<SEC-DOCUMENT>0001144204-15-020302.txt : 20150331
<SEC-HEADER>0001144204-15-020302.hdr.sgml : 20150331
<ACCEPTANCE-DATETIME>20150331172808
ACCESSION NUMBER:		0001144204-15-020302
CONFORMED SUBMISSION TYPE:	POS AM
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20150331
DATE AS OF CHANGE:		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:		POS AM
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-157562
		FILM NUMBER:		15740533

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

	MAIL ADDRESS:	
		STREET 1:		19 S SECOND ST
		CITY:			OAKLAND
		STATE:			MD
		ZIP:			21550
</SEC-HEADER>
<DOCUMENT>
<TYPE>POS AM
<SEQUENCE>1
<FILENAME>v405936_posam.htm
<DESCRIPTION>POS AM
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"> As filed with the Office of the Securities
and Exchange Commission on March 31, 2015 </P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B> POST-EFFECTIVE AMENDMENT NO. 4 </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">REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933</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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 50%; font-size: 10pt; text-align: center"><font style="font-size: 10pt"><b>Maryland</b></font></td>
    <td style="width: 1%; font-size: 10pt; text-align: justify">&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: justify">&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>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Gordon Feinblatt LLC&#9;</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) 576-4280 </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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-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">&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 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">&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 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-align: justify; 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 definition of &ldquo;large accelerated filer&rdquo;, &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting
company&rdquo; in Rule 12b-2 of the Exchange Act. (Check one): </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&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: 60%; text-align: left; text-indent: 0in"> Large accelerated filer <FONT STYLE="font-family: Wingdings">&uml;</FONT> </td>
    <TD STYLE="width: 40%; text-align: left; text-indent: 0in"> Accelerated filer <FONT STYLE="font-family: Wingdings">&uml;</FONT> </td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"> Non-accelerated filer <FONT STYLE="font-family: Wingdings">&uml;</FONT>
    (Do not check if a smaller reporting company) </td>
    <TD STYLE="text-align: justify; text-indent: 0in"> Smaller reporting company <FONT STYLE="font-family: Wingdings"><B>&thorn;</B></FONT> </td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B> The Registrant hereby amends this
Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a
further amendment that specifically states that this Registration Statement shall thereafter become effective in accordance with
Section 8(a) of the Securities Act of 1933, as amended, or until this Registration Statement shall become effective on such date
as the Commission, acting pursuant to Section 8(a), may determine. </B></P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in"> This Post-Effective Amendment No. 4
amends the Registration Statement on Form S-1, File No. 333-157562 (the &ldquo;Registration Statement&rdquo;), of First United
Corporation (the &ldquo;Corporation&rdquo;), which was originally filed on Form S-3 and declared effective by the Securities and
Exchange Commission (the &ldquo;SEC&rdquo;) on March 19, 2009. On April 2, 2012, the Corporation converted the Registration Statement
to Form S-1 pursuant to its Post-Effective Amendment No. 1 to Form S-3 on Form S-1 (declared effective on April 13, 2012) because
its eligibility to use Form S-3 terminated pursuant to General Instruction I.A.5 on account of its 2011 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;). The Corporation filed a Post-Effective Amendment No. 2 on Form S-1 on March 25, 2013 (declared effective on
March 28, 2013), and a Post-Effective Amendment No. 3 on Form S-1 on March 31, 2014 (declared effective on April 7, 2014). 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. 4 is being filed, in part, to convert the Registration Statement
back 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. 4 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. 4. 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-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B> DEREGISTRATION OF SECURITIES </B></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"> This Post-Effective Amendment No. 4
is also being filed pursuant to the undertakings in Item 17 of the Registration Statement to remove from registration the 30,000
Series A Shares, which were sold by the initial selling security holder in December 2014. </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">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #DF1A1E"><B>Subject to completion,
dated March 31, 2015</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="tpg5.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">WARRANT TO PURCHASE 326,323 SHARES OF COMMON
STOCK</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> This prospectus relates to the potential
resale from time to time by selling security holders of some or all of a warrant to purchase 326,323 shares of common stock, which
we refer to as the &ldquo;warrant&rdquo;, and any shares of common stock issuable from time to time upon exercise of the warrant.
In this prospectus, we refer to the warrant and the shares of common stock issuable upon exercise of the warrant, collectively,
as the &ldquo;securities&rdquo;. The warrant was originally issued by us pursuant to a Letter Agreement dated January 30, 2009,
and the related Securities Purchase Agreement &ndash; Standard Terms, between us and the United States Department of the Treasury,
which we refer to as the &ldquo;initial selling security holder&rdquo;, in a transaction exempt from the registration requirements
of the Securities Act of 1933, as amended, or the &ldquo;Securities Act&rdquo;. </P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The warrant is not listed on an exchange
and we do not intend to list the warrant on any exchange. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Our common stock is listed on the NASDAQ
Global Select Market under the symbol &ldquo;FUNC&rdquo;. On March 30, 2015, the closing price of our common stock on the NASDAQ
Global Select Market was $9.12 per share. You are urged to obtain current market quotations of our common stock. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 6 of this prospectus. </B></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B> The date of this Prospectus is __________,
2015 </B></P>

