<SEC-DOCUMENT>0001144204-14-019634.txt : 20140331
<SEC-HEADER>0001144204-14-019634.hdr.sgml : 20140331
<ACCEPTANCE-DATETIME>20140331173104
ACCESSION NUMBER:		0001144204-14-019634
CONFORMED SUBMISSION TYPE:	POS AM
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20140331
DATE AS OF CHANGE:		20140331

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:		POS AM
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-157562
		FILM NUMBER:		14731492

	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>
<DOCUMENT>
<TYPE>POS AM
<SEQUENCE>1
<FILENAME>v373313_posam.htm
<DESCRIPTION>POS AM
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"> As filed with the Office of the Securities
and Exchange Commission on March 31, 2014 </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration No. 333-157562</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">SECURITIES AND EXCHANGE COMMISSION</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B> POST-EFFECTIVE AMENDMENT NO. 3 </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-3</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Exact Name of Registrant as Specified
in Its Charter)</I></P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 61%; font-size: 10pt; text-align: center"><font style="font-size: 10pt"><b>Maryland</b></font></td>
    <td style="width: 39%; font-size: 10pt; text-align: center"><font style="font-size: 10pt"><b>52-1380770</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt; text-align: center"><font style="font-size: 10pt"><i>(State or Other Jurisdiction of Incorporation or Organization</i></font></td>
    <td style="font-size: 10pt; text-align: center"><font style="font-size: 10pt"><i>(I.R.S. Employer Identification Number)</i></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Address of Principal Executive Offices)</I>&nbsp;</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"></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(888) 692-2654</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Name, Address and Telephone Number of
Agent for Service)</I></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"></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>233 East Redwood Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Baltimore, Maryland 21202</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(410) 576-4000</B></P>

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Approximate date of commencement of proposed
sale to the public: As soon as practicable after the effective date of this Post-Effective Amendment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any of the securities being registered
on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the
following box: <FONT STYLE="font-family: Wingdings 2">R</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If this Form is filed to register additional
securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings 2">&pound;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If this Form is a post-effective amendment
filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings 2">&pound;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If this Form is a post-effective amendment
filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings 2">&pound;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b2
of the Exchange Act.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 7%; font-size: 10pt">&nbsp;</td>
    <TD STYLE="width: 43%; font-size: 10pt"><font style="font-size: 10pt">Large accelerated filer <font style="font-family: Wingdings 2">&pound;</font></font></td>
    <TD STYLE="width: 50%; font-size: 10pt"><font style="font-size: 10pt">Accelerated filer <font style="font-family: Wingdings 2">&pound;</font></font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</td>
    <TD STYLE="font-size: 10pt"><font style="font-size: 10pt">Non-accelerated filer <font style="font-family: Wingdings 2">&pound;</font></font></td>
    <TD STYLE="font-size: 10pt"><font style="font-size: 10pt">Smaller reporting company <font style="font-family: Wingdings 2">R</font></font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</td>
    <TD STYLE="font-size: 10pt"><font style="font-size: 10pt">(Do not check if a smaller reporting company) </font></td>
    <TD STYLE="font-size: 10pt">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>The registrant hereby amends this registration
statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment
that specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act of 1933, as amended, or until this registration statement shall become effective on such date as the Commission,
acting pursuant to Section 8(a), may determine.</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"></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>EXPLANATORY NOTE</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: 0.2in"> This Post-Effective Amendment No. 3
on Form S-1 to the Registration Statement on Form S-3 (Registration No. 333-157562) of First United Corporation (the &ldquo;Corporation&rdquo;),
as originally declared effective by the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on March 19, 2009 and post-effectively
amended on April 2, 2012 (declared effective on April 13, 2012) and March 25, 2013 (declared effective on March 28, 2013), is
being filed pursuant to the undertakings in Item 17 of the Registration Statement on Form S-1 to include the information contained
in the Corporation&rsquo;s Annual Report on Form 10-K for the fiscal year ended December 31, 2013 that was filed with the SEC
on March 10, 2014, which incorporates by reference certain information contained in the Corporation&rsquo;s definitive proxy statement
on Schedule 14A for its 2014 annual meeting of shareholders, which was filed with the SEC on March 28, 2014. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in">&nbsp; The information included in this filing
amends this Registration Statement and the Prospectus contained therein, as previously amended. No additional securities are being
registered under this Post-Effective Amendment No. 3. All applicable registration fees were paid at the time of the original filing
of the Registration Statement. </P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"><B>The information contained in this prospectus
is not complete and may be changed. Our selling security holders may not sell these securities until the registration statement
filed with the Securities and Exchange Commission becomes effective. This prospectus is not an offer to sell these securities and
it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #DF1A1E"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #DF1A1E"><B> Subject to completion,
dated March 31, 2014 </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><img src="tlogo.jpg"></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">30,000 SHARES OF FIXED RATE CUMULATIVE PERPETUAL
PREFERRED STOCK, SERIES A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WARRANT TO PURCHASE 326,323 SHARES OF COMMON
STOCK</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">326,323 SHARES OF COMMON STOCK</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">This prospectus relates to the potential
resale from time to time by selling security holders of some or all of the shares of our Fixed Rate Cumulative Perpetual Preferred
Stock, Series A, which we refer to as the &ldquo;Series A Preferred Stock&rdquo;, a warrant to purchase 326,323 shares of common
stock, which we refer to as the &ldquo;warrant&rdquo;, and any shares of common stock issuable from time to time upon exercise
of the warrant. We collectively refer to the shares of Series A Preferred Stock, the warrant and the shares of common stock issuable
upon exercise of the warrant as the &ldquo;securities&rdquo;. The Series A Preferred Stock and the warrant were issued by us pursuant
to a Letter Agreement dated January 30, 2009, and the related Securities Purchase Agreement &ndash; Standard Terms, between us
and the United States Department of the Treasury, whom we refer to as the &ldquo;Treasury&rdquo; or the &ldquo;initial selling
security holder&rdquo;, in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended, or
the &ldquo;Securities Act&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The initial selling security holder, its
successors and transferees, to whom we collectively refer as the &ldquo;selling security holders&rdquo;, may offer the securities
from time to time directly or through underwriters, broker-dealers or agents and in one or more public or private transactions
and at fixed prices, prevailing market prices, at prices related to prevailing market prices or at negotiated prices. If these
securities are sold through underwriters, broker-dealer or agents, the selling security holders will be responsible for underwriting
discounts or commissions or agents&rsquo; commissions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will not receive any proceeds from the
sales of the securities by the selling security holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Series A Preferred Stock is not listed
on an exchange and, unless requested by the initial selling security holder, we do not intend to list the Series A Preferred Stock
on any exchange. The warrant is not listed on an exchange and we do not intend to list the warrant on any exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Our common stock is listed on the NASDAQ
Global Select Market under the symbol &ldquo;FUNC&rdquo;. On March 28, 2014, the closing price of our common stock on the NASDAQ
Global Select Market was $7.60 per share. You are urged to obtain current market quotations of our common stock. </P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Investing in our securities involves
certain risks. See &ldquo;RISK FACTORS&rdquo; beginning on page 5 of this prospectus.</B></P>

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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>NEITHER THE SECURITIES AND EXCHANGE COMMISSION
NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ACCURACY OR ADEQUACY OF
THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>THE SECURITIES OFFERED HEREBY ARE NOT
DEPOSIT OR SAVINGS ACCOUNTS OR OTHER OBLIGATIONS OF ANY BANK OR NON-BANK SUBSIDIARY OF FIRST UNITED CORPORATION, AND THEY ARE
NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY OR INSTRUMENTALITY.</B>&nbsp;</P>

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

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



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our principal executive offices are located
at 19 South Second Street, Oakland, Maryland 21550 and our telephone number is (888) 692-2654.</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"><B> The date of this Prospectus is __________,
2014 </B></P>

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


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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <td style="width: 96%"><FONT STYLE="font-size: 10pt"> ABOUT THIS PROSPECTUS </FONT></td>
    <td style="width: 4%; text-align: right"><FONT STYLE="font-size: 10pt"> 3 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td><FONT STYLE="font-size: 10pt"> PROSPECTUS SUMMARY </FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> 4 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <td><FONT STYLE="font-size: 10pt"> A WARNING ABOUT FORWARD-LOOKING STATEMENTS </FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> 5 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td><FONT STYLE="font-size: 10pt"> RISK FACTORS </FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> 5 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <td><FONT STYLE="font-size: 10pt"> SELLING SECURITY HOLDERS </FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> 6 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td><FONT STYLE="font-size: 10pt"> USE OF PROCEEDS </FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> 6 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <td><FONT STYLE="font-size: 10pt"> PLAN OF DISTRIBUTION </FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> 6 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td><FONT STYLE="font-size: 10pt"> DESCRIPTION OF SECURITIES </FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> 8 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <td><FONT STYLE="font-size: 10pt"> INDEMNIFICATION OF OUR DIRECTORS AND OFFICERS </FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> 15 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td><FONT STYLE="font-size: 10pt"> EXPERTS </FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> 16 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <td><FONT STYLE="font-size: 10pt"> LEGAL MATTERS </FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> 16 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td><FONT STYLE="font-size: 10pt"> WHERE YOU CAN FIND MORE INFORMATION </FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> 16 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <td><FONT STYLE="font-size: 10pt"> INCORPORATION OF CERTAIN INFORMATION BY REFERENCE </FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> 16 </FONT></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">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ABOUT THIS PROSPECTUS</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">This prospectus is part of a registration
statement on Form S-1 (originally filed on Form S-3 but subsequently converted by post-effective amendment to Form S-1) that we
filed with the Securities and Exchange Commission, or &ldquo;SEC&rdquo;, using a &ldquo;shelf&rdquo; registration process. Under
this shelf registration process, the selling security holders may, from time to time, offer and sell, in one or more offerings,
the securities described in this prospectus.</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"> We may provide a prospectus supplement
containing specific information about the terms of a particular offering by the selling security holders. The prospectus supplement
may also add to, update or change information contained in this prospectus. If the information in this prospectus is inconsistent
with a prospectus supplement, you should rely on the information in that prospectus supplement. You should read both this prospectus
and, if applicable, any prospectus supplement. See &ldquo;WHERE YOU CAN FIND MORE INFORMATION&rdquo; on page 16 for more information. </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">We have not authorized anyone to provide
you with information different from that contained or incorporated by reference in this prospectus. The information contained in
this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any
sale of the securities. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not
permitted.</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"> You should carefully read this entire
prospectus, especially the section entitled &ldquo;RISK FACTORS&rdquo; on page 5, before making a decision to invest in any of
the securities. Before buying any of the securities, you should also carefully read the additional information contained under
the headings &ldquo;WHERE YOU CAN FIND MORE INFORMATION&rdquo; on page 16 and &ldquo;INCORPORATION OF CERTAIN INFORMATION BY REFERENCE&rdquo;
on page 16. </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">Unless otherwise mentioned or unless the
context requires otherwise, all references in this prospectus to &ldquo;First United&rdquo;, &ldquo;the Corporation&rdquo;, &ldquo;we&rdquo;,
&ldquo;us&rdquo;, &ldquo;our&rdquo; and similar terms refer to First United Corporation.</P>

