OAKLAND, MD - First United Corporation (NASDAQ:FUNC), a company specializing in national commercial banking, disclosed in a regulatory filing today that Marisa Shockley will retire from its Board of Directors and from the Board of Directors of First United Bank & Trust, effective December 1, 2024.
Ms. Shockley's departure from the board is due to her recent retirement from her family business and a desire to focus on personal interests. The company clarified that her decision to retire was not based on any disagreements with the Corporation's operations, policies, or practices.
First United Corporation's business address is located at 19 South Second Street, Oakland, Maryland, 21550, and its common stock is traded on the Nasdaq Stock Market under the symbol FUNC.
The company's filing did not indicate any immediate plans for a successor on the board, nor did it elaborate on any changes to the board's composition following Ms. Shockley's retirement.
In other recent news, First United Corporation has announced a new stock repurchase program and declared a quarterly cash dividend for its shareholders. The company's stock repurchase program, set to take effect on August 30, 2024, authorizes the repurchase of up to 600,000 shares of its common stock, accounting for about 9.3% of its issued and outstanding shares. The timing and volume of the repurchases are at the discretion of the company's Chairman, President, and Chief Executive Officer, and will depend on various factors including market opportunities, share price, and the company's capital needs and strategic plans.
On the dividend front, First United Corporation has declared a $.22 per share dividend scheduled for payment on November 1, 2024, to stockholders of record as of October 18, 2024. This declaration is a continuation of First United's commitment to providing returns to its shareholders.
InvestingPro Insights
As First United Corporation (NASDAQ:FUNC) prepares for Marisa Shockley's retirement from its Board of Directors, investors may find value in examining the company's current financial position and market performance.
According to InvestingPro data, FUNC has a market capitalization of $221.23 million and is trading at a P/E ratio of 13.92, suggesting a relatively modest valuation compared to some peers in the banking sector. The company's dividend yield stands at 2.56%, with a noteworthy dividend growth of 10% over the last twelve months. An InvestingPro Tip highlights that FUNC has raised its dividend for 7 consecutive years, which may appeal to income-focused investors.
The stock's performance has been particularly strong, with a one-year price total return of 93.83% and a six-month return of 58.56%. Another InvestingPro Tip indicates that FUNC is trading near its 52-week high, currently at 97.83% of that peak. This robust performance could be attributed to the company's solid financials, including an operating income margin of 31.1% for the last twelve months.
For investors seeking a deeper analysis, InvestingPro offers 8 additional tips that could provide further insights into FUNC's investment potential.
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