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


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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="width: 90%"><FONT STYLE="font-size: 10pt"> <A HREF="#a_001">ABOUT THIS PROSPECTUS</A> </FONT></td>
    <td style="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt"> 3 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td><FONT STYLE="font-size: 10pt"> <A HREF="#a_002">A WARNING ABOUT FORWARD-LOOKING STATEMENTS</A> </FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> 3 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td><FONT STYLE="font-size: 10pt"> <A HREF="#a_003">PROSPECTUS SUMMARY</A> </FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> 5 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td><FONT STYLE="font-size: 10pt"> <A HREF="#a_004">RISK FACTORS</A> </FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> 6 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td><FONT STYLE="font-size: 10pt"> <A HREF="#a_005">ABOUT FIRST UNITED CORPORATION</A> </FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> 6 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td><FONT STYLE="font-size: 10pt"> <A HREF="#a_006">USE OF PROCEEDS</A> </FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> 6 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td><FONT STYLE="font-size: 10pt"> <A HREF="#a_007">SELLING SECURITY HOLDERS</A> </FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> 7 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td><FONT STYLE="font-size: 10pt"> <A HREF="#a_008">PLAN OF DISTRIBUTION</A> </FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> 7 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td><FONT STYLE="font-size: 10pt"> <A HREF="#a_009">DESCRIPTION OF SECURITIES TO BE REGISTERED</A> </FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> 8 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td><FONT STYLE="font-size: 10pt"> <A HREF="#a_010">EXPERTS</A> </FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> 13 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td><FONT STYLE="font-size: 10pt"> <A HREF="#a_011">LEGAL MATTERS</A> </FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> 13 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td><FONT STYLE="font-size: 10pt"> <A HREF="#a_012">WHERE YOU CAN FIND MORE INFORMATION</A> </FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> 13 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td><FONT STYLE="font-size: 10pt"> <A HREF="#a_013">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</A> </FONT></td>
    <td style="text-align: right"><FONT STYLE="font-size: 10pt"> 13 </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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_001"></A>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 6, 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 13 and &ldquo;INCORPORATION OF CERTAIN INFORMATION BY REFERENCE&rdquo; on page 13 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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_002"></A>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 &ldquo;forward-looking
information&rdquo; within the meaning of Section 21E of the Exchange Act, and the Private Securities Litigation Reform Act of
1995. Those statements 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;, 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 in reading this prospectus. 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>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol"> &middot; </FONT></TD><TD> general business
                                         and economic conditions in the markets we serve may be less favorable than anticipated
                                         which could decrease the demand for loan, deposit and other financial services and 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>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> We undertake no obligation to publicly
update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however,
to consult any further disclosures we make on related subjects in our periodic and current reports that we file with the SEC.
Also note that we provide cautionary discussion of risks, uncertainties and possibly inaccurate assumptions relevant to our businesses
in our periodic and current reports to the SEC incorporated by reference herein and in prospectus supplements and other offering
materials. These are factors that, individually or in the aggregate, management believes could cause our actual results to differ
materially from expected and historical results. </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 note these factors for investors
as permitted by the Private Securities Litigation Reform Act of 1995. 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B> <A NAME="a_003"></A>PROSPECTUS SUMMARY </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt; text-indent: 0.5in"><I> The following is only a summary of
some of the information contained or incorporated by reference in this prospectus which we believe to be important to investors.
We have selected highlights of material aspects of our business to be included in this summary. We urge you to read this entire
prospectus, including the information incorporated by reference in this prospectus. Investing in the securities involves risks.
Therefore, you should carefully consider the information provided under the heading &ldquo;RISK FACTORS&rdquo; on page 6. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt"><B> Business </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt; 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 trust preferred securities to investors and which we collectively refer to as the &ldquo;Trusts&rdquo;. The Bank operates
25 banking offices, one call center and 28 Automated Teller Machines in 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 is
an independent community bank providing a complete range of retail and commercial banking services to businesses and individuals
in its market areas. The Bank&rsquo;s deposits are insured by the Federal Deposit Insurance Corporation. In addition to its two
consumer finance company subsidiaries and a statutory trust subsidiary used to hold other real estate owned, the Bank owns a 99%
limited partnership interest in Liberty Mews Limited Partnership, a Maryland limited partnership formed for the purpose of acquiring,