<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">&nbsp;</P>

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



<DIV STYLE="padding: 4pt; border: Black 1pt solid; width: 99%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROSPECTUS SUMMARY</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"><I>The following is only a summary of some
of the information contained or incorporated by reference in this prospectus which we believe to be important to investors. We
have selected highlights of material aspects of our business to be included in this summary. We urge you to read this entire prospectus,
including the information incorporated by reference in this prospectus. Investing in our securities involves risks. Therefore,
you should carefully consider the information provided under the heading &ldquo;RISK FACTORS&rdquo; on page 5. </I></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-align: center"><B>Business</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-align: left; text-indent: 0.5in"> First United Corporation
is a Maryland corporation chartered in 1985 and a financial holding company registered under the federal Bank Holding Company
Act of 1956, as amended. Its primary business is serving as the parent company of First United Bank &amp; Trust, a Maryland-chartered
commercial bank with trust powers, which we refer to as the &ldquo;Bank&rdquo;, and of First United Statutory Trust I, First United
Statutory Trust II and First United Statutory Trust III, which we collectively refer to as the &ldquo;Trusts&rdquo;. The Bank
operates 25 banking offices, one call center and 28 Automated Teller Machines in Allegany County, Frederick County, Garrett County,
and Washington County in Maryland, and in Berkeley County, Mineral County, Hardy County, and Monongalia County in West Virginia.
The Bank is an independent community bank providing a complete range of retail and commercial banking services to businesses and
individuals in its market areas. The Bank&rsquo;s deposits are insured by the Federal Deposit Insurance Corporation. In addition
to its two consumer finance company subsidiaries and a statutory trust subsidiary used to hold other real estate owned, the Bank
owns a 99% limited partnership interest in Liberty Mews Limited Partnership, a Maryland limited partnership formed for the purpose
of acquiring, developing and operating low-income housing units in Garrett County, Maryland. The Trusts were formed for the purpose
of raising regulatory capital through the sale of &ldquo;trust preferred securities&rdquo; to investors. </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: left; text-indent: 0.5in"> We and the Bank are
extensively regulated under federal and state laws. The regulation of financial holding companies and banks is intended primarily
for the protection of depositors and the deposit insurance fund and not for the benefit of security holders. For a discussion
of the material elements of the extensive regulatory framework applicable to us and the Bank, please refer to Item 1 of Part I
of our Annual Report on Form 10-K for the year ended December 31, 2013, which is incorporated by reference in this prospectus,
under the heading &ldquo;SUPERVISION AND REGULATION&rdquo;. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> At December 31,
2013, we had total assets of approximately $1.3 billion, net loans of approximately $796.6 million, and deposits of approximately
$977.4 million. Shareholders&rsquo; equity at December 31, 2013 was approximately $101.3 million. </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">Our principal executive offices are located
at 19 South Second Street, Oakland, Maryland 21550 and our telephone number is (888) 692-2654.</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"><B>The Offering</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Background</FONT></TD>
    <TD STYLE="width: 5%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 69%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We agreed to file a registration statement, of which this prospectus
        forms a part, with the SEC to register the sale of securities held by the selling security holders named in this prospectus that
        were originally issued to the United States Department of the Treasury on January 30, 2009 in connection with our participation
        in the Treasury&rsquo;s Troubled Asset Relief Program Capital Purchase Program. See &ldquo;SELLING SECURITY HOLDERS&rdquo; on page
        6.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Securities Offered by the Selling Security Holders</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Up to 30,000 shares of our Fixed Rate Cumulative Perpetual Preferred
        Stock, Series A;</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">A 10-year warrant to purchase 326,323 shares of our common stock;
        and</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">Up to 326,323 shares of our common stock issuable from time
        to time upon exercise of the warrant.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will not receive any proceeds from the sales of the securities
        by the selling security holders.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Market for Securities</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">The Series A Preferred Stock is not listed on an exchange.&nbsp;&nbsp;The warrant is not listed on an exchange.&nbsp;&nbsp;Our common stock is listed on the NASDAQ Global Select Market under the symbol &ldquo;FUNC&rdquo;.</FONT></TD>
</TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
</DIV>

<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; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>A WARNING ABOUT FORWARD-LOOKING STATEMENTS</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">Some of the statements contained, or incorporated
by reference, in this prospectus may include projections, predictions, expectations or statements as to beliefs or future events
or results or refer to other matters that are not historical facts. Such statements constitute forward-looking statements and are
subject to known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from
those contemplated by the statements. The forward-looking statements are based on various factors and were derived using numerous
assumptions. In some cases, you can identify these forward-looking statements by words like &ldquo;may&rdquo;, &ldquo;will&rdquo;,
&ldquo;should&rdquo;, &ldquo;expect&rdquo;, &ldquo;plan&rdquo;, &ldquo;anticipate&rdquo;, &ldquo;intend&rdquo;, &ldquo;believe&rdquo;,
&ldquo;estimate&rdquo;, &ldquo;predict&rdquo;, &ldquo;potential&rdquo;, or &ldquo;continue&rdquo; or the negative of those words
and other comparable words. You should be aware that those statements reflect only our predictions. If known or unknown risks or
uncertainties should materialize, or if underlying assumptions should prove inaccurate, actual results could differ materially
from past results and those anticipated, estimated or projected. You should bear this in mind when reading this prospectus and
not place undue reliance on these forward-looking statements. Factors that might cause such differences include, but are not limited
to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the risk that the weak national and local economies and depressed real estate and credit markets caused by the recent global
recession will continue to decrease the demand for loan, deposit and other financial services and/or increase loan delinquencies
and defaults;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in market rates and prices may adversely impact the value of securities, loans, deposits and other financial instruments
and the interest rate sensitivity of our balance sheet;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our liquidity requirements could be adversely affected by changes in our assets and liabilities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the effect of legislative or regulatory developments, including changes in laws concerning taxes, banking, securities, insurance
and other aspects of the financial services industry;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>competitive factors among financial services organizations, including product and pricing pressures and our ability to attract,
develop and retain qualified banking professionals;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the effect of changes in accounting policies and practices, as may be adopted by the Financial Accounting Standards Board,
the SEC, the Public Company Accounting Oversight Board and other regulatory agencies; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the effect of fiscal and governmental policies of the United States federal government.</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; text-indent: 0.5in">You should also consider carefully the statements
under the heading &ldquo;RISK FACTORS&rdquo; on page 5, including the statements incorporated by reference into that section, and
in the other sections of this prospectus, which address additional factors that could cause our actual results to differ from those
set forth in the forward-looking statements and could materially and adversely affect our business, operating results and financial
condition. Also note that we provide cautionary discussion of risks, uncertainties and possibly inaccurate assumptions relevant
to our businesses in our periodic and current reports filed with the SEC and incorporated by reference in this prospectus and in
prospectus supplements and other offering materials. The risks discussed in this prospectus and in the other documents referenced
above are factors that, individually or in the aggregate, management believes could cause our actual results to differ materially
from expected and historical results. You should understand that it is not possible to predict or identify all such factors. Consequently,
you should not consider such disclosures to be a complete discussion of all potential risks or uncertainties.</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">The forward-looking statements speak only
as of the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation
to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to
reflect the occurrence of unanticipated events. In addition, we cannot assess the impact of each factor on our business or the
extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any
forward-looking statements.</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"><B>RISK FACTORS</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"><I> An investment in the securities covered
by this prospectus involves certain risks. The significant risks and uncertainties related to us, our business and the securities
of which we are aware are discussed in Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2013,
which is incorporated by reference in this prospectus. You should carefully consider these risks and uncertainties before you
decide to buy the securities. Any of these factors could materially and adversely affect our business, financial condition, operating
results and prospects and could negatively impact the market price of our common stock and the market values of the Series A Preferred
Stock and the warrant. If any of these risks materialize, you could lose all or part of your investment. Additional risks and
uncertainties that we do not yet know of, or that we currently think are immaterial, may also impair our business operations.
You should also consider the other information contained in and incorporated by reference in this prospectus, including our financial
statements and the related notes, before deciding to purchase any securities. This prospectus also contains forward-looking statements
that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking
statements as a result of certain factors, including the risks discussed above. </I></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SELLING SECURITY HOLDERS</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">On January 30, 2009, we issued the securities
covered by this prospectus to the Treasury, who is the initial selling security holder under this prospectus, in a transaction
exempt from the registration requirements of the Securities Act of 1933, as amended, which we refer to as the &ldquo;Securities
Act&rdquo;. The initial selling security holder, or its successors, including transferees, may from time to time offer and sell,
pursuant to this prospectus or a supplement to this prospectus, any or all of the securities they own. The securities to be offered
under this prospectus for the account of the selling security holders consist of:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>30,000 shares of the Series A Preferred Stock, representing beneficial ownership of 100% of the shares of the Series A Preferred
Stock outstanding on the date of this prospectus;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a 10-year warrant to purchase 326,323 shares of our common stock; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>326,323 shares of our common stock issuable upon exercise of the warrant, which shares, if issued, would represent ownership
of approximately 5.28% of our outstanding common stock as of the date of this prospectus.</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; text-indent: 0.5in">Beneficial ownership is determined in accordance
with the rules of the SEC and includes voting or investment power with respect to the securities. To our knowledge, the initial
selling security holder has sole voting and investment power with respect to the securities.</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">For purposes of this prospectus, we have
assumed that, after completion of the offering, none of the securities covered by this prospectus will be held by the selling security
holders. It must be noted, however, that we do not know when or in what amounts the selling security holders may offer the securities
for sale. The selling security holders might not sell any or all of the securities offered by this prospectus. Because the selling
security holders may offer all or some of the securities pursuant to this offering, and because currently no sale of any of the
securities is subject to any agreements, arrangements or understandings, we cannot estimate the number of the securities that will
be held by the selling security holders after completion of the offering.</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">Other than with respect to the acquisition
of the securities, the initial selling security holder has not had a material relationship with us.</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">Information about the selling security holders
may change over time, and changed information will be set forth in supplements to this prospectus if and when necessary.</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"><B>USE OF PROCEEDS</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">We will not receive any proceeds from any
sales of the securities by the selling security holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PLAN OF DISTRIBUTION</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">The selling security holders and their successors,
including their transferees, may sell the securities directly to purchasers or through underwriters, broker-dealers or agents,
who may receive compensation in the form of discounts, concessions or commissions from the selling security holders or the purchasers
of the securities. These discounts, concessions or commissions as to any particular underwriter, broker-dealer or agent may be
in excess of those customary in the types of transactions involved.</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">The securities may be sold in one or more
transactions at fixed prices, at prevailing market prices at the time of sale, at varying prices determined at the time of sale
or at negotiated prices. These sales may be effected in transactions that may involve crosses or block transactions.</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">If underwriters are used in an offering
of the securities, then the offered securities will be acquired by the underwriters for their own account and may be resold in
one of more transactions:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>on any national securities exchange or quotation service on which the Series A Preferred Stock, the warrant or the common stock
may be listed or quoted at the time of sale, including, as of the date of this prospectus, the NASDAQ Global Select Market in the
case of the common stock;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in the over-the-counter market;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in transactions otherwise than on these exchanges or services or in the over-the-counter market; or</TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>through the writing of options, whether the options are listed on an options exchange or otherwise.</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; text-indent: 0.5in">In addition, any securities that qualify
for sale pursuant to Rule 144 under the Securities Act may be sold under Rule 144 rather than pursuant to this prospectus.</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">In connection with the sale of the securities
or otherwise, the selling security holders may enter into hedging transactions with broker-dealers, which may in turn engage in
short sales of the common stock issuable upon exercise of the warrant in the course of hedging the positions they assume. The selling
security holders may also sell short the common stock issuable upon exercise of the warrant and deliver common stock to close out
short positions, or loan or pledge the Series A Preferred Stock or the common stock issuable upon exercise of the warrant to broker-dealers
that in turn may sell these securities.</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">The aggregate proceeds to the selling security
holders from the sale of the securities will be the purchase price of the securities less discounts and commissions, if any.</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">In effecting sales, broker-dealers or agents
engaged by the selling security holders may arrange for other broker-dealers to participate. Broker-dealers or agents may receive
commissions, discounts or concessions from the selling security holders in amounts to be negotiated immediately prior to the sale.</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">In offering the securities covered by this
prospectus, the selling security holders and any broker-dealers who execute sales for the selling security holders may be deemed
to be &ldquo;underwriters&rdquo; within the meaning of Section 2(a)(11) of the Securities Act in connection with such sales. Any
profits realized by the selling security holders and the compensation of any broker-dealer may be deemed to be underwriting discounts
and commissions. Selling security holders who are &ldquo;underwriters&rdquo; within the meaning of Section 2(a)(11) of the Securities
Act will be subject to the prospectus delivery requirements of the Securities Act and may be subject to certain statutory and regulatory
liabilities, including liabilities imposed pursuant to Sections 11, 12 and 17 of the Securities Act and Rule 10b-5 under the Exchange
Act.</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">To comply with the securities laws of certain
jurisdictions, if applicable, the securities must be sold in such jurisdictions only through registered or licensed brokers or
dealers. In addition, in certain jurisdictions the securities may not be sold unless they have been registered or qualified for
sale in the applicable jurisdiction or an exemption from the registration or qualification requirement is available and complied
with.</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">The anti-manipulation rules of Regulation
M under the Exchange Act may apply to sales of securities pursuant to this prospectus and to the activities of the selling security
holders. In addition, we will make copies of this prospectus available to the selling security holders for the purpose of satisfying
the prospectus delivery requirements of the Securities Act, including Rule 153 under the Securities Act.</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 time a particular offer of securities
is made, if required, a prospectus supplement will set forth the number and type of securities being offered and the terms of the
offering, including the name of any underwriter, dealer or agent, the purchase price paid by any underwriter, any discount, commission
and other item constituting compensation, any discount, commission or concession allowed or reallowed or paid to any dealer, and
the proposed selling price to the public.</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">We do not intend to apply for listing of
the Series A Preferred Stock on any securities exchange or for inclusion of the Series A Preferred Stock in any automated quotation
system unless requested by the initial selling shareholder. We likewise do not intend to apply for listing of the warrant on any
securities exchange or for inclusion of the warrant in any automated quotation system. No assurance can be given as to the liquidity
of the trading market, if any, for the Series A Preferred Stock or the warrant.</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">We have agreed to indemnify the selling
security holders against certain liabilities, including certain liabilities under the Securities Act. We have also agreed, among
other things, to bear substantially all expenses (other than underwriting discounts and selling commissions) in connection with
the registration and sale of the securities covered by this prospectus.</P>

