Business
First United Urges Shareholders To Support Company's Board Of Directors Nominees
Driver's Nominees Sorely Lack Record of Public Company Value Creation or Ties to the Community Driver Mischaracterizes and Vastly Overstates Its Nominee's
About this update from First
[{"type":"text","content":"Driver's Nominees Sorely Lack Record of Public Company Value Creation or Ties to the Community\n Driver Mischaracterizes and Vastly Overstates Its Nominee's \"Extensive Banking Sector Experience\"\n Since Mr. McCullough Became Independent Lead Director, and Barr, Boal and Shockley were Appointed to the Board, First United Shares Have Generated Over Twice the Returns of the SNL U.S. $1B-$5B Bank Index, Outperforming it by 44%\n Vote on the BLUE Proxy Card Today for First United's Highly Qualified Nominees: John W. McCullough, John F. Barr, Brian R. Boal and Marisa A. Shockley\n\n\nOAKLAND, Md., April 30, 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. The full text of the letter is as follows.\nApril 30, 2020\nDear Fellow Shareholders, \nAs we approach First United's Annual Meeting scheduled for June 11, 2020, the Board is focused on one mission: continuing to deliver results for our shareholders while upholding our commitment to our customers and our community. \nIn the current economic environment, this commitment to customers and the community is more important than ever before. Under the stewardship of the Board, First United is on a strong financial and operational footing, not only well-positioned to weather the COVID-19 pandemic, but also able to help its customers and communities navigate this unprecedented time.\nContrary to what Driver claims, this is not a \"risk-free vote.\"1 This is a critical vote at a critical time for the Company and its shareholders, many of whom are also customers. Driver has been very clear about its one self-serving goal from this costly proxy fight: \"We have never attempted to hide the fact that we have one primary objective: a sale process.\"2 Driver is looking to disrupt the Board's execution of its long-term growth plan, which has consistently delivered results for shareholders by any measure as outlined extensively in our last communication, and instead force an immediate sale of First United with complete disregard to the strength of the bank, its other shareholders ...