developing and operating low-income housing units in Garrett County, Maryland. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt; text-align: left; 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. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt; 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 4pt"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt; 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 4pt; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt"><B> The Offering </B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 98%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 26%"><FONT STYLE="font-size: 10pt"> Background </FONT></td>
    <TD STYLE="width: 5%"> &nbsp; </td>
    <TD STYLE="width: 69%"><FONT STYLE="font-size: 10pt"> We agreed to file a registration statement, of which this prospectus
    forms a part, with the SEC to register the sale or other disposition of the warrant held by the selling security holders and
    the shares of common stock that may be issued upon the exercise of the warrant.&nbsp;&nbsp;See &ldquo;SELLING SECURITY HOLDERS&rdquo;
    on page 7. </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"> Securities Covered Hereby </FONT></td>
    <td> &nbsp; </td>
    <td><FONT STYLE="font-size: 10pt"> A warrant to purchase 326,323 shares of our common stock, par value $0.01 per share,
    and the 326,323 shares of common stock that may be issued upon the exercise of that warrant.&nbsp;&nbsp; </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"> Use of Proceeds </FONT></td>
    <td> &nbsp; </td>
    <td><FONT STYLE="font-size: 10pt"> We will not receive any proceeds from the sales of the warrant or the shares of common
    stock underlying the warrant by the selling security holders.&nbsp;&nbsp; </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"> Market for Securities </FONT></td>
    <td> &nbsp; </td>
    <td><FONT STYLE="font-size: 10pt"> Our common stock is listed on The NASDAQ Global Select Market under the symbol &ldquo;FUNC&rdquo;. </FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</DIV>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_004"></A>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 the securities covered
by this prospectus involves certain risks. The significant risks and uncertainties related to these securities 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 our securities. Any of these factors could materially
and adversely affect our business, financial condition, operating results and prospects and could negatively impact the market
price of our securities. 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 our securities. This prospectus also contains forward-looking statements
that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking
statements as a result of certain factors, including the risks discussed above. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B> <A NAME="a_005"></A>ABOUT 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-indent: 0.5in"><FONT STYLE="font-weight: normal"> First
United Corporation is a Maryland corporation that was incorporated in 1985 and is a bank holding company registered under the
federal Bank Holding Company Act of 1956, as amended. Our primary business activity is acting as the parent company of the Bank
and the Trusts, which were formed for the purpose of selling &ldquo;trust preferred securities&rdquo; that qualify as Tier 1 capital
to third-party investors. The Bank has two finance company subsidiaries, OakFirst Loan Center, Inc., a West Virginia corporation,
and OakFirst Loan Center, LLC, a Maryland limited liability company, and one Maryland statutory trust subsidiary, First OREO Trust,
that was formed for the purposes of servicing and disposing of the real estate that the Bank acquires through foreclosure or by
deed in lieu of foreclosure. The Bank also owns 99.9% of the limited partnership interests 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. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-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"> &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"><B> <A NAME="a_006"></A>USE OF PROCEEDS </B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_007"></A>SELLING SECURITY HOLDERS</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"> On January 30, 2009, we issued the securities
covered by this prospectus to the United States Department of Treasury, which is the initial selling security holder under this
prospectus, in a transaction exempt from the registration requirements of the Securities Act. The initial selling security holder,
or its successors, including transferees, may from time to time offer and sell, pursuant to this prospectus or a supplement to
this prospectus, any or all of the securities they own. The securities to be offered under this prospectus for the account of
the selling security holders consist of: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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> a warrant
                                         to purchase 326,323 shares of our common stock; 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> 326,323 shares
                                         of our common stock issuable upon exercise of the warrant, which shares, if issued, would
                                         represent ownership of approximately 5.2% of our outstanding common stock as of February
                                         27, 2015. </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">Beneficial ownership is determined in accordance
with the rules of the SEC and includes voting or investment power with respect to the securities. To our knowledge, the initial
selling security holder has sole voting and investment power with respect to the securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For purposes of this prospectus, we have assumed
that, after completion of the offering, none of the securities covered by this prospectus will be held by the selling security
holders. It must be noted, however, that we do not know when or in what amounts the selling security holders may offer the securities
for sale. The selling security holders might not sell any or all of the securities offered by this prospectus. Because the selling
security holders may offer all or some of the securities pursuant to this offering, and because currently no sale of any of the
securities is subject to any agreements, arrangements or understandings, we cannot estimate the number of the securities that will
be held by the selling security holders after completion of the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Other than with respect to the acquisition of
the securities, the initial selling security holder has not had a material relationship with us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Information about the selling security holders