<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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DESCRIPTION OF SECURITIES</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">The following is a summary of the general
terms of our capital stock and the securities being registered in the registration statement that contains this prospectus. The
full terms of our capital stock and the securities being registered are set forth in Exhibit 3.1(i) through Exhibit 4.4 to the
registration statement that contains this prospectus and incorporated by reference herein. The following summary does not give
effect to provisions of applicable statutory or common law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Capital Stock</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">We are authorized by our Charter to issue
up to 27,000,000 shares of capital stock. Of these shares, 25,000,000 shares are classified as common stock, par value $.01 per
share, and 2,000,000 shares are classified as preferred stock, having no par value per share, which may be issued in one or more
series having such voting powers, designations, preferences and other rights, qualifications, limitations and restrictions as may
be fixed by the Board from time to time. Our Board of Directors has designated 30,000 shares of our preferred stock as Fixed Rate
Cumulative Perpetual Preferred Stock, Series A, which are the Series A Preferred Stock covered by this prospectus.</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">In addition to the power to issue shares
of our authorized preferred stock in one or more series as discussed above, our Charter permits the Board, without general stockholder
approval but subject to the rights of any preferred stock, to classify and reclassify authorized but unissued shares of capital
stock of any class or series by setting or changing in any one or more respects the preferences, conversion or other rights, voting
powers, restrictions, limitations as to dividends, qualifications, or terms or conditions of redemption of the shares of stock.</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"><B>Series A Preferred Stock</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">As of the date of this prospectus, we had
30,000 shares of the Series A Preferred Stock issued and outstanding held by one owner of record. The following is a brief description
of the terms of the Series A Preferred Stock that may be resold by the selling security holders. This summary does not purport
to be complete in all respects. This description is subject to and qualified in its entirety by reference to our Charter and the
Certificate of Designations with respect to the Series A Preferred Stock, copies of which have been filed with the SEC and are
also available upon request from us.</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"><B><I>General</I></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 Certificate of Designations
that was filed, as part of a Certificate of Notice, with the State Department of Assessments and Taxation of Maryland on January
28, 2009, our Board of Directors designated 30,000 shares of our authorized but unissued preferred stock as Series A Preferred
Stock, all of which were issued to the initial selling security holder in a transaction exempt from the registration requirements
of the Securities Act. The issued and outstanding shares of Series A Preferred Stock are validly issued, fully paid and non-assessable.</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"><B><I>Dividends Payable on Shares of Series A Preferred Stock</I></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">Holders of shares of the Series A Preferred
Stock are entitled to receive if, as and when declared by our Board of Directors, out of assets legally available for payment,
cumulative cash dividends at a rate per annum of 5% per share on a liquidation preference of $1,000 per share of Series A Preferred
Stock with respect to each dividend period from January 30, 2009 to, but excluding, February 15, 2014. From and after February
15, 2014, holders of shares of Series A Preferred Stock are entitled to receive cumulative cash dividends at a rate per annum of
9% per share on a liquidation preference of $1,000 per share of Series A Preferred Stock with respect to each dividend period thereafter.</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">Dividends are payable quarterly in arrears
on each February 15, May 15, August 15 and November 15, each a dividend payment date, starting on May 15, 2009. If any dividend
payment date is not a business day, then the next business day will be the dividend payment date for that dividend, and no additional
dividends will accrue as a result of the postponement of that dividend payment date. Dividends payable during any dividend period
are computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends payable with respect to the Series A
Preferred Stock are payable to holders of record of shares of Series A Preferred Stock on the date that is 15 calendar days immediately
preceding the applicable dividend payment date or such other record date as the Board of Directors or any duly authorized committee
of our Board of Directors determines, so long as such record date is not more than 60 nor less than 10 days prior to the applicable
dividend payment date.</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">If we determine not to pay any dividend
or a full dividend with respect to the Series A Preferred Stock, we are required to provide written notice to the holders of shares
of Series A Preferred Stock prior to the applicable dividend payment date.</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">We are subject to various bank regulatory
policies and requirements relating to the payment of dividends, including requirements to maintain adequate capital above regulatory
minimums. Our ability to pay dividends to holders of the Series A Preferred Stock is largely dependent upon our receipt of dividends
from the Bank. Both federal and state laws impose restrictions on the ability of the Bank to pay dividends. Federal law prohibits
the payment of a dividend by an insured depository institution if the depository institution is considered &ldquo;undercapitalized&rdquo;
or if the payment of the dividend would make the institution &ldquo;undercapitalized&rdquo;. Maryland state-chartered banks may
pay dividends only out of undivided profits or, with the prior approval of the Maryland Commissioner, from surplus in excess of
100% of required capital stock. If, however, the surplus of a Maryland bank is less than 100% of its required capital stock, then
cash dividends may not be paid in excess of 90% of net earnings. In addition to these specific restrictions, bank regulatory agencies
have the ability to prohibit a proposed dividend by a financial institution that would otherwise be permitted under applicable
law if the regulatory body determines that the payment of the dividend would constitute an unsafe or unsound banking practice.</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">As a general corporate law matter, the Maryland
General Corporation Law, which we refer to as the &ldquo;MGCL&rdquo;, prohibits us from paying dividends on our capital stock,
including the Series A Preferred Stock, unless, after giving effect to a proposed dividend, (i) we will be able to pay our debts
as they come due in the normal course of business and (ii) our total assets will be greater than our total liabilities plus, unless
our Charter permits otherwise, the amount that would be needed, if we were to be dissolved at the time of the dividend, to satisfy
the preferential rights upon dissolution of shareholders whose preferential rights on dissolution are superior to those receiving
the dividend. Currently, we have no outstanding class of capital stock with preferential rights upon dissolution that are superior
to the Series A Preferred Stock. Notwithstanding our inability to pay dividends pursuant to item (ii) above, we may nevertheless
pay dividends out of (a) our net earnings for the fiscal year in which the distribution is made, (b) our net earnings for the preceding
fiscal year, or (c) the sum of our net earnings for the preceding eight fiscal quarters.</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"> As discussed in the risk factor contained
in First United Corporation&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2013 entitled &ldquo;First United
Corporation&rsquo;s ability to pay dividends on its capital securities is also subject to the terms of the outstanding TPS Debentures,
which prohibit First United Corporation from paying dividends during an interest deferral period&rdquo;, which risk factor is
incorporated into this prospectus by reference, the terms of our junior subordinated debentures underlying the trust preferred
securities issued by the Trusts permit us to defer payments of the interest due under those debentures for up to 20 consecutive
quarterly periods. During a deferral period, however, we are prohibited from paying dividends or making other distributions on,
and from repurchasing, redeeming or otherwise acquiring any, shares of the Series A Preferred Stock. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Priority of Dividends</I></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">With respect to the payment of dividends
and the amounts to be paid upon liquidation, the Series A Preferred Stock will rank:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>senior to our common stock and all other equity securities designated as junior stock; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>at least equally with all other equity securities designated as parity stock with respect to the payment of dividends and distribution
of assets upon any liquidation, dissolution or winding-up of the Corporation.</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; text-indent: 0.5in">So long as any shares of Series A Preferred
Stock remain outstanding, unless all accrued and unpaid dividends for all prior dividend periods have been paid or are contemporaneously
declared and paid in full, no dividend can be paid or declared on our common stock or other junior stock, other than a dividend
payable solely in common stock. We and our subsidiaries also may not purchase, redeem or otherwise acquire for consideration any
shares of our common stock or other junior stock unless we have paid in full all accrued dividends on the Series A Preferred Stock
for all prior dividend periods, other than:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>purchases, redemptions or other acquisitions of our common stock or other junior stock in connection with the administration
of our employee benefit plans in the ordinary course of business and consistent with past practice (including purchases pursuant
to a publicly announced repurchase plan to offset the increase in diluted shares outstanding resulting from the grant, vesting
or exercise of equity-based compensation);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>purchases or other acquisitions by our broker-dealer subsidiaries solely for the purpose of market-making, stabilization or
customer facilitation transactions in junior stock or parity stock in the ordinary course of its business;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>purchases or other acquisitions by our broker-dealer subsidiaries for resale pursuant to an offering by us of capital stock
that is underwritten by the related broker-dealer subsidiary;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any dividends or distributions of rights or junior stock in connection with any shareholders&rsquo; rights plan or repurchases
of rights pursuant to any shareholders&rsquo; rights plan;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>acquisition of record ownership of junior stock or parity stock for the beneficial ownership of any other person other than
