<SEC-DOCUMENT>0001144204-15-020307.txt : 20150331
<SEC-HEADER>0001144204-15-020307.hdr.sgml : 20150331
<ACCEPTANCE-DATETIME>20150331172928
ACCESSION NUMBER:		0001144204-15-020307
CONFORMED SUBMISSION TYPE:	S-3DPOS
PUBLIC DOCUMENT COUNT:		3
REFERENCES 429:			033-26248
FILED AS OF DATE:		20150331
DATE AS OF CHANGE:		20150331
EFFECTIVENESS DATE:		20150331

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:		S-3DPOS
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-180514
		FILM NUMBER:		15740560

	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>S-3DPOS
<SEQUENCE>1
<FILENAME>v405939_s3dpos.htm
<DESCRIPTION>S-3DPOS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;<FONT STYLE="font-variant: small-caps">&nbsp;&nbsp;&nbsp;</FONT></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, 2015 </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"> Registration No. 333-180514 </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">___________________________</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-1</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-3</B></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">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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>FIRST
UNITED CORPORATION</B></FONT></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-size: 10pt; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 49%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B> Maryland </B></FONT></td>
    <TD STYLE="width: 2%; font-size: 10pt; text-align: center"> &nbsp; </td>
    <TD STYLE="width: 49%; 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"> &nbsp; </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></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"><I>&nbsp;</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"><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>&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">&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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> If the only securities being registered
on this form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. <FONT STYLE="font-family: Wingdings">&thorn;</FONT></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 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, other than
securities offered only in connection with dividend or interest reinvestment plans, check the following box. <FONT STYLE="font-family: Wingdings">&uml;</FONT> </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 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">&uml;</FONT> </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 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">&uml;</FONT> </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 this Form is a registration statement
pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission
pursuant to Rule 462(e) under the Securities Act, check the following box. <FONT STYLE="font-family: Wingdings">&uml;</FONT> </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 this Form is a post-effective amendment
to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes
of securities pursuant to Rule 413(b) under the Securities Act, check the following box. <FONT STYLE="font-family: Wingdings">&uml;</FONT> </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"> 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-size: 10pt; width: 90%; border-collapse: collapse; margin-left: 0.5in">
<tr style="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-size: 10pt"> Large accelerated filer <FONT STYLE="font-family: Wingdings">&uml;</FONT> </FONT></td>
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-size: 10pt"> Accelerated filer <FONT STYLE="font-family: Wingdings">&uml;</FONT> </FONT></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt"><FONT STYLE="font-size: 10pt"> Non-accelerated filer <FONT STYLE="font-family: Wingdings">&uml;</FONT> </FONT></td>
    <td style="font-size: 10pt"><FONT STYLE="font-size: 10pt"> Smaller reporting company <FONT STYLE="font-family: Wingdings">&thorn;</FONT> </FONT></td></tr>
<tr style="vertical-align: top">
    <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 post-effective amendment will
become effective in accordance with the provisions of Section 8(c) of the Securities Act of 1933, as amended. </B></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;&nbsp;</B></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; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in"> This Post-Effective Amendment No. 3
amends the Registration Statement on Form S-1, File No. 333-180514 (the &ldquo;Registration Statement&rdquo;), of First United
Corporation (the &ldquo;Corporation&rdquo;), which was originally filed on April 2, 2012 (declared effective on April 18, 2012)
and post-effectively amended on March 25, 2013 (declared effective on March 28, 2013) and March 31, 2014 (declared effective on
April 7, 2014). The Registration Statement relates to the Corporation&rsquo;s Dividend Reinvestment and Stock Purchase Plan (the
&ldquo;Plan&rdquo;) and was filed on, and subsequently amended on, Form S-1 because the Corporation was not, at the time of such
filings, eligible to use Form S-3 pursuant to General Instruction I.A.5 on account of its deferral of quarterly dividends payable
on the 30,000 outstanding shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A (the &ldquo;Series A Shares&rdquo;).
During the year ended December 31, 2014, the Corporation resumed the payment of quarterly dividends on the Series A Shares and
also paid all unpaid dividends that had accrued during such deferral. On March 9, 2015, the Corporation filed its Annual Report
on Form 10-K for the year ended December 31, 2014 containing audited financial statements for such year, and the Corporation has
not since failed to pay any dividends due on the Series A Shares. Accordingly, pursuant to General Instruction I.A.5 of Form S-3,
the Corporation is eligible to use Form S-3, and this Post-Effective Amendment No. 3 is being filed, in part, to convert the Registration
Statement to Form S-3. </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"> In addition, this Post-Effective Amendment
No. 3 is being filed pursuant to the undertakings in Item 17 of the Registration Statement to update the Prospectus contained
in the Registration Statement to reflect the current information contained and incorporated by reference in the Corporation&rsquo;s
Annual Report on Form 10-K for the year ended December 31, 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">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; text-indent: 0.2in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tlogo.jpg" ALT=""></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; background-color: white"><B> Dividend
Reinvestment and Stock Purchase Plan </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B> 800,000
Shares of Common Stock, Par Value $.01 Per Share </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"> This prospectus relates to our sale
of shares of common stock, par value $.01 per share, to our shareholders under the First United Corporation Dividend Reinvestment
and Stock Purchase Plan, as amended, which we refer to as the &ldquo;Plan&rdquo;. Under the Plan, you have the opportunity to
reinvest the cash dividends paid on some or all of your shares of common stock in additional shares of common stock. You also
have the opportunity to use optional cash payments, of not less than <B>$50</B> per payment nor more than <B>$100,000</B> per
calendar quarter, to purchase additional shares of common stock. Certain transactions under the Plan are subject to fees and commission
charges for which you will be responsible. Please see the discussion of &ldquo;Costs&rdquo; in the section of this prospectus
entitled &ldquo;DESCRIPTION OF THE PLAN&rdquo; for further details regarding these fees and commission charges. </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 authorized the sale of up to
1,020,141 shares of common stock under the Plan since its inception. Of this number, 220,141 shares have been sold by us pursuant
to a previously-filed prospectus contained in a Registration Statement on Form S-3 (File No. 33-26248). Pursuant to Rule 429 of
the Securities Act of 1933, as amended, which we refer to as the &ldquo;Securities Act&rdquo;, this prospectus is a combined prospectus
and relates to the 800,000 shares that remain available for sale and issuance under the Plan. </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"> Shares of common stock purchased by
you may, at our option, be newly issued shares, shares purchased in the open market, or shares purchased in negotiated transactions.
If the Plan&rsquo;s administrator, which we refer to as the &ldquo;Administrator&rdquo;, purchases newly issued shares for you,
then the price for each share will be the &ldquo;fair market value&rdquo; of a share, which the Plan defines as the average of
the high and low sales prices of common stock as quoted on The NASDAQ Stock Market for the 20 trading days immediately preceding
the date of purchase. If the Administrator purchases shares from others, then the price to you will be the weighted average price
at which those shares are actually purchased (excluding trading expenses, which we will pay). </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 common stock is listed on The NASDAQ
Global Select Market under the symbol &ldquo;FUNC&rdquo;. As of March 30, 2015, the 20-day average of the high and low sales prices
of the common stock was $9.02 per share. On March 30, 2015, the closing price of our common stock was $9.12 per share. </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 receive all of the net proceeds
from sales of newly issued shares to you. We will not receive any proceeds from sales of shares that the Administrator buys from
persons other than 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"><B> Investing in our securities involves
certain risks. See &ldquo;RISK FACTORS&rdquo; 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>





