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Subsequent Event | 3 Months Ended
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Mar. 31, 2021
Subsequent Event [Abstract] |
Subsequent Event | Note 2 – Subsequent Event On April 16, 2021, First United Corporation entered into a Cooperation and Settlement Agreement (the “Cooperation Agreement”) with Driver Opportunity Partners I LP (“Driver Partners”) and certain of its affiliates (collectively, “Driver”) pursuant to which, among other things: (a) the Corporation agreed to voluntarily dismiss with prejudice its declaratory relief action against Driver, originally filed in the Circuit Court for Garrett Country, Maryland and then pending before the United States District Court for the District of Maryland (the “District Court”) and captioned First United Corp. v. Driver Opportunity Partners I LP, et al., No. 1:20-cv-2592-RDB; (b) Driver Partners agreed to voluntarily dismiss with prejudice (1) its lawsuit filed in the District Court captioned Driver Opportunity Partners I LP v. First United Corp., et al., No. 1:20-cv-2575 RDB and (2) its lawsuit in the District Court captioned Driver Opportunity Partners I, LP v. First United Corp., et al., No. 1:21-cv-0788 RDB; (c) Driver agreed to a general release of claims with respect to the Corporation and its affiliates and representatives; and (d) the Corporation agreed to pay to Driver, in settlement of the litigation instituted by Driver Partners and in exchange for the general release of claims given by the Driver Parties, the sum of $3,300,000 (the “Settlement Amount”). The Corporation recorded the Settlement Amount, or approximately $2.5 million net of taxes, in the first quarter of 2021. The Corporation was notified by one of its insurance carriers that the carrier intends to contribute $404,173 toward the Settlement Payment and the Corporation’s legal expenses incurred in connection with these matters. This contribution was also recorded in the first quarter of 2021 as non-interest income. The Corporation is pursuing additional amounts from its insurance carriers that it believes are due under its insurance policies, although no assurance can be given that the Corporation will recover any of such amounts. Also, on April 16, 2021 (the “Effective Date”), First United Corporation (the “Corporation”) entered into a Stock Purchase Agreement (the “Purchase Agreement”) with Driver Opportunity Partners I LP (“Driver Partners”) under which, pursuant to the Corporation’s stock repurchase program authorized by the Corporation’s Board of Directors on January 27, 2021, the Corporation agreed to repurchase from Driver Partners 360,737 shares of the common stock, par value $0.01 per share, of the Corporation at a purchase price of $18.00 per share.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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