the Corporation or one of its subsidiaries, including as trustee or custodian; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the exchange or conversion of junior stock for or into other junior stock or of parity stock for or into other parity stock
or junior stock but only to the extent that such acquisition is required pursuant to binding contractual agreements entered into
before January 30, 2009 or any subsequent agreement for the accelerated exercise, settlement or exchange thereof for common stock.</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; text-indent: 0.5in">If we repurchase shares of Series A Preferred
Stock from a holder other than the initial selling security holder, then we must offer to repurchase a ratable portion of the Series
A Preferred Stock then held by the initial selling security holder.</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">On any dividend payment date for which full
dividends are not paid, or declared and funds set aside therefor, on the Series A Preferred Stock and any other parity stock, all
dividends paid or declared for payment on that dividend payment date (or, with respect to parity stock with a different dividend
payment date, on the applicable dividend date therefor falling within the dividend period and related to the dividend payment date
for the Series A Preferred Stock), with respect to the Series A Preferred Stock and any other parity stock will be declared ratably
among the holders of any such shares who have the right to receive dividends, in proportion to the respective amounts of the undeclared
and unpaid dividends relating to the dividend period.</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">Subject to the foregoing, such dividends
(payable in cash, stock or otherwise) as may be determined by our Board of Directors (or a duly authorized committee of the Board)
may be declared and paid on our common stock, any other junior stock and parity stock from time to time out of any funds legally
available for such payment, and the Series A Preferred Stock will not be entitled to participate in any such dividend.</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"><B><I>Redemption</I></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"> The Recovery Act provides that, notwithstanding
any term of the Series A Preferred Stock to the contrary, we may redeem, in whole or in part, the Series A Preferred Stock held
by the initial selling security at any time, subject only to the prior approval of the Board of Governors of the Federal Reserve
System (the &ldquo;Federal Reserve Board&rdquo;), in which case either we may repurchase a proportionate amount of the warrant
then held by the initial selling security holder at the current market price or the initial selling security holder must liquidate
that amount of the warrant at the current market price. Recovery Act guidance issued by the initial selling security holder states
that a partial redemption of the Series A Preferred Stock must relate to at least $7,500,000, which equals 25% of the aggregate
liquidation amount of the Series A Preferred Stock on the date of issuance. With respect to shares of Series A Preferred Stock
that are held by someone other than the initial security holder, they are redeemable as set forth below. </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">The Series A Preferred Stock may not be
redeemed prior to January 30, 2012, the third anniversary of the issue date, unless we have received aggregate gross proceeds from
one or more qualified equity offerings (as described below) equal to $7,500,000, which equals 25% of the aggregate liquidation
amount of the Series A Preferred Stock on the date of issuance. In such a case, we may redeem the Series A Preferred Stock, subject
to the approval of Federal Reserve Board, in whole or in part, upon notice as described below, up to a maximum amount equal to
the aggregate net cash proceeds received by us from such qualified equity offerings. A &ldquo;qualified equity offering&rdquo;
is a sale and issuance for cash by us, to persons other than us or our subsidiaries after January 30, 2009, of shares of perpetual
preferred stock, common stock or a combination thereof, that in each case qualify as Tier 1 capital of First United at the time
of issuance under the applicable risk-based capital guidelines of the Federal Reserve Board. Qualified equity offerings do not
include issuances made in connection with acquisitions, issuances of trust preferred securities and issuances of common stock and/or
perpetual preferred stock made pursuant to agreements or arrangements entered into, or pursuant to financing plans that were publicly
announced, on or prior to October 13, 2008.</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"> The Series A Preferred Stock may be
redeemed at any time, subject to the approval of the Federal Reserve Board, in whole or in part, subject to notice as described
below. </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">In any redemption, the redemption price
is an amount equal to the per share liquidation amount plus accrued and unpaid dividends to but excluding the date of redemption.</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">The Series A Preferred Stock will not be
subject to any mandatory redemption, sinking fund or similar provisions. Holders of shares of Series A Preferred Stock have no
right to require the redemption or repurchase of the Series A Preferred Stock. If fewer than all of the outstanding shares of Series
A Preferred Stock are to be redeemed, the shares to be redeemed will be selected either pro rata from the holders of record of
shares of Series A Preferred Stock in proportion to the number of shares held by those holders or in such other manner as our Board
of Directors or a committee thereof may determine to be fair and equitable.</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">We will mail notice of any redemption of
Series A Preferred Stock by first class mail, postage prepaid, addressed to the holders of record of the shares of Series A Preferred
Stock to be redeemed at their respective last addresses appearing on our books. This mailing will be at least 30 days and not more
than 60 days before the date fixed for redemption. Any notice mailed or otherwise given as described in this paragraph will be
conclusively presumed to have been duly given, whether or not the holder receives the notice, and failure duly to give the notice
by mail or otherwise, or any defect in the notice or in the mailing or provision of the notice, to any holder of Series A Preferred
Stock designated for redemption will not affect the redemption of any other Series A Preferred Stock. Each notice of redemption
will set forth the applicable redemption date, the redemption price, the place where shares of Series A Preferred Stock are to
be redeemed, and the number of shares of Series A Preferred Stock to be redeemed (and, if less than all shares of Series A Preferred
Stock held by the applicable holder, the number of shares to be redeemed from the holder).</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Shares of Series A Preferred Stock that
are redeemed, repurchased or otherwise acquired by us will revert to authorized but unissued shares of preferred stock.</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"><B><I>Liquidation Rights</I></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">In the event that we voluntarily or involuntarily
liquidate, dissolve or wind up our affairs, holders of Series A Preferred Stock will be entitled to receive an amount per share,
referred to as the total liquidation amount, equal to the fixed liquidation preference of $1,000 per share, plus any accrued and
unpaid dividends, whether or not declared, to the date of payment. Holders of the Series A Preferred Stock will be entitled to
receive the total liquidation amount out of our assets that are available for distribution to shareholders, after payment or provision
for payment of our debts and other liabilities but before any distribution of assets is made to holders of our common stock or
any other shares ranking, as to that distribution, junior to the Series A Preferred Stock.</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">If our assets are not sufficient to pay
the total liquidation amount in full to all holders of Series A Preferred Stock and all holders of any shares of outstanding parity
stock, then the amounts paid to the holders of Series A Preferred Stock and shares of parity stock will be paid pro rata in accordance
with the respective total liquidation amount for those holders. If the total liquidation amount per share of Series A Preferred
Stock has been paid in full to all holders of Series A Preferred Stock and shares of parity stock, then the holders of our common
stock or any other shares ranking, as to such distribution, junior to the Series A Preferred Stock will be entitled to receive
all of our remaining assets according to their respective rights and preferences.</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">For purposes of the liquidation rights,
neither the sale, conveyance, exchange or transfer of all or substantially all of our property and assets, nor the consolidation
or merger by us with or into any other corporation or by another corporation with or into us, will constitute a liquidation, dissolution
or winding-up of our affairs.</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"><B><I>Voting Rights</I></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">Except as indicated below or otherwise required
by law, the holders of Series A Preferred Stock have no voting rights.</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"><I>Election of Two Directors upon Non-Payment
of Dividends</I>. If the dividends on the Series A Preferred Stock have been deferred for an aggregate of six quarterly dividend
periods or more (whether or not consecutive), then the authorized number of directors then constituting our Board of Directors
will be increased by two. Holders of Series A Preferred Stock, together with the holders of any outstanding parity stock with like
voting rights, voting as a single class, will be entitled to elect the two additional members of our Board of Directors at the
next annual meeting (or at a special meeting called for the purpose of electing the preferred stock directors prior to the next
annual meeting) and at each subsequent annual meeting until all accrued and unpaid dividends for all past dividend periods have
been paid in full. The election of any Preferred Stock Director is subject to the qualification that the election would not cause
us to violate the corporate governance requirement of the NASDAQ Global Select Market (or any other exchange on which our securities
may be listed) that listed companies must have a majority of independent directors.</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">Upon the termination of the right of the
holders of Series A Preferred Stock and voting parity stock to vote for Preferred Stock Directors, as described above, the Preferred
Stock Directors will immediately cease to be qualified as directors, their terms of office shall terminate immediately and the
number of our authorized directors will be reduced by the number of Preferred Stock Directors that the holders of Series A Preferred
Stock and voting parity stock had been entitled to elect. The holders of a majority of shares of Series A Preferred Stock and voting
parity stock, voting as a class, may remove any Preferred Stock Director, with or without cause, and the holders of a majority
of the shares Series A Preferred Stock and voting parity stock, voting as a class, may fill any vacancy created by the removal
of a Preferred Stock Director. If the office of a Preferred Stock Director becomes vacant for any other reason, then the remaining
Preferred Stock Director may choose a successor to fill such vacancy for the remainder of the unexpired term.</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"><I>Other Voting Rights</I>. So long as any
shares of Series A Preferred Stock are outstanding, in addition to any other vote or consent of shareholders required by law or
