<SEC-DOCUMENT>0001144204-14-011604.txt : 20140226
<SEC-HEADER>0001144204-14-011604.hdr.sgml : 20140226
<ACCEPTANCE-DATETIME>20140226090348
ACCESSION NUMBER:		0001144204-14-011604
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20140226
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20140226
DATE AS OF CHANGE:		20140226

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST UNITED CORP/MD/
		CENTRAL INDEX KEY:			0000763907
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				521380770
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14237
		FILM NUMBER:		14642937

	BUSINESS ADDRESS:	
		STREET 1:		19 S SECOND ST
		CITY:			OAKLAND
		STATE:			MD
		ZIP:			21550
		BUSINESS PHONE:		3013349471

	MAIL ADDRESS:	
		STREET 1:		19 S SECOND ST
		CITY:			OAKLAND
		STATE:			MD
		ZIP:			21550
</SEC-HEADER>
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>v369797_8k.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&#9;SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&#9;Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d) OF THE
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
February 26, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>First United Corporation</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: center"><U>Maryland</U></TD>
    <TD STYLE="width: 34%; text-align: center"><U>0-14237</U></TD>
    <TD STYLE="width: 33%; text-align: center"><U>52-1380770</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or other jurisdiction of</TD>
    <TD STYLE="text-align: center">(Commission file number)</TD>
    <TD STYLE="text-align: center">(IRS Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">incorporation or organization)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>19 South Second Street, Oakland, Maryland
21550</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)
(Zip Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>(301) 334-9471</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>N/A</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former Name or Former Address, if Changed
Since Last Report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings 2">&pound;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Wingdings 2">&pound;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Wingdings 2">&pound;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Wingdings 2">&pound;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION TO BE INCLUDED IN THE REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8.01. Other Events.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">First United Corporation (the &ldquo;Corporation&rdquo;)
announces that it has received approval from the Board of Governors of the Federal Reserve System (the &ldquo;FRB&rdquo;) to terminate
the interest deferral periods with respect to (i) an aggregate of $30.9 million of the Corporation&rsquo;s junior subordinated
debentures (the &ldquo;TPS Debentures&rdquo;) issued to its statutory trust subsidiaries, First United Statutory Trust I (&ldquo;Trust
I&rdquo;) and First United Statutory Trust II (&ldquo;Trust II&rdquo;), and (ii) an aggregate of $10.8 million of TPS Debentures
issued to First United Statutory Trust III (&ldquo;Trust III&rdquo; and, together with Trust I and Trust II, the &ldquo;Trusts&rdquo;),
which is also a statutory trust subsidiary. The deferral termination will be effective for the quarterly interest payments due
to Trust I and Trust II on March 17, 2014 and the quarterly interest payment due to Trust III on March 15, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At the request of the FRB in December 2010,
the Corporation elected to defer quarterly interest payments under the TPS Debentures beginning with the payments due in March
2011. The TPS Debentures were issued in connection with sales by the Trusts of &ldquo;trust preferred securities&rdquo; to third-party
investors, the terms of which call for corresponding payments of dividends by the Trusts at the time the Corporation makes quarterly
interest payments under the related TPS Debentures. Pursuant to the instruments that govern the trust preferred securities, the
Trusts were required to defer the payment of quarterly dividends to the holders of those securities at the time the Corporation
elected to defer quarterly interest payments. During the deferral periods, quarterly interest continued to accrue under the TPS
Debentures and quarterly dividends continued to accrue under the related trust preferred securities. The Indentures that govern
the TPS Debentures require the Corporation, at the time it resumes the payment of quarterly interest, to pay all interest that
has accrued under the TPS Debentures during the deferral periods. The Corporation&rsquo;s termination of the interest deferral
periods will require the Trusts to likewise terminate their dividend deferral periods, and the terms of the trust preferred securities
similarly require the Trusts to pay all dividends that have accrued during the dividend deferral periods at the time they resume
the payment of regularly-scheduled quarterly dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Thus, at the time it makes the next regularly-scheduled
quarterly interest payments in March 2014 of approximately $77,166 to Trust I, approximately $154,325 to Trust II, and approximately
$266,650 to Trust III, the Corporation will also be obligated to pay approximately $1.024 million in deferred interest to Trust
I, approximately $2.048 million in deferred interest to Trust II, and approximately $3.763 million in deferred interest to Trust
III.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although the Corporation intends to also
make the regularly-scheduled quarterly interest payments under its TPS Debentures due in June 2014, September 2014 and December
