FORM 8-K--CURRENT REPORT
(As last amended in Rel. No. 34-25113, eff. 1/30/95.)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 1, 1996
FIRST UNITED CORPORATION
(Exact name of registrant as specified in its charter)
MARYLAND 0-14237 52-1380770
(State or other (Commission (IRS Employer of
jurisdiction File Number) Identification No.)
incorporation)
19 South 2nd Street, Oakland, Maryland 21550
(Address of principal executive offices)
Registrant's telephone number, including area code 301-334-9471
Former name or former address, if changed since last report: N/A
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First United Corporation
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19 S. Second Street, Oakland, MD 21550
FOR IMMEDIATE RELEASE
Date: 08/01/96
Contact: Jeannette Rudy Fitzwater
(301) 334-9471, ext. 421, (301) 334-5784
FIRST UNITED CORPORATION ANNOUNCES STOCK REPURCHASE AUTHORIZATION
As a part of the Corporation's capital plan, the Board of Directors of
First United Corporation authorized the Corporation's officers to repurchase
up to 5 percent of its outstanding common stock. Purchases of the Corporation's
stock under this program will be completed in brokered transactions or directly
from the Corporation's market makers. The repurchased stock will be used for
future stock dividends, acquisitions or other corporate purposes.
The Corporation's stock has been listed in the Nasdaq National Market
System since September 1992 and is traded under the symbol FUNC. The Corporation
has 6,506,295 shares of common stock outstanding.
The Corporation, a one-bank holding company headquartered in Oakland,
Maryland, recently announced that year-to-date as of June 30, 1996, income was
up 32.44 percent over the same period in 1995. Net income for the first two
quarters of 1996 was $3.22 million or $.49 per share, as compared to $2.43
million or $.37 per share for the same period in 1995.
William B. Grant, Chairman of the Board and Chief Executive Officer for
First United Corporation, explained that 1995 was a year of positioning for the
Company. First United invested $1.08 million in restructuring efforts. This
included some consolidation efforts and employee early retirement packages, all
aimed at maintaining a high level of quality customer service, while increasing
the future efficiency of the organization. Mr. Grant attributed much of the
increased year-to-date income in 1996 to the forward thinking management
decisions made in 1995.
First United Corporation offers full-service banking through its primary
banking subsidiary, First United National Bank & Trust. The bank operates a
traditional network of offices throughout Garrett, Allegany, Washington, and
Frederick Counties in Maryland, as well as Mineral, Hardy and Hampshire Counties
in West Virginia. As of June 30, 1996, the Corporation posted assets of $492.40
million.
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
Date: August 1, 1996 /s/ PHILIP D. FRANTZ