by our Charter, the vote or consent of the holders of at least two-thirds of the shares of Series A Preferred Stock at the time
outstanding, voting separately as a single class, given in person or by proxy, either in writing without a meeting or by vote at
any meeting called for the purpose, will be necessary to effect or validate:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any amendment or alteration of our Charter to authorize or create or increase the authorized amount of, or any issuance of,
any shares of, or any securities convertible into or exchangeable or exercisable for shares of, any class or series of capital
stock ranking senior to the Series A Preferred Stock with respect to payment of dividends and/or distribution of assets on our
liquidation, dissolution or winding up;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any amendment, alteration or repeal of any provision of the Certificate of Designations for the Series A Preferred Stock so
as to adversely affect the rights, preferences, privileges or voting powers of the Series A Preferred Stock; or</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any consummation of a binding share exchange or reclassification involving the Series A Preferred Stock or of our merger or
consolidation with another entity, unless the shares of Series A Preferred Stock remain outstanding following any such transaction
or, if we are not the surviving entity, are converted into or exchanged for preference securities and such remaining outstanding
shares of Series A Preferred Stock or preference securities have rights, references, privileges and voting powers that are not
materially less favorable than the rights, preferences, privileges or voting powers of the Series A Preferred Stock, taken as a
whole.</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; text-indent: 0.5in">To the extent of the voting rights of the
Series A Preferred Stock, each holder of Series A Preferred Stock will have one vote for each such share on any matter on which
holders of Series A Preferred Stock are entitled to vote, including any action by written consent.</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">The foregoing voting provisions will not
apply if, at or prior to the time when the vote or consent would otherwise be required, all outstanding shares of Series A Preferred
Stock have been redeemed or called for redemption upon proper notice and sufficient funds have been set aside by us for the benefit
of the holders of Series A Preferred Stock to effect the redemption.</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"><B>Warrant to Purchase Common Stock</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">The following is a brief description of
the terms of the warrant that may be resold by the selling security holders. This summary does not purport to be complete in all
respects. This description is subject to and qualified in its entirety by reference to the warrant, a copy of which has been filed
with the SEC and is also available upon request from us.</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"><B><I>Shares of Common Stock Subject to the Warrant</I></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">The warrant is exercisable for 326,323 shares
of our common stock. The number of warrant shares are subject to the adjustments described below under the heading &ldquo;<I>Adjustments
to the Warrant</I>&rdquo;.</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"><B><I>Exercise of the Warrant</I></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">The exercise price applicable to the warrant
is $13.79 per share of common stock for which the warrant may be exercised. The warrant may be exercised at any time on or before
January 30, 2019 by surrender of the warrant and a completed notice of exercise attached as an annex to the warrant and the payment
of the exercise price for the shares of common stock for which the warrant is being exercised. The exercise price may be paid either
by our withholding of such number of shares of common stock issuable upon exercise of the warrant equal to the value of the aggregate
exercise price of the warrant determined by reference to the market price of our common stock on the trading day on which the warrant
is exercised or, if agreed to by us and the holder of the warrant, by the payment of cash equal to the aggregate exercise price.
The exercise price applicable to the warrant is subject to the adjustments described below under the heading &ldquo;<I>Adjustments
to the Warrant</I>&rdquo;.</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">Upon exercise of the warrant, certificates
for the shares of common stock issuable upon exercise will be issued to the holder of the warrant. We will not issue fractional
shares upon any exercise of the warrant. Instead, the holder of the warrant will be entitled to a cash payment equal to the market
price of our common stock on the last day preceding the exercise of the warrant (less the pro-rated exercise price of the warrant)
for any fractional shares that would have otherwise been issuable upon exercise of the warrant. We will at all times reserve the
aggregate number of shares of our common stock for which the warrant may be exercised.</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">We have listed the shares of common stock
issuable upon exercise of the warrant with the NASDAQ Stock Market.</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"><B><I>Rights as a Shareholder</I></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">The holder of the warrant has no rights
or privileges of the holders of our common stock, including any voting rights, until (and then only to the extent) the warrant
has been exercised.</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"><B><I>Transferability</I></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">The warrant, and all rights under the warrant,
are transferable.</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"><B><I>Adjustments to the Warrant</I></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"><I>Adjustments in Connection with Stock
Splits, Subdivisions, Reclassifications and Combinations</I>. The number of shares for which the warrant may be exercised and the
exercise price applicable to the warrant will be proportionately adjusted in the event we pay dividends of or otherwise make distributions
of our common stock, or subdivide, combine or reclassify outstanding shares of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</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"><I>Other Distributions</I>. If we declare
any dividends or distributions other than our historical, ordinary cash dividends, then the exercise price of the warrant will
be adjusted to reflect such distribution.</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"><I>Certain Repurchases</I>. If we effect
a pro rata repurchase of common stock, then both the number of shares issuable upon exercise of the warrant and the exercise price
will be adjusted.</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"><I>Business Combinations</I>. In the event
of a merger, consolidation or similar transaction involving the Corporation and requiring shareholder approval, the warrant holder&rsquo;s
right to receive shares of our common stock upon exercise of the warrant shall be converted into the right to exercise the warrant
for the consideration that would have been payable to the warrant holder with respect to the shares of common stock for which the
warrant may be exercised, as if the warrant had been exercised prior to such merger, consolidation or similar transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Stock</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"> As of the date of this prospectus, we
had 6,210,587 shares of common stock issued and outstanding held by approximately 1,751 shareholders of record. </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">The following section describes the material
features and rights of our common stock. The summary does not purport to be exhaustive and is qualified in its entirety by reference
to our Charter, Certificate of Designations, and Bylaws, each of which is filed as an exhibit to the registration statement of
which this prospectus is a part, and to applicable Maryland law, including the MGCL.</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"><B>General</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">The holders of our common stock are entitled
to one vote for each share held of record on all matters submitted to a vote of shareholders. Holders of shares of common stock
are not entitled to cumulative voting rights in the election of directors. Subject to preferences that may be applicable to any
outstanding preferred stock, holders of common stock are entitled to receive ratable dividends which are declared by our board
of directors out of funds legally available for such a purpose. Our ability to pay dividends on the shares of common stock is subject
to federal and state banking and corporate law limitations as discussed above for the Series A Preferred Stock. In the event of
our liquidation, dissolution or winding up, holders of common stock are entitled to share ratably in all assets remaining after
payment of liabilities and liquidation preferences, if any, on any outstanding shares of preferred stock. Holders of common stock
have no preemptive rights and have no rights to convert their common stock into any other securities. The common stock is not redeemable.
All of the outstanding shares of our common stock are fully paid and non-assessable.</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">The Transfer Agent for the common stock
is Broadridge Corporate Issuer Solutions, Inc.</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>Voting Limitations</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">The terms of our Series A Preferred Stock
provide that whenever, at any time or times, dividends payable on the outstanding shares of the Series A Preferred Stock have not
been paid for an aggregate of six quarterly dividend periods or more, whether or not consecutive, the authorized number of directors
then constituting our Board of Directors will automatically be increased by two, from 13 directors to 15 directors (based on the
current board structure). Thereafter, holders of the Series A Preferred Stock, together with holders of any outstanding stock having
voting rights similar to the Series A Preferred Stock, voting as a single class, will be entitled to fill the vacancies created
by the automatic increase by electing up to two additional directors, whom we refer to as &ldquo;Preferred Stock Directors&rdquo;,
at the next annual meeting (or at a special meeting called for the purpose of electing the Preferred Stock Directors prior to the
next annual meeting) and at each subsequent annual meeting until all accrued and unpaid dividends for all past dividend periods
have been paid in full. The holders of our common stock would not be entitled to vote on the election of Preferred Stock Directors.</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>Limits on Dividends</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">In addition to the limitations imposed under
federal and state banking and corporate law, the terms of our Series Preferred Stock prohibit us from paying or declaring any dividend
on our common stock, other than a dividend payable solely in common stock, unless all accrued and unpaid dividends on the outstanding
shares of Series A Preferred Stock for all prior dividend periods have been paid or are contemporaneously declared and paid in
full.</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">The terms of our outstanding junior subordinated
debentures permit us to defer payments of interest for up to 20 consecutive quarterly periods. During a deferral period, however,
we are prohibited from paying dividends or making other distributions on the shares of our common stock.</P>

