Business
First United Sends Letter to Shareholders Clarifying Additional Attempts by Driver to Mislead Shareholders
As a result of the Maryland Commissioner's Findings that Driver Violated Maryland Law, First United Files Lawsuit Seeking Declaratory Relief Concerning
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[{"type":"text","content":"As a result of the Maryland Commissioner's Findings that Driver Violated Maryland Law, First United Files Lawsuit Seeking Declaratory Relief Concerning Driver's Ability to Vote its Shares and to Nominate Directors at the Company's Upcoming Annual Meeting\n Vote on the BLUE Proxy Card Today for First United's Highly Qualified Candidates: John W. McCullough; John F. Barr; Brian R. Boal; and Marisa A. Shockley\n First United Reminds Shareholders to Revoke Votes on Driver's WHITE Card by Voting on First United's BLUE Card\n\n\nOAKLAND, Md., May 20, 2020 /PRNewswire/ -- First United Corporation (NASDAQ: FUNC) (\"First United\" or the \"Company\"), a bank holding company and the parent company of First United Bank & Trust, today issued the following open letter to further clarify the Company's continued commitment to protecting the interests of all shareholders while ensuring compliance with all laws and regulations.\nFirst United also announced today that it has filed a lawsuit seeking declaratory relief in the Circuit Court for Garrett County, Maryland (the \"Declaratory Lawsuit\"). On May 14, 2020, the Office of the Maryland Commissioner of Financial Regulation (the \"Maryland Commissioner\") issued letters (the \"Letters\") in which it concluded, after a months-long investigation, that there is sufficient evidence to find that Driver Opportunity Partners I LP (\"Driver\") and each of its proposed candidates for nomination violated a Maryland financial regulatory statute when they acquired shares of First United common stock. \nThe Letters also stated that this statute prohibits a shareholder from voting shares acquired in violation of the statute for a period of five years. Driver has notified First United that it intends to ignore the Letters from the Maryland Commissioner, as well as Maryland law, and has demanded that First United provide it with assurances that First United will likewise ignore the Letters from the Maryland Commissioner and Maryland law.\nAs a result, First United filed the Declaratory Lawsuit for the limited purpose of asking the Court to confirm, in light of the Letter from the Maryland Commissioner, that Driver and its proposed candidates are prohibited from voting any of their shares at First United's upcoming annual meeting of shareholders to be held on June 11, 2020 (the \"Annual Meeting\"), and, as a re...