<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 15%; color: black">

<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"><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"><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></P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 15%; color: black">

<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> THE SECURITIES OFFERED HEREBY ARE
NOT SAVINGS OR DEPOSIT ACCOUNTS AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY. </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 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; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B> The date of this Prospectus is March
31, 2015 </B></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;&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="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%"><A HREF="#a_001"><FONT STYLE="font-size: 10pt"> ABOUT THIS PROSPECTUS </FONT></A></td>
    <TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt"> 3 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_002"><FONT STYLE="font-size: 10pt"> A WARNING ABOUT FORWARD-LOOKING STATEMENTS </FONT></A></td>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt"> 3 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_003"><FONT STYLE="font-size: 10pt"> FIRST UNITED CORPORATION </FONT></A></td>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt"> 4 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_004"><FONT STYLE="font-size: 10pt"> PLAN OVERVIEW </FONT></A></td>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt"> 4 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_005"><FONT STYLE="font-size: 10pt"> RISK FACTORS </FONT></A></td>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt"> 5 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_006"><FONT STYLE="font-size: 10pt"> DESCRIPTION OF THE PLAN </FONT></A></td>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt"> 5 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_007"><FONT STYLE="font-size: 10pt"> PLAN OF DISTRIBUTION </FONT></A></td>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt"> 13 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_008"><FONT STYLE="font-size: 10pt"> USE OF PROCEEDS </FONT></A></td>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt"> 13 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_009"><FONT STYLE="font-size: 10pt"> DESCRIPTION OF SECURITIES TO BE REGISTERED </FONT></A></td>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt"> 13 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_010"><FONT STYLE="font-size: 10pt"> EXPERTS </FONT></A></td>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt"> 17 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_011"><FONT STYLE="font-size: 10pt"> LEGAL MATTERS </FONT></A></td>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt"> 17 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_013"><FONT STYLE="font-size: 10pt"> WHERE YOU CAN FIND MORE INFORMATION </FONT></A></td>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt"> 17 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_014"><FONT STYLE="font-size: 10pt"> INCORPORATION OF CERTAIN INFORMATION BY REFERENCE </FONT></A></td>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt"> 17 </FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_001"></A><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 that we filed with the Securities and Exchange Commission, which we refer to as the &ldquo;SEC&rdquo;, relating to the
shares of our common stock offered under the Plan. This prospectus does not include all of the information in the registration
statement. The registration statement containing this prospectus, including exhibits to the registration statement, provides additional
information about First United Corporation, the Plan, and the shares of common stock offered under the Plan. You should carefully
read this prospectus, especially the section entitled &ldquo;RISK FACTORS&rdquo; on page 5, before making a decision to invest
in the shares offered. You should also carefully read the additional information described under the headings &ldquo;WHERE YOU
CAN FIND MORE INFORMATION&rdquo; on page 17 and &ldquo;INCORPORATION OF CERTAIN INFORMATION BY REFERENCE&rdquo; on page 17 before
making a decision to invest in 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"> We have not authorized anyone to provide
you with different information. No dealer, salesperson or other person is authorized to give any information or to represent anything
not contained or incorporated by reference in this prospectus. You must not rely on any unauthorized information or representation.
This prospectus is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where
it is lawful to do so. You should assume that the information in this prospectus is accurate only as of the date on the front
of the document and that any information we have incorporated by reference is accurate only as of the date of the document incorporated
by reference, regardless of the time of delivery of this prospectus or any sale of a security. </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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_002"></A><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
section of this prospectus entitled &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>