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


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<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>Liquidation Rights</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">The liquidation rights of the holders of
our Series A Preferred Stock are senior to the liquidation rights of the holders of the common stock. Accordingly, before any assets
may be distributed to the holders of our common stock following our liquidation, the holders of the Series A Preferred Stock must
receive an amount per share of Series A Preferred Stock equal to the fixed liquidation preference of $1,000 per share, plus any
accrued and unpaid dividends, whether or not declared, to the date of payment.</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>Anti-Takeover Provisions under Maryland Law and Our Charter
and Bylaws</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">The provisions of Maryland law and our Charter
and Bylaws we summarize below may have an anti-takeover effect and may delay, defer or prevent a tender offer or takeover attempt
that a shareholder might consider in his or her best interest, including those attempts that might result in a premium over the
market price for the common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Business Combinations under Maryland
Law</I>. The Maryland Business Combination Act generally prohibits corporations from being involved in any &ldquo;business combination&rdquo;
(defined as a variety of transactions, including a merger, consolidation, share exchange, asset transfer or issuance or reclassification
of equity securities) with any &ldquo;interested shareholder&rdquo; for a period of five years following the most recent date on
which the interested shareholder became an interested shareholder. An interested shareholder is defined generally as a person who
is the beneficial owner of 10% or more of the voting power of the outstanding voting stock of the corporation after the date on
which the corporation had 100 or more beneficial owners of its stock or who is an affiliate or associate of the corporation and
was the beneficial owner, directly or indirectly, of 10% percent or more of the voting power of the then outstanding stock of the
corporation at any time within the two-year period immediately prior to the date in question and after the date on which the corporation
had 100 or more beneficial owners of its stock.</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">A business combination that is not prohibited
must be recommended by the board of directors and approved by the affirmative vote of at least 80% of the votes entitled to be
cast by outstanding shares of voting stock of the corporation, voting together as a single voting group and two-thirds of the votes
entitled to be cast by holders of voting stock other than voting stock held by the interested shareholder who will (or whose affiliate
will) be a party to the business combination or by an affiliate or associate of the interested shareholder, voting together as
a single voting group, unless, among other things, the corporation&rsquo;s shareholders receive a minimum price, as defined in
the Maryland Business Combination Act for their shares, in cash or in the same form as paid by the interested shareholder for its
shares. These provisions will not apply if the board of directors has exempted the transaction in question or the interested shareholder
prior to the time that the interested shareholder became an interested shareholder. In addition, the board of directors may adopt
a resolution approving or exempting specific business combinations, business combinations generally, or generally by type, as to
specifically identified or unidentified existing or future shareholders or their affiliates from the business combination provisions
of the Maryland Business Combination Act.</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"><I>Control Share Acquisitions</I>. The Maryland
Control Share Acquisition Act generally provides that &ldquo;control shares&rdquo; of a corporation acquired in a &ldquo;control
share acquisition&rdquo; have no voting rights except to the extent approved by the shareholders at a meeting by the affirmative
vote of two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares. &ldquo;Control shares&rdquo;
are shares of stock that, if aggregated with all other shares of stock of the corporation previously acquired by a person or in
respect of which that person is entitled to exercise or direct the exercise of voting power, except solely by virtue of a revocable
proxy, entitle that person, directly or indirectly, to exercise or direct the exercise of the voting power of shares of stock of
the corporation in the election of directors within any of the following ranges of voting power: one-tenth or more, but less than
one-third of all voting power; one-third or more, but less than a majority of all voting power or a majority or more of all voting
power. &ldquo;Control share acquisition&rdquo; means the acquisition, directly or indirectly, of control shares, subject to certain
exceptions. If voting rights or control shares acquired in a control share acquisition are not approved at a shareholders&rsquo;
meeting, then, subject to certain conditions, the issuer may redeem any or all of the control shares for fair value. If voting
rights of such control shares are approved at a shareholders&rsquo; meeting and the acquirer becomes entitled to vote a majority
of the shares of stock entitled to vote, all other shareholders may exercise appraisal rights.</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"><I>Preference Stock Authorization</I>. As
noted above under the heading &ldquo;Capital Stock&rdquo;, the Charter gives our Board of Directors the authority to, without the
approval of the holders of our common stock, issue our authorized preferred stock in one or more series and to classify and reclassify
any class or series of our authorized but unissued capital stock. A series of preferred stock and any other shares of capital stock
that the Board classifies or reclassifies may possess rights superior to the rights of the holders of our common stock. As a result,
this &ldquo;blank check&rdquo; stock, while not intended as a defensive measure against takeovers, could be issued quickly and
easily, could adversely affect the rights of holders of common stock and could be issued with terms calculated to delay or prevent
a change of control of the Corporation or make removal of management more difficult.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Advance Notice Procedure for Director
Nominations by Shareholders. </I>Our Bylaws allow shareholders to submit director nominations. For nominations to properly come
before the meeting, however, the nominating shareholder must have given timely written notice of the nomination to either the Chairman
of the Board or the President of the Corporation. To be timely, a nomination must be given not less than 150 days nor more than
180 days prior to the date of the meeting of shareholders called for the election of directors which, for purposes of this requirement,
is deemed to be on the same day and month as the annual meeting of shareholders for the preceding year. The notice must contain
the following information to the extent known by the notifying shareholder:</P>

<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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the name and address of each proposed nominee;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the principal occupation of each proposed nominee;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the number of shares of our capital stock owned by each proposed nominee;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the name and residence address of the notifying shareholder;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the number of shares of our capital stock owned by the notifying shareholder;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the consent in writing of the proposed nominee as to the proposed nominee&rsquo;s name being placed in nomination for director;
and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>all information relating to the proposed nominee that would be required to be disclosed by Regulation 14A under the Securities
Exchange Act of 1934, as amended, and Rule 14a-11 promulgated thereunder, assuming such provisions would be applicable to the solicitation
of proxies for the proposed nominee.</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; text-indent: 0.5in"><I>Classified Board; Removal of Directors.
</I>Our Charter provides that the members of our Board of Directors are divided into three classes as nearly equal as possible.
Each class is elected for a three-year term. At each annual meeting of shareholders, approximately one-third of the members of
the Board are elected for a three-year term and the other directors remain in office until their three-year terms expire. Our Charter
and Bylaws provide that no director may be removed without cause, which term is defined as a final unappealable felony conviction,
unsound mind, adjudication of bankruptcy, or action that causes material injury to the Corporation. Any removal for cause requires
either the affirmative vote of the entire Board or the affirmative vote of the holders of at least a majority of our outstanding
voting stock. Further, shareholders may attempt to remove a director for cause after service of specific charges, adequate notice
and a full opportunity to refute the charges. Thus, control of our Board of Directors cannot be changed in one year without removing
the directors for cause as described above; rather, at least two annual meetings must be held before a majority of the members
of the Board could be changed. An amendment or repeal of these provisions requires the approval of at least two-thirds of the outstanding
voting power of the Corporation entitled to vote on the matter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INDEMNIFICATION OF OUR DIRECTORS AND
OFFICERS</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">Our Charter provides that no director or
officer of the Corporation will be personally liable for monetary damages except: (1) to the extent that the person actually received
an improper benefit or profit in money, property, or services; or (2) to the extent that a judgment or other final adjudication
adverse to the person is entered in a proceeding based on a finding that the person&rsquo;s action, or failure to act, was the
result of active and deliberate dishonesty and was material to the cause of action adjudicated in the proceeding. An amendment
or repeal of this Charter provision requires the approval of at least two-thirds of the outstanding voting power of the Corporation
entitled to vote on the matter. This provision may have the practical effect in certain cases of eliminating the ability of our
shareholders to collect monetary damages from directors and executive officers. We believe that this provision is necessary to
attract and retain qualified persons as directors and executive officers.</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">Our Bylaws obligate us to indemnify and
advance expenses to a director or an officer in connection with a proceeding to the fullest extent permitted by and in accordance
with MGCL Section 2-418. However, we may not indemnify a director or an officer in connection with a proceeding commenced by such
director or officer against the Corporation or one of its directors or officers unless the board authorized the proceeding. We
may indemnify and advance expenses to employees and agents, other than directors and officers, as determined by and in the discretion
of the Board, in connection with a proceeding to the extent permitted by and in accordance with MGCL Section 2-418.</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">MGCL Section 2-418 permits us to indemnify
any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit or
proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that the person was a director, officer,
employee or agent of First United if he or she (1) acted in good faith, (2) reasonably believed her actions to be in or not opposed
to the best interests of First United, (3) did not actually receive an improper personal benefit in money, property, or services,
and (4) in a criminal proceeding, had no reasonable cause to believe her conduct was unlawful.</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">Under MGCL Section 2-418, indemnification
may be against judgments, penalties, fines, settlements, and reasonable expenses actually incurred by the director in connection
with the proceeding. Indemnification may not be made unless authorized for a specific proceeding after a determination has been
made that the director has met the applicable standard of conduct. This determination is required to be made: (1) by the board
of directors; (2) by special legal counsel selected by the board of directors or a committee of the board by vote; or (3) by the
shareholders.</P>

