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FIRST UNITED CORP/MD/ · May 11, 4:10 PM ET

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FIRST UNITED CORP/MD/ 8-K

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First United Corp/MD Annual Meeting: Directors Elected; Charter Vote Approved

What Happened

  • First United Corporation (FUNC) filed an 8-K on May 11, 2026 reporting the results of its annual meeting held May 7, 2026. Shareholders voted on five proposals by proxy.
  • All 10 director nominees were elected to serve until the 2027 annual meeting: John F. Barr; Brian R. Boal; Sanu B. Chadha; Christy M. DiPietro; Kevin R. Hessler; Patricia A. Milon; Beth E. Moran; I. Robert Rudy; Jason B. Rush; and H. Andrew Walls, III. For votes for individual directors ranged roughly from 3.30 million to 3.42 million shares, with approximately 965,381 broker non‑votes.
  • Shareholders approved a charter amendment to reduce the votes required to approve certain shareholder actions, approved the non‑binding say‑on‑pay advisory vote for 2025 compensation, recommended an annual frequency for future say‑on‑pay votes, and ratified Crowe LLP as the company’s independent registered public accounting firm for fiscal 2026.

Key Details

  • Meeting date and filing: Annual meeting on May 7, 2026; Form 8‑K filed May 11, 2026.
  • Director election: All 10 nominees elected; individual "For" votes ranged ~3.30M–3.42M; broker non‑votes = 965,381.
  • Charter amendment: Approved — For 3,474,247; Against 117,904; Abstain 23,556; Broker non‑votes 965,381.
  • Say‑on‑pay and frequency: Advisory approval for 2025 pay — For 3,396,165; Against 159,327; Abstain 61,215. Frequency vote favored every 1 year (3,141,000 votes).
  • Auditor ratification: Crowe LLP ratified — For 4,566,188; Against 7,514; Abstain 7,386.

Why It Matters

  • The elections keep the current board in place through 2027, maintaining continuity in governance and strategy.
  • The charter amendment changes the vote threshold for certain shareholder actions (the filing describes a reduction in required votes), which is a corporate governance change shareholders approved.
  • The advisory approval of executive pay and the annual preference for future say‑on‑pay votes indicate shareholder support for current compensation practices and a desire for yearly votes.
  • Ratification of Crowe LLP provides continuity for the company’s independent audit for the fiscal year ending December 31, 2026.

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