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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">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"><A NAME="a_003"></A><B> FIRST UNITED CORPORATION </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: left; text-indent: 0.5in"> First United Corporation
is a Maryland corporation chartered in 1985 and a bank holding company registered under the federal Bank Holding Company Act of
1956, as amended. Our 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 were formed for the purpose of raising regulatory capital through
the sale of &ldquo;trust preferred securities&rdquo; to investors and which we collectively refer to as the &ldquo;Trusts&rdquo;. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal"> The
Bank is an independent community bank providing a complete range of retail and commercial banking services to businesses and individuals
serviced by a network of 25 branches, one call center, and 28 automated teller machines in Allegany County, Frederick County,
Garrett County, and Washington County in Maryland, and in Mineral County, Berkeley County and Monongalia County in West Virginia.
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. A detailed discussion of our business is contained in Item 1 of Part I of
our Annual Reports on Form 10-K that we file with the SEC, including the Annual Report on Form 10-K for the year ended December
31, 2014, which is incorporated herein by reference. See &ldquo;WHERE YOU CAN FIND MORE INFORMATION&rdquo; below for information
on how to obtain a copy of our annual and other reports that we file with the SEC. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> We and the Bank are extensively regulated
under federal and state laws. The regulation of bank 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, please refer to Item 1 of Part I of our Annual Reports on Form 10-K that we file with the
SEC, including the Annual Report on Form 10-K for the year ended December 31, 2014, which is incorporated herein by reference. </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,
2014, we had total assets of $1.3 billion, net loans of $827.9 million, and deposits of $981.3 million. Shareholders&rsquo; equity
at December 31, 2014 was $109.0 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. We maintain an Internet
site at <U>http://www.mybank4.com</U> on which we make available free of charge our Annual Reports on Form 10-K, Quarterly Reports
on Form 10-Q, Current Reports on Form 8-K, and all amendments to the foregoing as soon as reasonably practicable after these reports
are electronically filed with, or furnished to, the SEC. </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"><A NAME="a_004"></A><B> PLAN OVERVIEW </B></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-indent: 0.5in"> The Plan provides existing shareholders
with a convenient and economical way to (1) reinvest cash dividends paid on your shares of our common stock in additional shares,
which we refer to as the &ldquo;Dividend Reinvestment feature&rdquo;, (2) purchase additional shares of our common stock, which
we refer to as the &ldquo;Stock Purchase feature&rdquo;, and (3) sell the shares held in your Plan account. The Plan has various
other features from which to choose to meet your investment needs, and you should carefully read this entire 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"> The shares of our common stock purchased
under the Plan will be either newly issued shares or shares purchased from others in the open market or in privately negotiated
transactions. If the Administrator purchases newly issued shares from us, then the price to participants will be 100% of &ldquo;fair
market value&rdquo;, which, for purposes of the Plan, means the average of the high and low sales prices of common stock as quoted
on The NASDAQ Global Select Market for the 20 trading days immediately preceding the date of purchase. If the Administrator purchases
from others, then the discount will not apply and the cost of the shares to participants will be the weighted average price at
which those shares are actually purchased (excluding trading expenses, which we will pay). </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 Plan is designed for long-term investors
who wish to invest and build their share ownership over time. Unlike an individual stock brokerage account, the timing of purchases
and sales is subject to the provisions of the Plan. </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;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> If you are a shareholder of record and
wish to purchase additional shares of common stock pursuant to the Stock Purchase feature of the Plan, you may mail optional cash
payments of at least $50 to the Administrator with the tear-off portion of your account statement. You may invest up to $100,000
per calendar quarter under the Stock Purchase feature of the Plan. The optional cash payments and the Enrollment Application,
when completed, should be mailed to Broadridge Corporate Issuer Solutions, Inc., which is the Administrator, in the envelope provided
for your convenience. </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"><A NAME="a_005"></A><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"> An investment in shares of our common
stock involves certain risks. The significant risks and uncertainties related to our common stock and to our business 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, 2014, as updated
from time to time by Item 1A of our future Annual Reports on Form 10-K and Item 1A of Part II of our future Quarterly Reports
on Form 10-Q that we file with the SEC, which discussions are incorporated by reference in this prospectus. You should carefully
consider these risks and uncertainties before you decide to buy shares of our common stock. 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. 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 shares of our common stock. 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. </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"><A NAME="a_006"></A><B> DESCRIPTION OF THE PLAN </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-indent: 0.5in"> The following is a question and answer
statement of the provisions of the Plan. The Plan was authorized by our Board of Directors and has been in effect since January
9, 1989. The Plan will continue until the earlier of the date that all shares registered under the Plan have been sold or the
date we terminate the Plan. </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> Purpose </B></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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 1. </I></TD><TD><I> What is the purpose of the Plan? </I></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 purpose of the Plan is to provide
holders of our common stock with a convenient method of investing some or all of their cash dividends in shares of common stock
and of making optional cash investments in additional shares of common stock. The Plan permits us, at our election, to use shares
purchased in the open market or in negotiated transactions or to use our authorized but unissued shares to satisfy the Plan&rsquo;s
requirements. The Plan originally reserved 250,000 shares of common stock to be made available for purchase, but our Board of
Directors amended the Plan on March 28, 2012 to make available an additional 770,141 shares. To date, 220,141 shares have been
sold under the Plan. Accordingly, as of the date of this prospectus, 800,000 shares remain available for purchase under the Plan. </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> Advantages </B></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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 2. </I></TD><TD><I> What are the advantages of the Plan? </I></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"> Under the Dividend Reinvestment feature
of the Plan, participants may have some or all of the cash dividends paid on their shares of common stock automatically reinvested
in additional shares of common stock. The Stock Purchase feature provides participants with the ability to make optional cash
investments at any time (in a minimum amount of <B>$50 </B>per investment and a maximum of <B>$100,000</B> per calendar quarter),
whether or not they elect to reinvest dividends. Full investment of funds is possible under the Plan, whether or not there is
a sufficient amount to buy a whole share, because the Plan permits fractions of shares, as well as full shares, to be credited
to participants&rsquo; accounts. In addition, dividends in respect of such fractions, as well as full shares, will be credited
to participants&rsquo; accounts. Participants avoid safekeeping requirements and record keeping costs for shares credited to their
accounts through the free custodial service and reporting provisions of the Plan. Statements of account will be furnished to participants
on a quarterly basis to provide simplified record keeping. </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> Administration </B></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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 3. </I></TD><TD><I> Who administers the Plan? </I></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"> Computershare Trust Company, N.A. is
the Administrator of the Plan. The Administrator&rsquo;s address is P.O. Box 43078, Providence, Rhode Island, 02940-3078. The
Administrator keeps records, sends statements of account to Participants and performs other duties relating to the Plan. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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"> In administering the Plan, the Administrator
will not be liable for any act done or any omission to act in good faith, including, without limitation, any claims of liability:
(a) arising out of a failure to terminate a participant&rsquo;s account upon the participant&rsquo;s death prior to receipt of
notice in writing of such death; (b) with respect to the prices at which shares of our common stock are purchased or sold, regarding
the times when or the manner in which such purchases or sales are made, the decision whether to purchase such shares of common
stock on the open market, in negotiated transactions, or from us, or fluctuations in the market value of the common stock; or
(c) regarding any matters relating to the operation or management of the Plan. The Administrator may not create a lien on any
funds, securities or other property held under the Plan. </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"> Neither we nor the Administrator can
assure that a Participant will realize any profit in connection with shares of common stock purchased pursuant to the Plan or
protect a participant against a loss in connection with the shares purchased for the participant under the Plan in accordance
with the participant&rsquo;s instructions. It is up to each participant to make a decision regarding the sale of any shares owned
by the participant, including shares credited to the participant&rsquo;s Plan account. </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> Participation &ndash; Dividend Reinvestment Feature </B></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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 4. </I></TD><TD><I> Who is eligible to participate in
                                         the Plan? </I></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"> All holders of record of shares of common
stock are eligible to participate in the Plan. To be eligible to participate in the Plan, beneficial owners of shares of common
stock whose shares are registered in names other than their own (for instance, in the name of a broker) must become shareholders
of record by having such shares transferred into their own names or make arrangements with their broker, bank or other nominee
to participate on their behalf. </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 shareholder will not be eligible to
participate in the Plan if he or she resides in a jurisdiction in which it is unlawful for us to permit participation. A shareholder&rsquo;s
right to participate in the Plan is not transferable apart from a transfer of his or her shares of common stock to another person. </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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"> 5. </TD><TD><I> How does a shareholder participate? </I></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"> A shareholder of record may enroll in
the Plan at any time through the Administrator&rsquo;s website at <U>www.computershare.com/investor</U> or by completing an enrollment
form and returning it to the Administrator. Enrollment forms may be obtained directly from the Administrator. See Question No.
35 for information regarding how to contact the Administrator. A shareholder who does not wish to participate in the Plan will
continue to receive dividends, as declared, by check or automatic clearing house (ACH) without any further action on the part
of the participant. </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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 6. </I></TD><TD><I> When will participation begin? </I></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"> Cash dividends, when declared, are generally
paid on the first business day of February, May, August, and November (each, a &ldquo;Dividend Payment Date&rdquo;) to shareholders
of record on the record date for each dividend. If the Administrator receives enrollment instructions from a shareholder who is
entitled to a dividend by the record date for that dividend, then the Plan will go into effect for the shareholder with that dividend
payment (and subsequent dividend payments). If the Administrator receives those instructions after the record date for that dividend,
then the dividend payable with respect to that record date will be paid to the shareholder in cash and the shareholder&rsquo;s
participation in the Plan will begin with the next Dividend Payment Date. See Question Nos. 8 through 11 for information concerning
the making of optional cash investments and the timing of optional cash investments. </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 Plan does not represent a change
in our dividend policy, nor does it represent a guarantee of future dividends, which are subject to the discretion of our Board
of Directors. The declaration of future dividends will depend upon a number of factors, including our future earnings, our capital
requirements, regulatory constraints, and our financial condition as well as that of First United Bank &amp; Trust and our other
subsidiaries. </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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 7. </I></TD><TD><I> What does the Authorization Form
                                         provide? </I></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 Administrator&rsquo;s enrollment
form, whether submitted through its website or in paper form, allows each shareholder of record to elect whether he or she will
participate in the Plan with respect to all of his or her shares of common stock (full dividend reinvestment) or only a portion
of his or her shares of common stock (partial dividend reinvestment). </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The Administrator will use cash dividends
paid on the shares that a participant has elected to enroll in the Plan to purchase additional shares of common stock. Cash dividends
on shares of common stock credited to a participant&rsquo;s account under the Plan are always automatically reinvested regardless
of which investment option is selected. </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;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B> Optional Cash Investments &ndash; Stock Purchase Feature </B></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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 8. </I></TD><TD><I> Who is eligible to make optional
                                         cash investments? </I></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"> Participants who have enrolled in the
Plan are eligible to make optional cash investments regardless of whether they have authorized the reinvestment of dividends. </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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 9. </I></TD><TD><I> How does a participant make optional
                                         cash investments? </I></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"> A Plan participant may make an optional
cash investment through the Administrator&rsquo;s website at <U>www.computershare.com/investor</U>, by using the cash investment
form that will be attached to each statement of account sent to participants by the Administrator, or, if no statement is sent,
by returning to the Administrator a completed optional cash investment form, which may be obtained directly from the Administrator.
See Question No. 35 for information regarding how to contact the Administrator. A participant&rsquo;s optional investment instructions,
together with payment of the investment, must be received by the Administrator prior to the next Dividend Payment Date (See Question
No. 6 and Question No. 11). If we do not declare a dividend in a particular quarter, then the term &ldquo;Dividend Payment Date&rdquo;
as used in this Prospectus, for purposes of determining the timely receipt of optional cash investment instructions, will be deemed
to be the first business day of February, May, August or November, as the case may. The Administrator will apply any optional
cash investments received from a participant to the purchase of shares of common stock for the account of that participant. </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 a participant chooses to participate
only in the Stock Purchase feature of the Plan, we will pay cash dividends, if declared, on shares registered in the participant&rsquo;s
name in the usual manner and the Administrator will apply any optional cash investments received from the participant to the purchase
of additional shares of common stock for the participant&rsquo;s account under the Plan. Shares of common stock purchased with
optional cash investments and credited to the account of the participant will automatically be enrolled in the Dividend Reinvestment
feature of the Plan. Accordingly, cash dividends paid on such shares will be reinvested in additional shares of common stock. </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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 10. </I></TD><TD><I> What are the limitations on making
                                         optional cash investments? </I></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 option to make cash investments
is available to each participant at any time; however, optional cash investments by a participant may not be less than <B>$50
</B>per investment nor more than <B>$100,000</B> in the aggregate per calendar quarter. The same amount need not be sent each
quarter and there is no obligation to make an optional cash investment in every quarter. </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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 11. </I></TD><TD><I> When will the Administrator invest
                                         optional cash investments? </I></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"> Optional cash investments received on
or before a Dividend Payment Date will be held by the Administrator and combined with funds received from that dividend, if any,
for the purchase of common stock under the Plan. Any optional cash investment received after the Dividend Payment Date will be
returned to the participant. Participants are urged to mail forms and checks at least five (5) days prior to a Dividend Payment
Date to ensure timely receipt, but in no event should forms and checks be mailed more than 30 days prior to the Dividend Payment
Date. Neither we nor the Administrator can control the delivery of mail, and, therefore, neither we nor the Administrator will
be responsible if an optional cash investment is not made due to a delay in the delivery of a participant&rsquo;s check. Any optional
cash investments received more than 30 days prior to a Dividend Payment Date will be returned to the participant. </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"> No interest will be paid by the Administrator
on optional cash investments held by the Administrator. </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> Purchases </B></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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 12. </I></TD><TD><I> How many shares of common stock
                                         will be purchased by participants? </I></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 number of shares that will be purchased