<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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may pay, before final disposition, the
expenses, including attorneys&rsquo; fees, incurred by a director, officer, employee or agent in defending a proceeding when the
director of officer gives and undertaking to the Corporation to repay the amounts advanced if it is ultimately determined that
he or she is not entitled to indemnification. We are required to indemnify any director who has been successful on the merits or
otherwise, in defense of a proceeding for reasonable expenses incurred in connection with the proceeding.</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">These indemnification and advancement of
expenses provisions are not exclusive of any other rights to which a person seeking indemnification or advancement of expenses
may be entitled under any bylaw, agreement, vote of shareholders, vote of directors or otherwise.</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"><B>EXPERTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The consolidated statement of financial
condition as of December 31, 2013 and 2012, and the consolidated statements of income, comprehensive income, changes in shareholders&rsquo;
equity, and cash flows for the years then ended, incorporated by reference into this prospectus, have been included herein in
reliance on the report of ParenteBeard LLC, independent registered public accountants, given on the authority of that firm as
experts in auditing and accounting. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LEGAL MATTERS</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">The validity of the securities offered pursuant
to this prospectus has been passed upon for us by Gordon Feinblatt LLC, Baltimore, Maryland. If legal matters in connection with
offerings made pursuant to this prospectus are passed upon by counsel for the underwriters, dealers or agents, if any, such counsel
will be named in the prospectus supplement relating to such offering.</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"><B>WHERE YOU CAN FIND MORE INFORMATION</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">We have filed a registration statement on
Form S-1 (originally filed on Form S-3 but subsequently converted by post-effective amendment to Form S-1) with the SEC covering
the securities that may be sold under this prospectus. This prospectus is only a part of that registration statement and does not
contain all the information in the registration statement. Because this prospectus may not contain all the information that you
may find important, and because references to our contracts and other documents made in this prospectus are only summaries of those
contracts and other documents, you should review the full text of the registration statement, as amended from time to time, and
the exhibits that are a part of the registration statement. We have included copies of these contracts and other documents as exhibits
to the registration statement that contains this prospectus.</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">We are subject to the information requirements
of the Exchange Act, which means we are required to file annual reports, quarterly reports, current reports, proxy statements
and other information with the SEC. You may read and copy any document we file with the SEC at the SEC&rsquo;s public reference
room in Washington, D.C., located at 100 F Street, N.E., Washington D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further
information on the public reference room. Our SEC filings are also available to the public from the SEC&rsquo;s Internet site
at <U>http://www.sec.gov</U> and from our Internet site at <U>http://www.mybank4.com</U>. However, information found on, or otherwise
accessible through, these Internet sites is not incorporated into, and does not constitute a part of, this prospectus or any other
document we file or furnish to the SEC. You should not rely on any of this information in deciding whether to purchase the securities.</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"><B>INCORPORATION OF CERTAIN INFORMATION
BY REFERENCE</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">The SEC&rsquo;s rules allow us to incorporate
information into this prospectus by reference to documents that we have filed with the SEC. This means that we can disclose information
to you by referring you to those documents. Any information incorporated by reference is an important part of this prospectus,
and you should review that information so that you understand the nature of any investment by you in the securities. We are incorporating
by reference the documents listed below (other than, in each case, documents or information deemed to have been furnished and not
filed in accordance with SEC rules):</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"> (i)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual
Report on Form 10-K for the year ended December 31, 2013 filed on March 10, 2014 (which includes certain information contained
in our definitive proxy statement on Schedule 14A for the 2014 Annual Meeting of Shareholders, filed on March 28, 2014, and incorporated
therein by reference); </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"> (ii)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current
Report on Form 8-K filed on February 26, 2014; and </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"> (iii)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description
of our common stock which appears in our Registration Statement on Form 8-A filed on February 19, 1986, or any description of
the common stock that appears in any prospectus forming a part of any subsequent registration statement of the Corporation or
in any registration statement filed pursuant to Section 12 of the Exchange Act, including any amendments or reports filed for
the purpose of updating such description. </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">Any statement contained in a document incorporated
or deemed to be incorporated by reference in this prospectus shall be deemed to be modified or superseded to the extent that a
statement contained in this prospectus modifies or supersedes such statement. Any statement so modified or superseded shall not
be deemed, except as so modified or superseded, to constitute a part of this prospectus.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will promptly provide without charge
to each person to whom this prospectus is delivered a copy of any or all information that has been incorporated herein by reference
(not including exhibits to the information that is incorporated by reference unless such exhibits are specifically incorporated
by reference into such information) upon the written or oral request of such person. Written requests should be directed to: First
United Corporation, Corporate Secretary, 19 South Second Street, Oakland, Maryland 21550. Telephone requests should be directed
to the Corporate Secretary at (888) 692-2654.</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">You also may access the documents that
have been incorporated by reference into this prospectus on our website, <U>www.mybank4.com</U>, under the heading &ldquo;SEC
Filings&rdquo; found under the &ldquo;Investors&rdquo; section of the &ldquo;My Community&rdquo; tab, or at: <U>http://www.corporatewindow.com/fl/func/func-sec.html</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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>PART II</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 13.</B></TD><TD STYLE="text-align: justify"><B>Other Expenses of Issuance and Distribution.</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table itemizes the expenses
incurred by First United Corporation (the &ldquo;Corporation&rdquo;) in connection with the offering of the securities being registered
hereby. All amounts shown are estimates.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 85%; text-align: left"> Registration Fee - Securities and Exchange Commission </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 12%; text-align: right"> 1,356 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Accounting Fees and Expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 11,100 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"> Legal Fees and Expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 32,000 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Printing Fees and Expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,500 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD> Miscellaneous </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,000 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-left: 0.125in"> Total </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD STYLE="font-weight: bold; text-align: left"> $ </TD><TD STYLE="font-weight: bold; text-align: right"> 48,956 </TD><TD STYLE="font-weight: bold; text-align: left"> &nbsp; </TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 14.</B></TD><TD STYLE="text-align: justify"><B>Indemnification of Directors and Officers.</B></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; text-indent: 0.5in">The Maryland General Corporation Law (the
&ldquo;MGCL&rdquo;) permits a Maryland corporation to indemnify its present and former directors, among others, against judgments,
penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they
may be made a party by reason of their services in those capacities, unless it is established that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>the act or omission of the director was material to the matter giving rise to such proceeding and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD>was committed in bad faith or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD>was the result of active and deliberate dishonesty;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>the director actually received an improper personal benefit in money, property, or services; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>in the case of any criminal proceeding, the director had reasonable cause to believe that the act or omission was unlawful.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Maryland law permits a Maryland corporation to indemnify a present
and former officer to the same extent as a director.</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">In addition to the foregoing, a court of
appropriate jurisdiction: (1) shall order indemnification of reasonable expenses incurred by a director who has been successful,
on the merits or otherwise, in the defense of any proceeding identified above, or in the defense of any claim, issue or matter
in the proceeding; and (2) may under certain circumstances order indemnification of a director or an officer who the court determines
is fairly and reasonably entitled to indemnification in view of all of the relevant circumstances, whether or not the director
or officer has met the standards of conduct set forth in the preceding paragraph or has been declared liable on the basis that
a personal benefit improperly received in a proceeding charging improper personal benefit to the director or the officer, provided,
however, that if the proceeding was an action by or in the right of the corporation or involved a determination that the director
or officer received an improper personal benefit, no indemnification may be made if the director or officer is adjudged liable
to the corporation, except to the extent of expenses approved by a court of appropriate jurisdiction.</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">The MGCL also permits a Maryland corporation
to pay or reimburse, in advance of the final disposition of a proceeding, reasonable expenses incurred by a present or former director
or officer made a party to the proceeding by reason of his or her service in that capacity, provided that the corporation shall
have received:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>a written affirmation by the director or officer of his good faith belief that he has met the standard of conduct necessary
for indemnification by the corporation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>a written undertaking by or on behalf of the director to repay the amount paid or reimbursed by the corporation if it shall
ultimately be determined that the standard of conduct was not met.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Corporation has provided for indemnification
of directors and officers in ARTICLE VIII of its Amended and Restated Bylaws, as amended (the &ldquo;Bylaws&rdquo;). The relevant
provisions of the Bylaws read as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;SECTION 1. As used in this
Article VIII, any word or words that are defined in Section 2-418 of the Corporations and Associations Article of the Annotated
Code of Maryland (the &lsquo;Indemnification Section&rsquo;), as amended from time to time, shall have the same meaning as provided
in the Indemnification Section.</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 0pt 0.5in; text-indent: 0.5in">SECTION 2. Indemnification of
Directors and Officers. The Corporation shall indemnify and advance expenses to a director or officer of the Corporation in connection
with a proceeding to the fullest extent permitted by and in accordance with the Indemnification Section. Notwithstanding the foregoing,
the Corporation shall be required to indemnify a director or officer in connection with a proceeding commenced by such director
or officer against the Corporation or its directors or officers only if the proceeding was authorized by the Board of Directors.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The MGCL authorizes a Maryland corporation
to limit by provision in its Articles of Incorporation the liability of directors and officers to the corporation or to its shareholders
for money damages except to the extent:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>the director or officer actually receives an improper benefit or profit in money, property, or services, for the amount of
the benefit or profit actually received, or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>a judgment or other final adjudication adverse to the director or officer is entered in a proceeding based on a finding in
the proceeding that the director&rsquo;s or officer&rsquo;s action, or failure to act, was the result of active and deliberate
dishonesty and was material to the cause of action adjudicated in the proceeding.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Corporation has limited the liability
of its directors and officers for money damages in Article NINTH of its Charter. This provision reads as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;NINTH: No Director or officer
of the Corporation shall be liable to the Corporation or to its shareholders for money damages except (i) to the extent that it
is proved that such Director or officer actually received an improper benefit or profit in money, property or services, for the
amount of the benefit or profit in money, property or services actually received, or (ii) to the extent that a judgment or other
final adjudication adverse to such Director or officer is entered in a proceeding based on a finding in the proceeding that such
Director&rsquo;s or officer&rsquo;s action, or failure to act, was the result of active and deliberate dishonesty and was material
to the cause of action adjudicated in the proceeding. No amendment of these Articles of Incorporation or repeal of any of its provisions
shall limit or eliminate the benefits provided to directors and officers under this provision with respect to any act or omission
which occurred prior to such amendment.&rdquo;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As permitted under Section 2-418(k) of the
MGCL, the Corporation has purchased and maintains insurance on behalf of its directors and officers against any liability asserted
against such directors and officers in their capacities as such, whether or not the Corporation would have the power to indemnify
such persons under the provisions of Maryland law governing indemnification.</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">Section 8(k) of the Federal Deposit Insurance
Act (the &ldquo;FDI Act&rdquo;) provides that the Federal Deposit Insurance Corporation (the &ldquo;FDIC&rdquo;) may prohibit or
limit, by regulation or order, payments by any insured depository institution or its holding company for the benefit of directors
and officers of the insured depository institution, or others who are or were &ldquo;institution-affiliated parties,&rdquo; as
defined under the FDI Act, to pay or reimburse such person for any liability or legal expense sustained with regard to any administrative
or civil enforcement action which results in a final order against the person. The FDIC has adopted regulations prohibiting, subject
to certain exceptions, insured depository institutions, their subsidiaries and affiliated holding companies from indemnifying officers,
directors or employees for any civil money penalty or judgment resulting from an administrative or civil enforcement action commenced
by any federal banking agency, or for that portion of the costs sustained with regard to such an action that results in a final
order or settlement that is adverse to the director, officer or employee.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 15.</B></TD><TD STYLE="text-align: justify"><B>Recent Sales of Unregistered Securities</B></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; text-indent: 0.5in">None.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 16.</B></TD><TD STYLE="text-align: justify"><B>Exhibits and Financial Statement Schedules</B></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; text-indent: 0.5in">The exhibits filed with this registration
statement are listed in the Exhibit Index that immediately follows the signatures hereto, which Exhibit Index is incorporated herein
by reference.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 17.</B></TD><TD STYLE="text-align: justify"><B>Undertakings.</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby
undertakes:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;To file, during any period in which
offers or sales are being made, a post-effective amendment to this registration statement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any prospectus required
by Section 10(a)(3) of the Securities Act of 1933;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To reflect in the prospectus any
facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement.
Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering
range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes
in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation
of Registration Fee&rdquo; table in the effective registration statement;</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iii)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any material information
with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such
information in the registration statement.</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: 1in">(2)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That, for the purpose of determining
any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(3)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To remove from registration by
means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(4)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;That,
for the purpose of determining liability under the Securities Act to any purchaser</FONT><FONT STYLE="background-color: white">,
</FONT><FONT STYLE="font-size: 10pt">each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating
to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A,
shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness.
Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement
or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part
of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify
any statement that was made in the registration statement or prospectus that was part of the registration statement or made in
any such document immediately prior to such date of first use.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;N/A.</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">(b)&ndash;(g)&#9;N/A.</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">(h)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising
under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to
the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim
for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director,
officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.</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">(i)-(l)&nbsp;&nbsp;&nbsp;&nbsp;&#9;N/A.</P>