may change over time, and changed information will be set forth in supplements to this prospectus if and when necessary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_008"></A>PLAN OF DISTRIBUTION</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 selling security holders and their successors,
including their transferees, may sell the securities directly to purchasers or through underwriters, broker-dealers or agents,
who may receive compensation in the form of discounts, concessions or commissions from the selling security holders or the purchasers
of the securities. These discounts, concessions or commissions as to any particular underwriter, broker-dealer or agent may be
in excess of those customary in the types of transactions involved.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The securities may be sold in one or more transactions
at fixed prices, at prevailing market prices at the time of sale, at varying prices determined at the time of sale or at negotiated
prices. These sales may be effected in transactions that may involve crosses or block transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If underwriters are used in an offering of the
securities, then the offered securities will be acquired by the underwriters for their own account and may be resold in one of
more transactions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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> on any national
                                         securities exchange or quotation service on which the warrant or the common stock may
                                         be listed or quoted at the time of sale, including, as of the date of this prospectus,
                                         the NASDAQ Global Select Market in the case of the common stock; </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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>in the over-the-counter market;</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>in transactions otherwise than on these exchanges or services or in the over-the-counter market; 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>through the writing of options, whether the options are listed on an options exchange or otherwise.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, any securities that qualify for
sale pursuant to Rule 144 under the Securities Act may be sold under Rule 144 rather than pursuant to this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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"> In connection with the sale of the securities
or otherwise, the selling security holders may enter into hedging transactions with broker-dealers, which may in turn engage in
short sales of the common stock issuable upon exercise of the warrant in the course of hedging the positions they assume. The
selling security holders may also sell short the common stock issuable upon exercise of the warrant and deliver common stock to
close out short positions, or loan or pledge the common stock issuable upon exercise of the warrant to broker-dealers that in
turn may sell these securities. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The aggregate proceeds to the selling security
holders from the sale of the securities will be the purchase price of the securities less discounts and commissions, if any.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In effecting sales, broker-dealers or agents
engaged by the selling security holders may arrange for other broker-dealers to participate. Broker-dealers or agents may receive
commissions, discounts or concessions from the selling security holders in amounts to be negotiated immediately prior to the sale.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In offering the securities covered by this prospectus,
the selling security holders and any broker-dealers who execute sales for the selling security holders may be deemed to be &ldquo;underwriters&rdquo;
within the meaning of Section 2(a)(11) of the Securities Act in connection with such sales. Any profits realized by the selling
security holders and the compensation of any broker-dealer may be deemed to be underwriting discounts and commissions. Selling
security holders who are &ldquo;underwriters&rdquo; within the meaning of Section 2(a)(11) of the Securities Act will be subject
to the prospectus delivery requirements of the Securities Act and may be subject to certain statutory and regulatory liabilities,
including liabilities imposed pursuant to Sections 11, 12 and 17 of the Securities Act and Rule 10b-5 under the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To comply with the securities laws of certain
jurisdictions, if applicable, the securities must be sold in such jurisdictions only through registered or licensed brokers or
dealers. In addition, in certain jurisdictions the securities may not be sold unless they have been registered or qualified for
sale in the applicable jurisdiction or an exemption from the registration or qualification requirement is available and complied
with.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The anti-manipulation rules of Regulation M
under the Exchange Act may apply to sales of securities pursuant to this prospectus and to the activities of the selling security
holders. In addition, we will make copies of this prospectus available to the selling security holders for the purpose of satisfying
the prospectus delivery requirements of the Securities Act, including Rule 153 under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">At the time a particular offer of securities
is made, if required, a prospectus supplement will set forth the number and type of securities being offered and the terms of the
offering, including the name of any underwriter, dealer or agent, the purchase price paid by any underwriter, any discount, commission
and other item constituting compensation, any discount, commission or concession allowed or reallowed or paid to any dealer, and
the proposed selling price to the public.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> We do not intend to apply for listing of
the warrant on any securities exchange or for inclusion of the warrant in any automated quotation system. No assurance can be
given as to the liquidity of the trading market, if any, for the warrant. </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 agreed to indemnify the selling security
holders against certain liabilities, including certain liabilities under the Securities Act. We have also agreed, among other things,
to bear substantially all expenses (other than underwriting discounts and selling commissions) in connection with the registration
and sale of the securities covered by this prospectus.</P>