by each participant depends on the aggregate amount of the participant&rsquo;s dividends to be reinvested, taking into account
dividends on shares credited to the participant&rsquo;s account under the Plan, the amount of the participant&rsquo;s optional
cash investments, and the applicable purchase price of the shares of common stock (see Question No. 13). A participant&rsquo;s
account will be credited with that number of shares, including fractional shares computed to four decimal places, equal to the
total amount to be invested divided by the applicable purchase price. </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 reserve the right to limit the maximum
number of shares that we sell to participants with respect to any Dividend Payment Date (under both the Dividend Reinvestment
feature and the Stock Purchase feature) to the number of shares that would have been sold if all dividends paid on that date were
reinvested under the Plan. If, with respect to any Dividend Payment Date, we exercise such right and as a result there are insufficient
shares available after investment of participants&rsquo; dividends to permit investment of all optional cash investments received,
shares available for optional cash investments will be allocated among all participants making optional cash investments in proportion
to the amounts of their optional cash investments. The Administrator will refund any payments by participants that are not invested
due to this limitation. </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;&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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 13. </I></TD><TD><I> When and at what price will shares
                                         of common stock be purchased under the Plan? </I></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"> Shares of common stock will be purchased
with reinvested dividends and optional cash investments under the Plan at such times as the Administrator may determine, as promptly
as reasonably practicable after a dividend is paid, and in no event later than 21 days after such Dividend Payment Date. No interest
will be paid on funds held by the Administrator under the Plan. If the Administrator buys any shares in the open market or in
privately negotiated transactions, it will not allocate any shares to participants&rsquo; accounts until it has acquired sufficient
shares from us and/or others to cover the quarterly purchases for all participants. </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, in our sole discretion, will decide
whether shares will be purchased in the open market, in privately negotiated transactions, or directly from us. As of the date
of this prospectus, we anticipate funding participants&rsquo; purchases primarily with newly issued shares, although there can
be no assurance that this will actually be the case. </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 price at which newly issued shares
will be purchased under the Plan will be 100% of &ldquo;fair market value&rdquo;. For purposes of the Plan, the &ldquo;fair market
value&rdquo; of a share of common stock will be the average of the high and low sales prices of common stock as quoted on The
NASDAQ Stock Market for the 20 trading days immediately preceding the date of purchase. In no event, however, will the fair market
value of a share be less than its par value at the time of sale. Currently, the par value of our common stock is $.01 per share.
Notwithstanding the foregoing, we reserve the right to reduce the price at which shares will be purchased, and to change the manner
in which such price is calculated, at any time. If we change the purchase price, we will file an amendment or prospectus supplement
to this prospectus which will describe the new purchase price. </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 the Administrator buys shares in
the open market or in negotiated transactions to fund the Plan, then the purchase price recognized by participants will be the
weighted average price at which the shares are actually purchased over a period of up to 21 calendar days following an investment
date, without regard to dealer mark-ups, brokerage commissions and/or other brokerage expenses. We will pay all applicable dealer
mark-ups, brokerage commissions and/or other expenses charged by the brokers or dealers through whom the shares are purchased. </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 Administrator may in its discretion
commingle the funds represented by dividends to be reinvested and participants&rsquo; optional cash investments for the purpose
of forwarding purchase orders and may offset purchase and sale orders for the same investment 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"> The Administrator will hold the shares
purchased under the Plan in each participant&rsquo;s name, or, if a broker or other nominee is participating on behalf of a beneficial
owner, in the broker&rsquo;s name or other nominee&rsquo;s name, but the Administrator will have no responsibility for the value
of such shares after their purchase. </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 common stock is not-heavily-traded.
Thus, depending on the number of shares involved, purchases in the open market to satisfy the requirements of the Plan may have
a significant effect on prevailing market prices, which could result in the payment of higher prices for shares than would be
the case if the Plan was not in effect. Additionally, because the prices at which shares are purchased under the Plan are determined
as of specified dates or as of dates otherwise beyond the control of participants, participants may lose any advantage otherwise
available from being able to select the timing of their investments. For example, because the price charged to participants for
shares purchased in the open market or in negotiated transactions is the weighted average price at which the shares are actually
purchased over a 21-day period following an investment date, participants may pay a higher price for shares purchased under the
Plan than for shares purchased on the investment date outside of the Plan. </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 common stock is currently listed
on The NASDAQ Global Select Market under the symbol &ldquo;FUNC&rdquo;. </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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 14. </I></TD><TD><I> May a participant purchase shares
                                         through the Plan but have dividends on those shares sent directly to him or her? </I></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"> No. The purpose of the Plan is to provide
participants with a convenient method of purchasing shares of common stock and having the dividends on those shares reinvested.
Accordingly, dividends paid on shares held in the Plan will be automatically reinvested in additional shares of common stock. </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;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B> Costs </B></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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 15. </I></TD><TD><I> Are any fees or expenses charged
                                         to participants in connection with participation in the Plan? </I></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"> Participants will not pay any service
charges in connection with the Plan, as we will pay the expenses of administering the Plan and any dealer mark-ups, brokerage
commissions and other expenses charged in connection with the purchase of shares of common stock with reinvested dividends or
optional cash investments. However, participants who sell their shares through the Plan will pay standard dealer mark-ups, brokerage
commissions and other expenses charged in connection with such sales (see Question No. 27). </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> Reports to Participants </B></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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 16. </I></TD><TD><I> How will participants be advised
                                         of the purchase of shares of common stock? </I></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"> As soon as practicable after each quarterly
purchase of shares, each participant will receive a statement of account. <B>These statements are the participant&rsquo;s continuing
record of the cost of purchases and should be retained for tax purposes. </B>Participants also will receive copies of the same
communications sent to all other shareholders, including the quarterly reports, annual report, notice of annual meeting and proxy
statement, and income tax information for reporting dividends paid. </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> Dividends </B></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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 17. </I></TD><TD><I> Will Participants be credited with
                                         dividends on shares held in their account under the Plan? </I></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"> Yes. We pay dividends, as declared,
to the record holders of all shares of our common stock. As the record holder of shares purchased under the Plan for participants,
the Administrator will receive dividends for all Plan shares held on the record date. The Administrator will credit such dividends
to participants&rsquo; accounts in the Plan on the basis of full and fractional shares held in their respective accounts and will
reinvest such dividends in additional shares. </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> Certificates for Shares </B></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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 18. </I></TD><TD><I> Will stock certificates be issued
                                         for shares of common stock purchased? </I></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"> Generally, certificates for shares of
common stock purchased under the Plan will not be issued to participants. The number of shares credited to an account under the
Plan will be shown on the participant&rsquo;s statement of account. This additional service protects against loss, theft or destruction
of stock certificates. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> At the request of a participant, subject
to any provision of our Bylaws (as amended and/or restated from time to time) that permits us to institute a system of issuing
uncertificated shares, certificates for any number of shares, up to the total number of full shares credited to an account under
the Plan, will be issued to the participant. Please see Question No. 35 for information on contacting the Administrator. Any remaining
full shares and all fractional shares will continue to be held in the participant&rsquo;s account. </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"> Shares held in or credited to the account
of a participant under the Plan may not be pledged unless and until the participant requests that a certificate for such shares
be issued in his or her name. </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"> Certificates for fractional shares will
not be issued. </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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 19. </I></TD><TD><I> In whose name will accounts be maintained
                                         and certificates registered when issued? </I></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"> An account will be maintained in each
participant&rsquo;s name as shown on our shareholder records at the time the participant joins the Plan. When issued, certificates
for full shares will be registered in the name of the person or entity who holds the account. </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 written request, certificates also
can be registered and issued in names other than the account name, subject to compliance with any applicable laws and the payment
by the Participant of any applicable taxes, provided that the request bears the signatures of the participant and the signature
is guaranteed by a financial institution, broker or dealer that is a member of the Securities Transfer Agent Medallion Program. </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;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B> Changing Method of Participation and Withdrawal </B></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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 20. </I></TD><TD><I> How does a participant change his
                                         or her method of participation? </I></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"> A participant may change his or her
method of participation at any time through the Administrator&rsquo;s website at <U>www.computershare.com/investor</U> or by completing
a new enrollment form and returning it to the Administrator. See Question No. 35 for information regarding how to contact the
Administrator. The change will apply as of the next Dividend Payment Date after the Administrator receives the new instructions. </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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 21. </I></TD><TD><I> May a participant withdraw from
                                         the Plan? </I></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"> Yes. The Plan is entirely voluntary
and a participant may withdraw at any time. </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 the request to withdraw is received
by the Administrator prior to record date for a dividend, the amount of the dividend, and any optional cash investment that would
otherwise have been invested, will be paid as soon as practicable to the withdrawing participant. Thereafter, all dividends will
be paid in cash. A shareholder may re-enroll in the Plan at any time. </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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 22. </I></TD><TD><I> How does a participant withdraw
                                         from the Plan? </I></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 withdraw from the Plan, a participant
must notify the Administrator that he or she wishes to withdraw. Please see Question No. 35 for information on contacting the
Administrator. Upon a participant&rsquo;s withdrawal from the Plan or the termination of the Plan by us, a certificate for full
shares credited to the participant&rsquo;s account under the Plan will be issued and a cash payment will be made for any fractional
shares. </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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 23. </I></TD><TD><I> What happens to fractional shares
                                         registered in the participant&rsquo;s Plan account when he or she withdraws from the
                                         Plan? </I></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"> When a participant withdraws from the
Plan, a cash adjustment representing any fractional shares will be mailed directly to the participant. The cash adjustment will
be based on the closing sales price of the common stock as quoted on The NASDAQ Global Select Market (or such other exchange as
the common stock is then listed) for the trading day immediately preceding the date on which the withdrawal request is received
by the Administrator. </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> Federal Income Tax Consequences </B></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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 24. </I></TD><TD><I> What are the federal income tax
                                         consequences of participation in the Plan? </I></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"> A participant will be treated for Federal
income tax purposes as having received on each Dividend Payment Date the full amount of the cash dividend, if any, payable on
that date with respect to shares of common stock owned by the participant, including shares registered in the participant&rsquo;s
name and shares held for the participant&rsquo;s Plan account, even though that amount is not actually received by the participant
in cash but is instead applied to the purchase of new shares for the participant&rsquo;s account. </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 stated in Question No. 15, we will
pay all trading expenses when shares are purchased from others in the open market or in privately-negotiated transactions (whether
pursuant to the Dividend Reinvestment Feature or the Stock Purchase Feature). All trading expenses paid on a participant&rsquo;s
behalf will be deemed to be a distribution by us to that participant and will be taxable as a 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; text-indent: 0.5in"> A participant will not recognize any
taxable income when certificates are issued to the participant for shares credited to the participant&rsquo;s Plan account, regardless
of whether the certificates are issued upon the participant&rsquo;s request or withdrawal from the Plan, or upon termination of
the Plan. </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 returns will be sent to
each participant and to the Internal Revenue Service during each year. These returns will show the amount of dividends paid to
a participant&rsquo;s Plan account (<I>i.e.</I>, Form 1099-DIV), as well as any proceeds that a participant receives from sales
of shares from his or her Plan account (<I>i.e.</I>, Form 1099-B). </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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 25. </I></TD><TD><I> When and how will gains and losses
                                         on shares be determined? </I></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"> A participant will realize a gain or
loss whenever he or she sells shares purchased under the Plan. The amount of gain or loss will be the difference between the amount
the participant receives for his or her shares in that sale and his or her cost basis for those shares. The cost basis of a share
acquired directly from us will equal its &ldquo;fair market value&rdquo;, as defined for Federal income tax purposes, on the date
we pay the dividend or the date the Administrator buys shares with optional cash payments, as applicable. The cost basis of a
share purchased in the open market or in a privately negotiated transaction will equal its purchase price plus any trading expenses
that we pay on behalf of the participant. </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;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> In the case of foreign shareholders
whose dividends are subject to United States income tax withholding, or domestic shareholders whose dividends are subject to United
States backup withholding, the Administrator will, to the extent permitted by law, invest in shares of common stock an amount
equal to the dividends less the amount of tax required to be withheld in each case. The regular statements of account confirming
purchases made for such participants will indicate the amount of tax withheld. </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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 26. </I></TD><TD><I> When does the holding period begin
                                         for purposes of determining gain or loss? </I></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"> When the Administrator buys shares of
common stock only from us, then the holding period for the shares will begin on the day after the Dividend Payment Date for shares
purchased with reinvested dividends, and on the day after the Administrator buys shares with optional cash investments. </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"> When the Administrator buys any shares
from others, either in the open market or in privately negotiated transactions, then the holding period for those shares will
begin on the day after the Administrator allocates shares to the participants&rsquo; Plan accounts. </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> THE ANSWERS TO QUESTIONS NOS. 24
THROUGH 26 ARE ONLY SUMMARIES AND ARE BASED ON OUR UNDERSTANDING OF CURRENT FEDERAL INCOME TAX LAWS. THESE SUMMARIES DO NOT PURPORT
TO ADDRESS THE PARTICULAR CIRCUMSTANCES OF INDIVIDUAL PARTICIPANTS. MOREOVER, THEY DO NOT INCLUDE A DISCUSSION OF STATE OR LOCAL
INCOME TAX LAW CONSEQUENCES OF PARTICIPATING IN THE PLAN. </B> <B>PARTICIPANTS SHOULD CONSULT THEIR OWN TAX ADVISORS AS
TO THE FEDERAL, STATE, LOCAL AND/OR FOREIGN TAX CONSEQUENCES APPLICABLE TO THEM. </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"><B> Other Information </B></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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 27. </I></TD><TD><I> Can Plan shares be sold through
                                         the Plan? </I></TD>
</TR></TABLE>