<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>SIGNATURES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Pursuant to the
requirements of the Securities Act of 1933, the registrant certifies that it has caused this registration statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in the City of Oakland, State of Maryland, on March 31, 2014. </P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: justify"><font style="font-size: 10pt"><b>FIRST UNITED CORPORATION:</b></font></td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 35%; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 11%; text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">By:</font></td>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid"><font style="font-size: 10pt">/s/ William B. Grant</font></td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">William B. Grant</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt"><i>Chairman and CEO</i></font></td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt"><i>(Principal Executive Officer)</i></font></td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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 Act of 1933, this registration statement has been signed by the following persons in the capacities and on March 31,
2014. </P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><font style="font-size: 10pt">/s/ William B. Grant</font></td>
    <TD>&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid"><font style="font-size: 10pt">*</font></td></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="2"><font style="font-size: 10pt">William B. Grant, Director, Chairman &amp; CEO</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">David J. Beachy, Director</font></td></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="2"><font style="font-size: 10pt">(Principal Executive Officer)</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><font style="font-size: 10pt">*</font></td>
    <TD>&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid"><font style="font-size: 10pt">*</font></td></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="2"><font style="font-size: 10pt">M. Kathryn Burkey, Director</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Paul Cox, Jr., Director</font></td></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"> * </FONT></td>
    <TD> &nbsp; </td>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"> * </FONT></td></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"> Robert W. Kurtz, Director </FONT></td>
    <TD> &nbsp; </td>
    <TD><FONT STYLE="font-size: 10pt"> John W. McCullough, Director </FONT></td></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"> * </FONT></td>
    <TD> &nbsp; </td>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"> * </FONT></td></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"> Elaine L. McDonald, Director </FONT></td>
    <TD> &nbsp; </td>
    <TD><FONT STYLE="font-size: 10pt"> Donald E. Moran, Director </FONT></td></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"> /s/ Carissa L. Rodeheaver </FONT></td>
    <TD> &nbsp; </td>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"> * </FONT></td></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="2"> Carissa L. Rodeheaver <BR>
    <FONT STYLE="font-size: 10pt"> Director, President and Chief Financial Officer </FONT></td>
    <TD> &nbsp; </td>
    <TD><FONT STYLE="font-size: 10pt"> Gary R. Ruddell, Director </FONT></td></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"> (Principal Accounting Officer) </FONT></td>
    <TD> &nbsp; </td>
    <TD> &nbsp; </td></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"> * </FONT></td>
    <TD> &nbsp; </td>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"> * </FONT></td></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"> I. Robert Rudy, Director </FONT></td>
    <TD> &nbsp; </td>
    <TD><FONT STYLE="font-size: 10pt"> Richard G. Stanton, Director </FONT></td></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"> * </FONT></td>
    <TD> &nbsp; </td>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"> * </FONT></td></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"> Robert G. Stuck, Director </FONT></td>
    <TD> &nbsp; </td>
    <TD><FONT STYLE="font-size: 10pt"> H. Andrew Walls III, Director </FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</td>
    <TD STYLE="width: 35%">&nbsp;</td>
    <TD STYLE="width: 12%">&nbsp;</td>
    <TD STYLE="width: 47%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> * By: </FONT></td>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"> /s/ William B. Grant </FONT></td>
    <TD> &nbsp; </td>
    <TD> &nbsp; </td></tr>
<tr style="vertical-align: top">
    <TD> &nbsp; </td>
    <TD><FONT STYLE="font-size: 10pt"> William B. Grant, attorney-in-fact </FONT></td>
    <TD> &nbsp; </td>
    <TD> &nbsp; </td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 12%; text-align: justify; border-bottom: Black 1pt solid"><font style="font-size: 10pt">Exhibit&nbsp;No.</font></td>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 86%; text-align: justify; border-bottom: Black 1pt solid"><font style="font-size: 10pt">Description</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">3.1(i)</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Amended and Restated Articles of Incorporation (incorporated by reference to Exhibit 3.1 to First United Corporation&rsquo;s Quarterly Report on Form 10-Q for the period ended June 30, 1998)</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">3.2(i)</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2(i) to First United Corporation&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2007)</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">3.2(ii)</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">First Amendment to Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2(ii) to First United Corporation&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2007)</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">3.2(iii)</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Second Amendment to Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to First United Corporation&rsquo;s Current Report on Form 8-K filed on February 9, 2009)</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">4.1</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Letter Agreement, including the related Securities Purchase Agreement &ndash; Standard Terms, dated January 30, 2009 by and between the Corporation and the U.S. Department of Treasury (incorporated by reference to Exhibit 10.1 to First United Corporation&rsquo;s Form 8-K filed on February 2, 2009)</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">4.2</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Certificate of Notice, including the Certificate of Designations incorporated therein, relating to the Fixed Rate Cumulative Perpetual Preferred Stock, Series A (incorporated by reference Exhibit 4.1 to First United Corporation&rsquo;s Form 8-K filed on February 2, 2009)</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">4.3</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Sample Stock Certificate for Series A Preferred Stock for the Series A Preferred Stock (incorporated by reference Exhibit 4.3 to First United Corporation&rsquo;s Form 8-K filed on February 2, 2009)</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">4.4</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Common Stock Purchase Warrant dated January 30, 2009 issued to the U.S. Department of Treasury (incorporated by reference to Exhibit 4.2 to First United Corporation&rsquo;s Form 8-K filed on February 2, 2009)</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">4.5</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Amended and Restated Declaration of Trust, dated as of December 30, 2009 (incorporated by reference to Exhibit 4.1 to First United Corporation&rsquo;s Current Report on Form 8-K filed on December 30, 2009)</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">4.6</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Indenture, dated as of December 30, 2009 (incorporated by reference to Exhibit 4.2 to First United Corporation&rsquo;s Current Report on Form 8-K filed on December 30, 2009)</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">4.7</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Preferred Securities Guarantee Agreement, dated as of December 30, 2009 (incorporated by reference to Exhibit 4.3 to First United Corporation&rsquo;s Current Report on Form 8-K filed on December 30, 2009)</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">4.8</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Form of Preferred Security Certificate of First United Statutory Trust III (included as Exhibit C of Exhibit 4.5)</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">4.9</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Form of Common Security Certificate of First United Statutory Trust III (included as Exhibit B of Exhibit 4.5)</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">4.10</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Form of Junior Subordinated Debenture of First United Corporation (included as Exhibit A of Exhibit 4.6)</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">5.1</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Opinion of Gordon Feinblatt LLC (previously filed)</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 12%"><font style="font-size: 10pt">10.1</font></td>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 86%"><font style="font-size: 10pt">First United Bank &amp; Trust Amended and Restated Supplemental Executive Retirement Plan (&ldquo;SERP&rdquo;) (incorporated by reference to Exhibit 10.4 to First United Corporation&rsquo;s Current Report on Form 8-K filed on February 21, 2007)</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">10.2</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Second Amended and Restated Participation Agreement, dated as of August 12, 2011, under the SERP between First United Bank &amp; Trust and William B. Grant (incorporated by reference to Exhibit 10.1 to the Corporation&rsquo;s Quarterly Report on Form 10-Q for the period ended September 30, 2011)</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">10.3</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Form of Second Amended and Restated Participation Agreement, dated as of August 12, 2011, under the SERP between First United Bank &amp; Trust and executive officers other than William B. Grant (incorporated by reference to Exhibit 10.2 to First United Corporation&rsquo;s Quarterly Report on Form 10-Q for the period ended September 30, 2011)</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">10.4</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Form of Endorsement Split Dollar Agreement between the Bank and each of William B. Grant, Robert W. Kurtz, Jeannette R. Fitzwater, Phillip D. Frantz, Eugene D. Helbig, Jr., Steven M. Lantz, Robin M. Murray, Carissa L. Rodeheaver, and Frederick A. Thayer, IV (incorporated by reference to Exhibit 10.3 to First United Corporation&rsquo;s Quarterly Report on Form 10-Q for the period ended September 30, 2003)</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">10.5</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Amended and Restated First United Corporation Executive and Director Deferred Compensation Plan (incorporated by reference to Exhibit 10.1 to First United Corporation&rsquo;s Current Report on Form 8-K filed on November 24, 2008)</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">10.6</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Amended and Restated First United Corporation Change in Control Severance Plan (incorporated by reference to Exhibit 10.5 to First United Corporation&rsquo;s Current Report on Form 8-K filed on June 23, 2008)</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">10.7</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Change in Control Severance Plan Agreement, dated as of February 14, 2007, with William B. Grant (incorporated by reference to Exhibit 10.2 to First United Corporation&rsquo;s Current Report on Form 8-K filed on February 21, 2007)</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">10.8</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">First Amendment to Change in Control Severance Plan Agreement, dated as of December 28, 2012, with William B. Grant (incorporated by reference to Exhibit 10.8 to First United Corporation&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2012)</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">10.9</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Form of Change in Control Severance Plan Agreement, dated as of February 14, 2007, with executive officers other than William B. Grant (incorporated by reference to Exhibit 10.3 to First United Corporation&rsquo;s Current Report on Form 8-K filed on February 21, 2007)</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">10.10</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Form of First Amendment to Change in Control Severance Plan Agreement, dated as of December 28, 2012, with executive officers other than William B. Grant (incorporated by reference to Exhibit 10.10 to First United Corporation&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2012)</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">10.11</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">First United Corporation Omnibus Equity Compensation Plan (incorporated by reference to Appendix B to First United Corporation&rsquo;s 2007 definitive proxy statement filed on March 23, 2007)</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">10.12</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">First United Corporation Long-Term Incentive Plan (incorporated by reference to Exhibit 10.1 to First United Corporation&rsquo;s Current Report on Form 8-K filed on June 23, 2008)</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">10.13</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Restricted Stock Agreement for William B. Grant (incorporated by reference to Exhibit 10.2 to First United Corporation&rsquo;s Current Report on Form 8-K filed on June 23, 2008)</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">10.14</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Form of Restricted Stock Agreement for Executive Officers other than the Chief Executive Officer (incorporated by reference to Exhibit 10.3 to First United Corporation&rsquo;s Current Report on Form 8-K filed on June 23, 2008)</font></td></tr>
</table>
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    <TD STYLE="width: 12%"><font style="font-size: 10pt">10.15</font></td>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 86%"><font style="font-size: 10pt">First United Corporation Executive Pay for Performance Plan (incorporated by reference to Exhibit 10.4 to First United Corporation&rsquo;s Current Report on Form 8-K filed on June 23, 2008)</font></td></tr>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"> 21 </FONT></td>
    <TD STYLE="text-align: justify"> &nbsp; </td>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"> Subsidiaries of First United Corporation (incorporated by
    reference to Exhibit 21 to First United Corporation&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2013) </FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">23.1</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Consent of ParenteBeard LLC, Independent Registered Public Accounting Firm (filed herewith)</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">23.2</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Consent of Gordon Feinblatt LLC (contained in Exhibit 5.1)</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">24.1</font></td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Power of Attorney (previously included in the signature page to the Post-Effective Amendment No. 1 to Form S-3 on Form S-1)</font></td></tr>
</table>
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<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>v373313_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consent of Independent Registered Public
Accounting Firm</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">First United Corporation</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">Oakland, Maryland</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hereby consent to the incorporation by reference in the Prospectus
constituting a part of this Post-Effective Amendment No. 3 on Form S-1/A to the Registration Statement on Form S-3 of our report
dated March 10, 2014, relating to the consolidated financial statements as of and for the years ended December 31, 2013 and 2012
of First United Corporation, appearing in the Annual Report on Form 10-K of First United Corporation for the year ended December
31, 2013.</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">We also consent to the reference to us under the caption &ldquo;Experts&rdquo;
in the Prospectus, which is part of this Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ ParenteBeard LLC</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pittsburgh, Pennsylvania</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">March 31, 2014</P>

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



<P STYLE="margin: 0"></P>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
