Business
First United Sets The Record Straight Regarding Driver's False Narratives And Mischaracterizations
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
About this update from First
[{"type":"text","content":"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 12, 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 (the \"Bank\"), today announced that it mailed a letter to shareholders in connection with the Company's upcoming Annual Meeting of Shareholders (the \"Annual Meeting\") to be held on June 11, 2020 to address certain misleading statements advanced by Driver Management Company LLC (\"Driver\").\nThe full text of the letter is as follows.\nMay 12, 2020\nDear Fellow Shareholders,\nWe believe Driver has advanced specific false narratives in an attempt to mislead shareholders and in furtherance of its singular objective: a sale of First United. We urge you to not be fooled by Driver, and to consider the actual facts of the matter:\nΧ \nFalse Narrative: First United's Board of Directors (the \"Board\") and management team haven't delivered results for shareholders. \n√ \nReality: First United has consistently delivered superior returns for its shareholders.\nSince the 2008 financial crisis, and for nearly a decade before Driver's campaign, First United has outperformed its peers1, Driver's own peer group as well as the SNL Bank Index.2\nThis is true for all relevant short- and long-term holding periods prior to Driver's campaign, and is particularly true under the strategy that has been formulated and executed during Ms. Rodeheaver's tenure as CEO.\nThis has also held true in the current environment, from the time Driver announced its campaign until today.\n\n \nΧ \nFalse Narrative: A sale of First United would be in the best interests of shareholders. \n√\nReality: Driver is attempting to force the sale of First United for its own short-term financial gain with no consideration for other shareholders. \nFirst United, under the leadership of Ms. Rodeheaver and the Board, has been executing a strategy to steadily grow the business and lower costs every year, which in turn drives consistently improved profits, tangible book value per share, total net loans, and total deposits....