FIRST UNITED CORP/MD/ Business Summary

First United Corporation (FUNC) operates as the bank holding company for First United Bank & Trust, generating revenue primarily through net interest income from a diverse loan portfolio and non-interest income from its extensive trust and wealth management services. The company’s business model is structured into two primary segments: Community Banking, which provides traditional retail and commercial deposit and lending products, and Trust & Investment Services, offering comprehensive brokerage, estate planning, and asset management. Serving markets across Maryland, West Virginia, Pennsylvania, and Virginia, FUNC maintains a competitive edge by combining the personalized service of a community bank with the sophisticated fiduciary capabilities of a larger institution. Its primary direct competitors include Shore Bancshares, Inc., Sandy Spring Bancorp, and ACNB Corporation, against whom First United positions itself as a high-touch regional leader with a disproportionately strong emphasis on fee-based wealth management revenue. The leadership team is currently led by Jason B. Rush, who was appointed President and Chief Executive Officer effective January 1, 2026, following a tenure with the organization dating back to 1993. He is supported by Executive Chairman Carissa L. Rodeheaver, the former CEO who is overseeing a strategic transition through May 2026, and Tonya K. Sturm, who serves as Senior Vice President and Chief Financial Officer with over three decades of financial reporting and risk management experience. In early 2026, the executive suite was further strengthened by the appointment of Anthony "AJ" Tasker as Senior Vice President and Chief Operating Officer. The company’s governance is overseen by a board of directors featuring regional business leaders such as Lead Independent Director Brian R. Boal and Christy DiPietro, while its institutional stability is reinforced by significant holdings from major investment firms including BlackRock and Vanguard.