEMENTS
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," "will," "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".
Important Additional Information
First United, its directors and certain of its executive
officers will be deemed to be participants in the solicitation of
proxies from First United's shareholders in connection with First
United's 2020 annual meeting of shareholders. First United intends
to file a definitive proxy statement and a proxy card with the SEC
in connection with any such solicitation of proxies from First
United shareholders. SHAREHOLDERS OF FIRST UNITED ARE STRONGLY
ENCOURAGED TO READ SUCH PROXY STATEMENT, ACCOMPANYING PROXY CARD
AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR
ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT
INFORMATION. Exhibit 99.2 to First United's Current Report on Form
8-K, to be filed with the SEC on March 26,
2020 ("Exhibit 99.2") contains information regarding the
direct and indirect interests, by securities holdings or otherwise,
of First United's directors and executive officers in First
United's securities. If the holdings of First United's securities
change from the amounts provided in Exhibit 99.2, such changes will
be set forth in SEC filings on Form 3, 4, and 5, which can be found
through First United's website at http://investors.mybank.com/ or
through the SEC's website www.sec.gov. Information can also be
found in First United's other SEC filings, including its Annual
Report on Form 10-K for the year ended December 31, 2019. Updated information regarding
the identity of potential participants, and their direct or
indirect interests, by security holdings or otherwise, will be set
forth in the definitive proxy statement and other materials to be
filed with the SEC in connection with the 2020 annual meeting of
shareholders. Shareholders will be able to obtain the definitive
proxy statement, any amendments or supplements to the proxy
statement and other documents filed by First United with the SEC at
no charge at the SEC's website www.sec.gov. Copies will also be
available at no charge at First United's website at
http://investors.mybank.com/.
First United Media Contacts
Prosek Partners
Brian Schaffer / Kristen Duarte
(646) 818-9229 / (646) 818-9074
bschaffer@prosek.com / kduarte@prosek.com
2020WOB Media Relations Contact
Caitlin McShane
Principal, EMC Strategies
415-225-8855 | @caitlinmcshane
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SOURCE First United Corporation