<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"> Yes. Participants may sell some or all
of the shares of common stock credited to their Plan accounts at any time by contacting the Administrator and requesting that
certain shares be sold (see Question No. 35 for information on contacting the Administrator). The Administrator will record sales
orders on the date of receipt. The Administrator will contact a registered securities broker-dealer and request that the broker-dealer
execute a sales order on behalf of the participant in the open market, in negotiated transactions, or by selling the shares to
us, as soon as reasonably practicable after receipt of the participant&rsquo;s request. The proceeds received by the participant
will be based on the weighted average sales price per share (including trading fees and other applicable taxes) of the aggregate
number of shares sold for the Plan. After settlement of the sale, the Administrator will mail a check to the participant for the
proceeds of the sale, less a brokerage commission payable to the broker-dealer effecting the sale and any applicable transfer
taxes. The amount of the brokerage commission will depend on the number of shares sold and may differ from broker-dealer to broker-dealer.
Participants may obtain information about the brokerage commission for a particular transaction by contacting the Administrator.
Please note that the Administrator cannot and does not guarantee the actual sale date or price, nor can it stop or cancel any
outstanding sales or issuance requests. All sale requests are final. </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"> Alternatively, a participant may sell
his or her shares through a broker of the participant&rsquo;s choice, in which case the participant must first request a certificate
for those shares from the Administrator (see Question No. 18 for instructions on how to obtain a certificate). </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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 28. </I></TD><TD><I> What if a participant sells or otherwise
                                         disposes of all of his or her shares not held in the Plan? </I></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 disposition by a participant of
all shares of common stock registered in his or her name that are not credited to the participant&rsquo;s account under the Plan
will have no effect on the shares credited to the participant&rsquo;s Plan account, and, unless otherwise instructed by the participant,
the Administrator will continue to reinvest the dividends on the shares credited to that account. </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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 29. </I></TD><TD><I> If additional shares of common stock
                                         are sold through a rights offering, how will the rights of the Plan be handled? </I></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 engage in a rights offering, then
a participant will receive rights based upon shares held of record in his or her name and upon whole shares credited to his or
her account under the Plan. Rights issued in respect of shares credited to an account will be issued to the participant in his
or her name. </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"><I> &nbsp;&nbsp; </I></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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 30. </I></TD><TD><I> What happens if a stock dividend
                                         is issued or a stock split is declared on shares of common stock? </I></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"> Any shares issued by us as a stock dividend
or in a stock split on shares of common stock credited to the account of a participant under the Plan will be added to the participant&rsquo;s
account. Any shares issued by us as a stock dividend or in a stock split on shares of common stock held directly by a participant
will be mailed to the participant in the same manner as to shareholders who are not participating in the Plan. </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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 31. </I></TD><TD><I> How will a participant&rsquo;s shares
                                         credited to the Plan be voted at meetings of shareholders? </I></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"> Prior to a meeting of shareholders,
each participant will be provided with an instruction form that can be used by the participant to direct the vote of shares of
common stock held in the participant&rsquo;s Plan account. If the form is completed and returned as provided in the form, all
shares held in that participant&rsquo;s Plan account will be voted in accordance with the participant&rsquo;s instructions. If
the participant desires to vote in person at the meeting, a proxy for shares credited to the participant&rsquo;s Plan account
may be obtained upon written request received by the Administrator at least 15 days before the meeting. </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 no instructions are received on a
properly executed returned proxy card or returned instruction form with respect to any item thereon, all of a participant&rsquo;s
shares (both those registered in the participant&rsquo;s name, if any, and those credited to the participant&rsquo;s Plan account)
will be voted (in the same manner as for non-participating shareholders who return proxies and do not provide instructions) in
accordance with management&rsquo;s recommendations. If the proxy card or instruction form is not returned, or if it is returned
unsigned, none of the participant&rsquo;s shares will be voted unless the Participant votes in person. </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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 32. </I></TD><TD><I> May the Plan be changed or discontinued? </I></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"> We reserve the right to make modifications
to the Plan, including to change the price at which newly issued shares will be purchased from us under the Plan, and to suspend
or terminate the Plan at any time. Any such modification, suspension or termination will be announced to participants and to nonparticipating
shareholders. </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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 33. </I></TD><TD><I> Who interprets and regulates the
                                         Plan? </I></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"> We have the right to interpret and regulate
the Plan as we deem necessary or desirable in connection with the operation of the Plan. </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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 34. </I></TD><TD><I> Can First United Corporation temporarily
                                         curtail or suspend purchases or sales of common stock under the Plan? </I></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"> Yes. We may temporary curtail or suspend
purchases or sales of common stock at any time if such purchases or sales would in the Administrator&rsquo;s judgment contravene,
or be restricted by, applicable regulations, interpretations or orders of the SEC, any other governmental commission, agency or
instrumentality, any court, securities exchange or other self-regulatory organization. The Administrator shall not be accountable,
or otherwise liable, for failure to make purchases of sales at such times and under such circumstances. </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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><I> 35. </I></TD><TD><I> How can I contact the Administrator
                                         regarding questions and other matters? </I></TD>
</TR></TABLE>