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

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

<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">&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>Warrant to Purchase Common Stock</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 following is a brief description of
the terms of the warrant that may be sold by the selling security holders. This summary does not purport to be complete in all
respects. This summary is subject to and qualified in its entirety by reference to the warrant, which is filed as Exhibit 4.6
to the registration statement of which this prospectus forms a part and is 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>Shares of Common Stock Subject to the Warrant</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 warrant is initially exercisable for
326,323 shares of our common stock. The number of shares subject to the warrant are subject to the adjustments described below
under the heading &ldquo;<I>Adjustments to the Warrant</I>&rdquo;. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Exercise of the Warrant</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 initial exercise price applicable to
the warrant is $13.79 per share of common stock for which the warrant may be exercised. The warrant may be exercised at any time
on or before January 30, 2019 by surrender of the warrant and a completed notice of exercise attached as an annex to the warrant
and the payment of the exercise price for the shares of common stock for which the warrant is being exercised. The exercise price
may be paid either by the withholding by First United of such number of shares of common stock issuable upon exercise of the warrant
equal to the value of the aggregate exercise price of the warrant determined by reference to the market price of our common stock
on the trading day on which the warrant is exercised or, if agreed to by us and the holder of the warrant, by the payment of cash
equal to the aggregate exercise price. The exercise price applicable to the warrant is subject to the further adjustments described
below under the heading &ldquo;<I>Adjustments to the Warrant</I>&rdquo;. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Upon exercise of the warrant, certificates for
the shares of common stock issuable upon exercise will be issued to the holder of the warrant. We will not issue fractional shares
upon any exercise of the warrant. Instead, the holder of the warrant will be entitled to a cash payment equal to the market price
of our common stock on the last day preceding the exercise of the warrant (less the pro-rated exercise price of the warrant) for
any fractional shares that would have otherwise been issuable upon exercise of the warrant. We will at all times reserve the aggregate
number of shares of our common stock for which the warrant may be exercised.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have listed the shares of common stock issuable
upon exercise of the warrant with the NASDAQ Stock Market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Rights as a Shareholder</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 holder of the warrant has no rights or privileges
of the holders of our common stock, including any voting rights, until (and then only to the extent) the warrant has been exercised.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Transferability</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 warrant, and all rights under the warrant,
are transferable.</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>Adjustments to the Warrant</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"><I>Adjustments in Connection with Stock Splits,
Subdivisions, Reclassifications and Combinations</I>. The number of shares for which the warrant may be exercised and the exercise
price applicable to the warrant will be proportionately adjusted in the event we pay dividends of or otherwise make distributions
of our common stock, or subdivide, combine or reclassify outstanding shares of our common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> <I>Anti-dilution Adjustment</I>.
If we declare any dividends or distributions other than our historical, ordinary cash dividends, then the exercise price of the
warrant will be adjusted to reflect such distribution. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Certain Repurchases</I>. If we effect a pro
rata repurchase of common stock, then both the number of shares issuable upon exercise of the warrant and the exercise price will
be adjusted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> <I>Business Combinations</I>. In
the event of a merger, consolidation or similar transaction involving First United and requiring shareholder approval, the warrant
holder&rsquo;s right to receive shares of our common stock upon exercise of the warrant shall be converted into the right to exercise
the warrant for the consideration that would have been payable to the warrant holder with respect to the shares of common stock
for which the warrant may be exercised, as if the warrant had been exercised prior to such merger, consolidation or similar transaction. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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"><B>Common Stock</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"> 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, including the shares of common stock that may be issued upon exercise of the warrant. 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 4.12, 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 Symbol; margin: 0"></P>

<P STYLE="font: 10pt Symbol; 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"><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>


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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">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>

<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>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_010"></A>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 in 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"><B><A NAME="a_011"></A>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. If legal matters in connection with
offerings made pursuant to this prospectus are passed upon by counsel for the underwriters, dealers or agents, if any, such counsel
will be named in the prospectus supplement relating to such offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_012"></A>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 Securities Exchange Act of 1934, as amended, or the &ldquo;Exchange Act&rdquo;, 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; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_013"></A>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"> &#9;(i)&nbsp;&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>


