FIRST UNITED CORP/MD/
10-K/A, 1995-05-05
NATIONAL COMMERCIAL BANKS
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION              FORM 10-K
WASHINGTON, DC 20549
(Mark One)
     l     ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES     
       EXCHANGE ACT OF 1934 (FEE REQUIRED)
           For the fiscal year ended December 31, 1994
          
           OR
    
     l     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES 
          EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
          
          For the transition period from January 1, 1994, to December 31, 1994
          
          Commission file number 0-14237
      
FIRST UNITED CORPORATION
(Exact name of registrant as specified in its charter)

Maryland                                 52-1380770
(State or other jurisdiction           (I.R.S. Employer
incorporation or organization)         Identification No.)

19 South Second Street
Oakland, Maryland                            21550-0009
(Address of principal executive offices)     (Zip Code)

Registrant s telephone number, including area code (301) 334-9471

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act:

Common Stock, Par Value $.01 per share
(Title of class)

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 5(d) of the Securities Exchange Act of
1934 during the preceding 12 months, and (2) has been subject to such filing
requirements for the past 90 days. Yes l No l

     Indicate by check mark if disclosures of delinquent filers pursuant to
Item 405 of Regulation S-K (Section 229.405 of this chapter) is not contained
herein, and will not be contained, to the best of the registrant s knowledge,
in definitive proxy or information statements incorporated by reference in
Part III of this Form 10-K or any amendment to this Form 10-K. l

     The aggregate market value of the voting stock held by non-affiliates of
the registrant as of February 28, 1995:
      Common Stock $.01 Par Value $126,931,224

     The number of shares outstanding of the registrant classes of common
stock as of February 28, 1995:
      6,191,767 Shares

Documents Incorporated by Reference
     Portions of the registrant s definitive proxy statement for the annual
shareholders meeting to be held April 18, 1995, are incorporated by reference
into Part III.
                                    

                                    (1)




                             Signatures


      Pursuant to the requirements of Section 13 or 15(d) of the Securities 
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.


                                         First United Corporation

                                         By:  /s/ Richard G. Stanton
                                         
                                         Richard G. Stanton
                                         Chairman of the Board, President,
                                         and Chief Executive Officer


      Pursuant to the requirements of the Securities Exchange Act of 1934, this 
report has been signed below by the following persons on behalf of the
registrant and in the capacities indicated.


                                  Signatures

/s/ David J. Beachy                           /s/ Dr. Andrew E. Mance
(David J. Beachy) Director                    (Dr. Andrew E. Mance) Director


/s/ Donald M. Browning                        /s/ Donald E. Moran
(Donald M. Browning) Director                 (Donald E. Moran) Director


/s/ Rex W. Burton                             /s/ Terry L. Reiber
(Rex W. Burton) Director                      (Terry L. Reiber) Director


/s/ John L. Conway                             /s/ I. Robert Rudy
(John L. Conway) Director                      (I. Robert Rudy) Director


/s/ Paul Cox, Jr.                              /s/ Tod. P. Salisbury
(Paul Cox, Jr.) Director                       (Tod P. Salisbury) Director 


/s/ Dr. B. L. Grant                            /s/ James F. Scarpelli  
(Dr. B. L. Grant) Director                     (James F. Scarpelli) Director


/s/ Robert W. Kurtz                             /s/ Karen F. Spiker
(Robert W. Kurtz) Director                      (Karen F. Spiker) Director 




                                   (43)


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<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               MAR-31-1995
<CASH>                                           15494
<INT-BEARING-DEPOSITS>                          362352
<FED-FUNDS-SOLD>                                   500
<TRADING-ASSETS>                                     0
<INVESTMENTS-HELD-FOR-SALE>                      71899
<INVESTMENTS-CARRYING>                           20597    
<INVESTMENTS-MARKET>                             19513
<LOANS>                                         344590
<ALLOWANCE>                                       2370
<TOTAL-ASSETS>                                  466992
<DEPOSITS>                                      406507
<SHORT-TERM>                                      4000
<LIABILITIES-OTHER>                               3857
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                                0
                                          0
<OTHER-SE>                                       51823     
<TOTAL-LIABILITIES-AND-EQUITY>                  466992
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<INTEREST-TOTAL>                                  8847
<INTEREST-DEPOSIT>                                3295
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<INTEREST-INCOME-NET>                             5415
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<EXPENSE-OTHER>                                   4305
<INCOME-PRETAX>                                   2097
<INCOME-PRE-EXTRAORDINARY>                        1399
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                      1399
<EPS-PRIMARY>                                      .23
<EPS-DILUTED>                                        0
<YIELD-ACTUAL>                                    5.18
<LOANS-NON>                                       1030   
<LOANS-PAST>                                       451
<LOANS-TROUBLED>                                     0
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<ALLOWANCE-OPEN>                                     0
<CHARGE-OFFS>                                       11
<RECOVERIES>                                        45 
<ALLOWANCE-CLOSE>                                 2370
<ALLOWANCE-DOMESTIC>                              2370
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                              0
        

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