<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"> Questions regarding enrollment, purchase
or sale of shares of common stock, and other transactions or services offered pursuant to the Plan should be directed to the Administrator: </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-align: justify"><B> - </B> <B>Through the Internet</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"> You can obtain information and take
certain other actions regarding your account by visiting <U>www.computershare.com/investor</U>. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B> - By Telephone </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"> You may direct
your questions and sale requests to shareowner customer service at its toll-free number (within the United States and Canada)
at 1-866-298-7858. Please have your account number and the name(s) in which your shares are titled available for the customer
service representative. </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"><B>&nbsp;&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> You may also send questions
and sale requests to the Administrator at the following address: </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B> Computershare Trust
Company, N.A. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B> P.O. Box 43078 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> <B>Providence, Rhode
Island 02940-3078.</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Be sure to include
your name, address, daytime phone number, the name(s) in which your shares are titled and a reference to First United Corporation
on all correspondence. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><A NAME="a_007"></A><B> PLAN OF DISTRIBUTION </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Except to the extent the Administrator purchases
shares of our common stock in market transactions, the shares of common stock acquired under the Plan will be newly issued shares
sold directly by us through the Plan. As stated elsewhere in this Plan, you will not pay any brokerage fees or commissions for
securities purchased on the open market or otherwise under the Plan. Instead, we will pay these fees to the Administrator. Certain
fees apply to participants in the Plan, which are set forth in Question 15. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Persons who acquire shares of our common
stock through the Plan and resell them shortly after acquiring them, including coverage of short positions, under certain circumstances
may be participating in a distribution of securities that would require compliance with Regulation M under the Securities Exchange
Act of 1934, as amended, or the &ldquo;Exchange Act&rdquo;, and may be considered to be underwriters within the meaning of the
Securities Act. We will not extend to any such person any rights or privileges other than those to which he, she or it would be
entitled as a participant, nor will we enter into any agreement with any such person regarding the resale or distribution by any
such person of the shares of our common stock so purchased. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Our common stock may not be available under
the Plan in all states or jurisdictions. This prospectus does not constitute an offer to sell, or a solicitation of an offer to
buy, any of our common stock or other securities in any jurisdiction to any person to whom it is unlawful to make such offer in
such jurisdiction. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><A NAME="a_008"></A><B> USE OF PROCEEDS </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> To the extent that we sell newly issued
shares under the Plan, and not shares purchased from others, we will receive the proceeds. We do not know the number of shares
that we will ultimately sell under the Plan, the prices at which we will sell them, or the amount of the proceeds that we will
receive. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> We intend to add any proceeds that we receive
to our general funds to be used for our general corporate purposes. Such purposes may include: </P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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 working
                                         capital needs; </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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> Possible additional
                                         investments in our direct and indirect subsidiaries; </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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> Possible acquisitions
                                         of other financial institutions or their assets; </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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> Possible acquisitions
                                         of, or investments in, other businesses of a type eligible for bank holding companies
                                         or Maryland-chartered commercial banks; </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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> Possible reduction
                                         in outstanding indebtedness; and/or </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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> Possible repurchase
                                         of our outstanding securities, including, without limitation, the outstanding shares
                                         of our common stock and/or preferred stock. </TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> We may temporarily invest the proceeds in
investment-grade securities. We have no specific plans for any proceeds. Our principle purpose in making the offering is to provide
our shareholders with a convenient and automatic way to increase their ownership of our common stock. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_009"></A><B> DESCRIPTION OF SECURITIES TO BE REGISTERED </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> We are authorized by our Amended and Restated
Articles of Incorporation, or &ldquo;Charter&rdquo;, 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. The Board of Directors has
designated 30,000 shares of our preferred stock as Fixed Rate Cumulative Perpetual Preferred Stock, Series A, which we refer to
as the &ldquo;Series A Preferred Stock&rdquo;, all of which are issued and outstanding. </P>

