Unassociated Document
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of
Report (Date of earliest event reported): October 28, 2008
First
United Corporation
(Exact
name of registrant as specified in its charter)
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Maryland
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0-14237
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52-1380770
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(State
or other jurisdiction of
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(Commission
file number)
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(IRS
Employer
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incorporation
or organization)
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Identification
No.)
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19
South Second Street, Oakland, Maryland 21550
(Address
of principal executive offices) (Zip Code)
(301)
334-9471
(Registrant’s
telephone number, including area code)
N/A
(Former
Name or Former Address, if Changed Since Last Report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligations of the registrant under any of the following
provisions:
o
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item
2.02 Results
of Operations and Financial Condition.
The
information required by this Item is contained in Item 7.01 of this report,
which is incorporated herein by reference.
Item
7.01. Regulation
FD Disclosure.
First
United Corporation (the “Corporation”) announces that it will record an
additional $1.2 million in the provision for probable credit losses for the
third quarter of 2008 over the $3.0 million reported on October 15, 2008,
bringing the total provision for probable credit losses for the third quarter
to
$4.2 million. The $1.2 million increase is attributable to a loan in which
the
Corporation’s wholly-owned bank subsidiary, First United Bank & Trust, is a
participant with another banking institution. The Corporation anticipates that
this $1.2 million expense will reduce earnings for the third quarter of 2008
by
an additional $.13 per share on an after-tax basis over the previously-reported
anticipated reduction to earnings.
The
$4.2
million provision compares to $.8 million recorded in the provision for probable
credit losses for the same quarter of 2007 and $1.0 million recorded for the
quarter ended June 30, 2008. Year to date, the provision for probable credit
losses totals $6.6 million, compared to $1.3 million for the nine months ended
September 30, 2007. The allowance for loan losses represented 1.05% of
outstanding loans at September 30, 2008.
The
foregoing is intended to apprise investors only of the anticipated expense
discussed above. It is not, and should not be construed as, a full discussion
of
the Company’s financial condition at September 30, 2008 or results of operations
for the third quarter of 2008, which will be discussed in a subsequent earnings
release and/or the Corporation’s next Quarterly Report on Form
10-Q.
This
report on Form 8-K contains forward-looking statements as defined by the Private
Securities Litigation Reform Act of 1995. Forward-looking statements do not
represent historical facts, but rather statements about management’s beliefs,
plans and objectives about the future, as well as its assumptions and judgments
concerning such beliefs, plans and objectives. These statements are evidenced
by
terms such as “anticipate”, “estimate”, “should”, “expect”, “believe”, “intend”,
and similar expressions. Although these statements reflect management’s good
faith beliefs and projections, they are not guarantees of future performance
and
they may not prove true. These projections involve risk and uncertainties that
could cause actual results to differ materially from those addressed in the
forward-looking statements. These risks and uncertainties include, but are
not
limited to, changes in general economic, market, or business conditions; changes
in the quality or composition of the investment portfolio; changes in laws
or
regulations or policies of federal and state regulators and agencies; and other
circumstances beyond the control of the Corporation. Consequently, all of the
forward-looking statements made in this report are qualified by these cautionary
statements, and there can be no assurance that the actual results anticipated
will be realized, or if substantially realized, will have the expected
consequences on the Corporation’s business or operations. For a discussion of
the risks and uncertainties to which the Corporation is subject, see the section
of the periodic reports that the Corporation files with the Securities and
Exchange Commission entitled “Risk Factors”.
The
information contained in Item 2.02 and this Item 7.01 shall not be deemed
“filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), or incorporated by reference in any filing under
the Securities Act of 1933, as amended, or the Exchange Act, except as shall
be
expressly set forth by specific reference in such a filing.
SIGNATURES
Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by
the undersigned, thereunto duly authorized.
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FIRST
UNITED
CORPORATION |
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| Dated:
October 28, 2008 |
By: |
/s/ Carissa
L. Rodeheaver |
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Carissa
L. Rodeheaver, |
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Executive
Vice
President and
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