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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"> &#9;(ii)&nbsp;&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">&#9;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of our common stock which appears in our
Registration Statement on Form 8-A filed on February 19, 1986, or any description of the common stock that appears in any prospectus
forming a part of any subsequent registration statement of the Corporation or in any registration statement filed pursuant to Section
12 of the Exchange Act, including any amendments or reports filed for the purpose of updating such description.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> In addition, the following documents will
automatically be deemed to be incorporated by reference into this prospectus: (i) all documents that the we file pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of the initial registration statement to which this prospectus relates
and prior to effectiveness of the registration statement; and (ii) all documents that we file pursuant to Sections 13(a), 13(c),
14 and 15(d) of the Exchange Act after the effectiveness of such registration statement and prior to the termination of the offering
to which this prospectus relates. 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. </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 will promptly provide without charge to each
person to whom this prospectus is delivered a copy of any or all information that has been incorporated herein by reference (not
including exhibits to the information that is incorporated by reference unless such exhibits are specifically incorporated by reference
into such information) upon the written or oral request of such person. Written requests should be directed to: First United Corporation,
Corporate Secretary, 19 South Second Street, Oakland, Maryland 21550. Telephone requests should be directed to the Corporate Secretary
at (888) 692-2654.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B> Item 14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
Expenses of Issuance and 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-align: justify; 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" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<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"> 1,356 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"> Accounting Fees and Expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 11,100 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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"> 30,000 </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"> 2,500 </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"> 2,000 </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: 0.125in"> Total </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD STYLE="font-weight: bold; text-align: left"> $ </TD><TD STYLE="font-weight: bold; text-align: right"> 46,956 </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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B> Item 15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification
of Directors and Officers. </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 Maryland General Corporation Law 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 Maryland General Corporation Law 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 Maryland General Corporation Law 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 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"> As permitted under Section 2-418(k) of the
Maryland General Corporation Law, 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: 0.75in; 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 which immediately follows the signatures hereto and which 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: 0.75in; 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: 20pt"></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: 0.75in">(1)&nbsp;&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: 1.25in">(i)&nbsp;&nbsp;&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: 1.25in">(ii)&nbsp;&nbsp;&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: 1.25in">(iii)&nbsp;&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</U>, <U>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: 0.75in">(2)&nbsp;&nbsp;&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 0 0 0in; text-indent: 0.75in">(3)&nbsp;&nbsp;&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 0 0 0.75in; text-indent: 0in">(4)&nbsp;&nbsp;&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: 0.75in"><FONT STYLE="font-size: 10pt">(5)&nbsp;&nbsp;&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: 0.75in"> (6)&nbsp;&nbsp;&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: 1.25in"> (i)&nbsp;&nbsp;&nbsp;&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: 1.25in"> (ii)&nbsp;&nbsp;&nbsp;&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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.25in"> (iii)&nbsp;&nbsp;&nbsp;&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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.25in"> (iv)&nbsp;&nbsp;&nbsp;&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;&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">&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 0 0 0.5in"> (c)-(g) &nbsp;&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;&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 0 0 0.5in">(i)-(l) &nbsp;&nbsp;&nbsp;&nbsp;N/A.</P>