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


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    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> As of February 27, 2015, we had 6,238,598
shares of common stock issued and outstanding held by approximately 1,639 owners of record. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The following is a summary of the general
terms of our common stock. This summary does not purport to be complete in all respects. The full terms of the common stock are
set forth in our Charter, our Amended and Restated Bylaws, as amended, which we refer to as the &ldquo;Bylaws&rdquo;, and to applicable
Maryland law, including the Maryland General Corporation Law, or the &ldquo;MGCL&rdquo;. The Charter, the Bylaws and the other
documents that may impact the rights of holders of our common stock are filed with the registration statement that contains this
prospectus as Exhibit 4.1(i) through Exhibit 4.11, all of which are also available from us upon request. 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: 0"> &nbsp; </P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 that are declared by our Board
of Directors out of funds legally available for such a purpose. 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: 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The Transfer Agent for the common stock
is Computershare Trust Company, N.A. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I> Dividends and Other Distributions </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The declaration of dividends on the common
stock is at the discretion of the Board of Directors. 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 common stock is largely dependent upon our receipt of dividends from the Bank. Both federal and state
laws impose restrictions on the ability of banks 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: 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> As a general corporate law matter, the MGCL
prohibits us from paying dividends on our capital 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. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The terms of the Series A Preferred Stock
entitle the holders thereof 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 9% per share on a liquidation preference of $1,000 per share of Series
A Preferred Stock with respect to each dividend period. Dividends on the Series A Preferred Stock are payable quarterly in arrears
on each February 15, May 15, August 15 and November 15. 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, 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 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: 0">&nbsp;</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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 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: 0"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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 broker-dealer subsidiaries of First United solely for the purpose
                                         of market-making, stabilization or customer facilitation transactions in common stock
                                         in the ordinary course of its business; </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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 broker-dealer subsidiaries of First United for resale pursuant
                                         to an offering by First United of its stock that is underwritten by the related broker-dealer
                                         subsidiary; </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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 capital stock that is junior to the Series A Preferred
                                         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: 0"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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 any capital stock that is junior to or on par with the Series
                                         A Preferred Stock for the beneficial ownership of any other person who is not First United
                                         or one of its subsidiaries, including as trustee or custodian; and </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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 capital stock that is junior to the Series A Preferred Stock for or
                                         into other junior stock or of stock that is on par with the Series A Preferred 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: 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> In addition to the limitations imposed by
the terms of the Series A Preferred Stock, the terms of our outstanding debentures issued to the Trusts permit us to defer payments
of the interest thereon for up to 20 consecutive quarterly periods. Should we make such a deferral election, we would be prohibited
from paying dividends or distributions on, or from repurchasing, redeeming or otherwise acquiring any shares of our capital stock,
including the Series A Preferred Stock and the common stock. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> 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. The terms of the Series A Preferred Stock provide
that, in such events, 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. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I> Anti-Takeover Provisions under Maryland Law, Our Charter
and Our Bylaws </I></B></P>

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

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

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 Company or make removal of management more difficult. </P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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: 0"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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: 0"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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 capital stock of First United owned by each proposed nominee; </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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: 0"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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 capital stock of First United owned by the notifying shareholder; </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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: 0"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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 Exchange Act and Exchange Act Rule 14a-11, 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: 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 First United. 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 the
outvoting voting stock of First United. 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 the 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 First United entitled to vote on the matter. </P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_010"></A><B>EXPERTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The consolidated statement of financial
condition as of December 31, 2014 and 2013, 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 Baker Tilly Virchow Krause, LLP, 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: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_012"></A><A NAME="a_011"></A><B>LEGAL MATTERS</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_013"></A><B>WHERE YOU CAN FIND MORE INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> We have filed a registration statement with
the SEC covering the shares of common stock 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: 0"> &nbsp; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_014"></A><B>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> This prospectus is part of a registration
statement that we filed with the SEC. The SEC allows us to &ldquo;incorporate by reference&rdquo; in this prospectus the information
that we file with the SEC, which means that we can disclose important information to you by referring you to those documents.
The information incorporated by reference is considered to be part of this prospectus, and later information that we file with
the SEC will automatically update and supersede that information. The following documents filed by us with the SEC pursuant to
the Exchange Act are incorporated herein by reference (except to the extent any information contained in such documents is &ldquo;furnished&rdquo;
to the SEC): </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual
Report on Form 10-K for the year ended December 31, 2014 filed on March 9, 2015 (which includes certain information contained
in our definitive proxy statement on Schedule 14A for the 2015 Annual Meeting of Shareholders, filed on March 17, 2015, and incorporated
therein by reference); </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> (ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current
Report on Form 8-K filed on January 9, 2015; and </P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> &#9;In addition, all documents that we file with the SEC pursuant
to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this prospectus and prior to the termination of the
offering to which this prospectus relates will automatically be deemed to be incorporated by reference into this prospectus. In
no event, however, will any of the information that we &ldquo;furnish&rdquo; to the SEC from time to time in any Current Report
on Form 8-K be incorporated by reference into, or otherwise be included in, this prospectus. 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 or in a document subsequently filed 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.&#9; </P>