2014, no assurance can be given that it will do so. The FRB&rsquo;s approval was limited to the interest payments due in March
2014 and requires the Corporation to seek the FRB&rsquo;s prior approval before making any future quarterly interest payment under
the TPS Debentures. In considering the Corporation&rsquo;s application, the FRB will consider, among other things, the Corporation&rsquo;s
financial condition and its quarterly results of operations. The Corporation cannot guaranty that the FRB will approve any future
application. Also, it should be noted that the Corporation&rsquo;s ability to make future quarterly interest payments under the
TPS Debentures will depend in large part on its receipt of dividends from its bank subsidiary, First United Bank &amp; Trust (the
&ldquo;Bank&rdquo;), which may be made only with the prior approval of the Federal Deposit Insurance Corporation (the &ldquo;FDIC&rdquo;)
and the Maryland Department of Labor, Licensing &amp; Regulation &ndash; Office of the Commissioner of Financial Regulation (the
&ldquo;Maryland Commissioner&rdquo;). The FDIC and the Maryland Commissioner approved the Bank&rsquo;s payment of dividends to
the Corporation in an aggregate amount necessary for the Corporation to make quarterly interest payments under the TPS Debentures
during the remainder of 2014, but such approval may be revoked at any time based on a determination by the FDIC and the Maryland
Commissioner that the Bank&rsquo;s financial condition and/or results of operations do not support the payment of a dividend. Because
of this condition, no assurance can be given that the FDIC and/or the Maryland Commissioner will not revoke their approval with
respect to future dividends. If the FRB were to deny a future application by the Corporation to make a quarterly interest payment
under its TPS Debentures, and/or if the FDIC or the Maryland Commissioner were to subsequently prohibit the Bank from paying dividends
to the Corporation, then the Corporation would have to again elect to defer quarterly interest payments under its TPS Debentures
until such time as it and the Bank obtained the regulatory approvals necessary to terminate those deferral periods. Pursuant to
the Indentures, the Corporation can elect to defer payments of interest for up to 20 consecutive quarterly periods, provided that
there is no event of default (as defined in the Indentures) existing at the time of election. An election to defer interest payments
is not considered a default under the Indentures.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Item 8.01 contains forward-looking
statements within the meaning of The Private Securities Litigation Reform Act of 1995. Readers of this report should be aware
of the speculative nature of forward-looking statements. Statements that are not historical in nature, including those that include
the words &ldquo;anticipate&rdquo;, &ldquo;estimate&rdquo;, &ldquo;plan&rdquo;, &ldquo;project&rdquo;, &ldquo;continuing&rdquo;,
&ldquo;ongoing&rdquo;, &ldquo;target&rdquo;, &ldquo;aim&rdquo;, &ldquo;expect&rdquo;, &ldquo;believe&rdquo;, &ldquo;intend&rdquo;,
&ldquo;may&rdquo;, &ldquo;will&rdquo;, &ldquo;should&rdquo;, &ldquo;could&rdquo;, or the negative of those words and other comparable
words, and any financial projections used in connection with any discussion of future plans, strategies, objectives, actions,
or events, identify forward-looking statements. These statements include, among others, those concerning assumptions, expectations,
predictions, intentions and/ or beliefs about future events, such as the Corporation&rsquo;s payment of quarterly interest under
its TPS Debentures in future periods. These statements are based on the management&rsquo;s current beliefs and assumptions, as
well as information currently available to the management, and reflect management&rsquo;s current views concerning future events.
As such, they are subject to risks and uncertainties that could cause actual results or events to differ materially from those
expressed or implied by such forward-looking statements. Such risks and uncertainties include, among many others: the risk that
the FRB will deny an application by the Corporation to make a future quarterly interest payment under its TPS Indentures; the
risk that the FDIC and/or the Maryland Commissioner will revoke their approval of the Bank&rsquo;s payment of dividends to the
Corporation; the risk that any projections, including earnings, revenues, expenses, synergies, margins or any other financial
items that form the basis for management&rsquo;s plans and assumptions will not be realized; the risks associated with the Corporation&rsquo;s
obligations to comply with applicable laws, government regulations and rules and standards of The NASDAQ Stock Market; and general
economic conditions. These and other risks are discussed in detail in the periodic reports that the Corporation files with the
Securities and Exchange Commission (the &ldquo;SEC&rdquo;), and readers of this report are urged to review those periodic reports
and the Corporation&rsquo;s other filings with the SEC, which are accessible on the SEC&rsquo;s website at <U>www.sec.gov</U>,
before making an investment decision. The Corporation assumes no obligation to update its forward-looking statements except as
required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">FIRST UNITED CORPORATION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Dated:&nbsp;&nbsp;February 26, 2014</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Carissa L. Rodeheaver</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Carissa L. Rodeheaver</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>President and Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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