# First United Corp: Form 10-Q/A for the period ended Mar 31, 2020

- Company: [First United Corp](/companies/func.md) (CIK 763907)
- Form: 10-Q/A
- Filed: 2020-09-04
- Accepted by EDGAR: Sep 4, 2020, 17:00 ET
- Period: 2020-03-31
- Accession: 0001104659-20-102671
- Inline XBRL: no
- Main document: https://www.sec.gov/Archives/edgar/data/763907/000110465920102671/tm2030269d1_10qa.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/763907/000110465920102671/

## Management's discussion and analysis

As filed, 2,598 characters.

The following table provides information about shares of common stock purchased by or on behalf of First United Corporation and its affiliates (as defined by Exchange Act Rule 10b-18) during the three-month period ended March 31, 2020:

*Issuer Purchases of Equity Securities*

| Period | Total Number of Shares (or Units) Purchased (1) | Average Price Paid per Share (or Unit) | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs |
| --- | ---: | ---: | ---: | ---: |
| **January 2020** | - | - | - | 650,000 |
| **February 2020** | - | - | - | 650,000 |
| **March 2020** | 242,419 | $16.67 | 242,419 | 407,581 |
| **Total** | **242,419** | **$16.67** | **242,419** | **407,581** |

(1) Of the shares reported above, 145,291 shares were purchased by First United Corporation in open-market transactions pursuant to First United Corporation’s stock repurchase plan that was initially adopted effective April 30, 2019 (the “Repurchase Plan”). The Repurchase Plan, which originally authorized the purchase of up to 354,449 shares of common stock of First United Corporation, was amended in November 2019 to increase the maximum number of shares to 500,000. First United Corporation publicly announced both the adoption of the Repurchase Plan and its amendment. The Repurchase Plan, as amended, will expire on November 20, 2020 and authorizes the purchases to be conducted through open market or private transactions at such times and in such amounts per transaction as the Chairman and Chief Executive Officer of First United Corporation determines to be appropriate.

(2) The remaining 97,128 shares reported above were purchased by the Trust Department of First United Bank & Trust (the “Trust Department”) in open-market transactions using assets in the First United Corporation noncontributory defined benefit pension plan (the “Pension Plan”). On November 20, 2019, the Board of Directors of First United Corporation authorized the Trust Department, which administers the Pension Plan, to use up to 10% of the Pension Plan’s assets to purchase up to 150,000 shares of common stock, to be held as an investment in the Pension Plan. Such authorization, which was publicly announced, permits the Trust Department to purchase the shares in open market transactions or privately-negotiated transactions at such times, in such amounts, at such prices, and upon such other terms as are determined in the discretion of the Trust Department.

Filed Sep 4, 2020.
Source: SEC EDGAR, the filing index for accession 0001104659-20-102671. Last ingested by Listed: Nov 3, 2026, 22:37 ET. No prices; not investment advice.