<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; text-align: center"><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> &nbsp; </TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B> FIRST UNITED CORPORATION: </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%"> &nbsp; </TD>
    <TD STYLE="width: 6%"> &nbsp; </TD>
    <TD STYLE="width: 42%"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"> /s/ William B. Grant </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> William B. Grant </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"><I> Chairman and CEO </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"><FONT STYLE="font-size: 10pt"> &nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"> William B. Grant, Director, Chairman &amp; CEO </FONT></TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> 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"><FONT STYLE="font-size: 10pt"> &nbsp; </FONT></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><FONT STYLE="font-size: 10pt"> &nbsp; </FONT></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: 7%"><FONT STYLE="font-size: 10pt"> * By: </FONT></TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"> /s/ William B. Grant </FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt"> &nbsp; </FONT></TD>
    <TD STYLE="width: 46%"> &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; text-align: center"><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: 12%; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Exhibit No.</FONT></TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 86%; 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 of the 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) of the 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) of the 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 of the 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 the Corporation and the U.S. Department of Treasury (incorporated by reference
    to Exhibit 10.1 of the 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 of the 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"> Sample Stock Certificate for Series A Preferred Stock for the Series A Preferred Stock
    (incorporated by reference Exhibit 4.3 of the 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"> 4.6 </FONT></TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> Common Stock Purchase Warrant dated January 30, 2009 issued to the U.S. Department of
    Treasury (incorporated by reference to Exhibit 4.2 of the 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"> 4.7 </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"> 4.8 </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"> 4.9 </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"> 4.10 </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 4.7) </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"> 4.11 </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 4.7) </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"> 4.12 </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 4.8) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">5.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Opinion of Gordon Feinblatt LLC (previously filed)</FONT></TD></TR>
<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"> 23.1 </FONT></TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> Consent of Baker Tilly Virchow Krause, LLP, Independent Registered Public Accounting
    Firm (filed herewith) </FONT></TD></TR>
</TABLE>

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

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">23.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Consent of Gordon Feinblatt LLC (contained in Exhibit 5.1)</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"> 24.1 </FONT></TD>
    <TD> &nbsp; </TD>
    <TD><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-indent: -1in">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>v405936_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<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: 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. 4 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; text-align: justify">&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">&nbsp;</P>


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