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


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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> NEITHER THE DELIVERY
OF THIS PROSPECTUS NOR ANY SALES HEREUNDER SHALL UNDER ANY CIRCUMSTANCES CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE
IN THE AFFAIRS OF FIRST UNITED CORPORATION SINCE THE DATE HEREOF. NO DEALER, BROKER, SALES REPRESENTATIVE OR ANY OTHER PERSON
HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATIONS OTHER THAN THOSE CONTAINED IN THIS PROSPECTUS, IN CONNECTION
WITH THE OFFERING CONTAINED IN THIS PROSPECTUS, AND INFORMATION OR REPRESENTATIONS NOT HEREIN CONTAINED, IF GIVEN OR MADE, MUST
NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY FIRST UNITED CORPORATION. THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFERING IN ANY
STATE OR JURISDICTION IN WHICH SUCH OFFERING MAY NOT LAWFULLY BE MADE. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><IMG SRC="tlogo.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B> DIVIDEND REINVESTMENT
AND STOCK PURCHASE PLAN </B></P>

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


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0"></TD><TD STYLE="width: 1in; text-align: left"><B> Item 14. </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: 0; text-align: justify"> &nbsp; </P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-align: justify"> Registration Fee - Securities and Exchange Commission </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 10%; text-align: right"> 498 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"> Accounting Fees and Expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 7,600 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"> Legal Fees and Expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 20,000 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"> Printing Fees and Expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 8,000 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"> Miscellaneous </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 500 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify; padding-left: 0.25in"> 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"> 36,598 </TD><TD STYLE="font-weight: bold; text-align: left"> &nbsp; </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0"></TD><TD STYLE="width: 1in; text-align: left"><B> Item 15. </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: 0"> &nbsp; </P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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: 0 0 0 1in; text-indent: -0.5in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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: 0 0 0 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: 0; margin-bottom: 0"><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: 0 0 0 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: 0; margin-bottom: 0"><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: 0 0 0 1in; text-indent: -0.5in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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: 0 0 0 1in; text-indent: -0.5in"> &nbsp; </P>

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

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

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


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 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: 0"></TD><TD STYLE="width: 1in; text-align: left"><B> Item 16. </B></TD><TD STYLE="text-align: justify"><B> Exhibits </B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 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: 0"></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: 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: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">The undersigned
                                         registrant hereby undertakes:</TD>
</TR></TABLE>

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

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

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> <U>Provided,however</U>, that paragraphs (a)(1)(i),
(a)(1)(ii), and (a)(1)(iii) do not apply if the information required to be included in a post-effective amendment by those paragraphs
is contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section
15(d) of the Exchange Act that are incorporated by reference in the registration statement, or is contained in a form of prospectus
filed pursuant to Rule 424(b) that is part of the registration statement. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(2)&nbsp;&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: 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(3)&nbsp;&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: 0; text-indent: 0in"> &nbsp; </P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: 0; text-indent: 0in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"> (6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution
of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant
pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if
the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant
will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in"> (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule
424; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in"> (ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to
by the undersigned registrant; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in"> (iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; and </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in"> (iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
other communication that is an offer in the offering made by the undersigned registrant to the purchaser. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each
filing of the registrant&rsquo;s annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934(and,
where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Securities Exchange
Act of 1934) that is incorporated by reference in this registration statement 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: 0; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> (c)-(g)&nbsp;&nbsp;&nbsp;N/A. </P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(i)-(l)&nbsp;&nbsp;&nbsp;N/A.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Pursuant to the requirements
of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-3 and has duly caused this post-effective amendment to the 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, 2015. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify"> &nbsp; </TD>
    <TD STYLE="width: 5%; text-align: justify"> &nbsp; </TD>
    <TD STYLE="width: 45%; 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="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"> /s/ William B. Grant </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></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></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></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Pursuant to the requirements of the Securities
Act of 1933, this post-effective amendment to the registration statement has been signed by the following persons in the capacities
and on March 31, 2015. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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"> &nbsp; </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"> John F. Barr, 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"> /s/ David J. Beachy* </FONT></TD>
    <TD> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"> David J. Beachy, Director </FONT></TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> Brian R. Boal, 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/ M. Kathryn Burkey* </FONT></TD>
    <TD> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"> /s/ Robert W. Kurtz* </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"> Robert W. Kurtz, 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/ John W. McCullough* </FONT></TD>
    <TD> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"> /s/ Elaine L. McDonald* </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"> John W. McCullough, Director </FONT></TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> Elaine L. McDonald, 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/ Donald E. Moran* </FONT></TD>
    <TD> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"> /s/ Carissa L. Rodeheaver </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"> Donald E. Moran, Director </FONT></TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> Carissa L. Rodeheaver </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> Director, President and Chief Financial Officer </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> (Principal Accounting Officer) </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/ Gary R. Ruddell* </FONT></TD>
    <TD> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"> /s/ I. Robert Rudy* </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"> Gary R. Ruddell, Director </FONT></TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> I. Robert Rudy, 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"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"> /s/ Richard G. Stanton* </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"> Marisa A. Shockley, 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"> /s/ Robert G. Stuck* </FONT></TD>
    <TD> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"> /s/ H. Andrew Walls III* </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 COLSPAN="2"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt"> * By: </FONT></TD>
    <TD STYLE="width: 44%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"> /s/ William B. Grant </FONT></TD>
    <TD STYLE="width: 6%"> &nbsp; </TD>
    <TD STYLE="width: 45%"> &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: 0; text-align: center"><B>&nbsp;</B></P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 15%; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"> Exhibit&nbsp;No. </FONT></TD>
    <TD STYLE="width: 1%; text-align: justify"> &nbsp; </TD>
    <TD STYLE="width: 84%; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"> Description </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><FONT STYLE="font-size: 10pt"> 4.1(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"> 4.2(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"> 4.2(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"> 4.2(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"> 4.3 </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 First United 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"> 4.4 </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"> 4.5 </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 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"> 4.11 </FONT></TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"> First United Corporation Dividend Reinvestment and Stock
    Purchase Plan (included in the prospectus) </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"> 5.1 </FONT></TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"> Opinion of Gordon Feinblatt LLC (previously filed) </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 Baker Tilly Virchow Krause, LLP, Independent Registered
    Public Accounting Firm (filed herewith) </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"> 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 filed) </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in">&nbsp;</P>


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<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>v405939_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We hereby consent to the incorporation by reference in the Prospectus
constituting a part of this Post-Effective Amendment No. 3 to Form S-1 on Form S-3 of our report dated March 9, 2015, relating
to the consolidated financial statements as of and for the years ended December 31, 2014 and 2013 of First United Corporation,
appearing in the Annual Report on Form 10-K of First United Corporation for the year ended December 31, 2014.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">/s/ Baker Tilly Virchow Krause, LLP</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">March 31, 2015</P>

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


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