FUNC Overview

Retirement Announcement: Carissa L. Rodeheaver, Chairman, President, and CEO of First United Corporation, will retire after the 2026 annual meeting, transitioning to Executive Chairman until her retirement in May 2026.

Leadership Achievements: Under Rodeheaver's leadership since 2016, First United experienced significant growth, record financial performance, and enhanced its reputation through community-focused initiatives and digital transformation.

Succession Plan: Jason B. Rush, currently Senior Vice President & COO, will succeed Rodeheaver as President and CEO effective January 1, 2026, following a planned succession strategy.

Future Plans: After retirement, Rodeheaver will provide advisory support for a smooth transition while focusing on personal interests such as family and travel.

New CEO Appointment: First United Corp. has appointed Jason Rush as the new CEO and President, effective January 1, 2026, succeeding Carissa Rodeheaver, who will retire after the 2026 annual meeting.

Current Role and Experience: Jason Rush, currently the Chief Operating Officer, has been with the bank since 1993 and has served as the operating chief since 2017.

Earnings Growth: First United Corporation reported third-quarter earnings of $6.94 million, or $1.07 per share, an increase from $5.77 million, or $0.89 per share, in the same period last year.

Revenue Increase: The company's revenue rose by 14.3% to $17.40 million, compared to $15.22 million in the previous year.

Financial Performance: First United Corporation reported a net income of $6.9 million for Q3 2025, an increase from $5.8 million in Q3 2024, driven by higher net interest income and effective expense management. The net income for the first nine months of 2025 was $18.7 million, up from $14.4 million in the same period last year.

Loan and Deposit Growth: The bank experienced strong loan production with $29.8 million in commercial loan originations and $20.8 million in residential mortgage originations during Q3 2025. Total deposits increased by $104.1 million since December 31, 2024, primarily due to new brokered time deposits and growth in savings and money market accounts.

Dividend Announcement: First United Corporation's Board of Directors declared a cash dividend of $0.26 per share, payable on November 3, 2025, to shareholders of record as of October 17, 2025.

Company Overview: First United Corporation is the parent company of First United Bank & Trust, which operates in Maryland and has various subsidiaries focused on finance and low-income housing development.