Form 8-K - Current report
September 03 2024 - 4:41PM
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2024-08-30
2024-08-30
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UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C.
20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 30, 2024
First United Corporation
(Exact name of registrant as specified in
its charter)
Maryland |
|
0-14237 |
|
52-1380770 |
(State or other jurisdiction of |
|
(Commission file number) |
|
(IRS Employer |
incorporation or organization) |
|
|
|
Identification No.) |
19 South Second Street, Oakland, Maryland 21550
(Address of principal
executive offices) (Zip Code)
(301) 334-9471
(Registrant’s telephone number, including area code)
N/A
(Former Name or Former
Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant
to Section 12(b) of the Act:
Title of each class |
Trading
Symbol(s) |
Name of each exchange on which registered |
Common stock |
FUNC |
Nasdaq Stock Market |
Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange
Act of 1934 (17 CFR §240.12b-2).
Emerging growth company
¨
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ¨
INFORMATION TO BE INCLUDED IN THE REPORT
Item 8.01. Other Events.
The Board of Directors of First
United Corporation (the “Corporation”) adopted a stock purchase program (the “Repurchase Program”) that became
effective on August 30, 2024. The Repurchase Program authorizes the Corporation to purchase up to an aggregate of 600,000 shares of its
common stock, par value $.01 per share (the “Common Stock”), representing 9.3% of the issued and outstanding shares of Common
Stock as of such date, over a 18-month period. The shares may be purchased in open market transactions or privately-negotiated transactions
at such times, in such amounts, at such prices and upon such other terms as are determined in the discretion of the Corporation’s
Chairman, President and Chief Executive Officer, provided that each proposed purchase must be consistent with applicable securities laws
and regulations, including Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended, and the Corporation’s
blackout policy. Information about purchases effected under the Repurchase Program, if any, will be disclosed in the appropriate items
of the periodic reports that the Corporation files with the Securities and Exchange Commission.
It should be noted that the Corporation
might not purchase any shares of Common Stock under the Repurchase Program. Whether any purchases are made (and the number of shares purchased)
will depend on a variety of factors, including the opportunities (if any) to purchase shares that might exist from time to time, the prices
and volumes at which such shares might be available and the Corporation’s capital requirements and plans.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
The exhibits filed or furnished with this report
are listed in the following Exhibit Index:
Exhibit No. |
|
Description |
104 |
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Cover page interactive data file (embedded within the iXBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
FIRST UNITED CORPORATION |
|
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Dated: September 3, 2024 |
By: |
/s/ Tonya K. Sturm |
|
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Tonya K. Sturm |
|
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Senior Vice President & CFO |
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