Common Stock Rights Offering

3 Months Ended

Mar. 31, 2017

Preferred Stock / Common Stock Rights Offering [Abstract]

Common Stock Rights Offering

Note 19 – Common Stock Rights Offering

On March 20, 2017, First United Corporation completed a common stock rights offering to existing shareholders in which it sold an aggregate of 783,626 shares of common stock at a subscription price of $11.93 per share, resulting in aggregate gross proceeds of approximately $9.4 million (the “Rights Offering”).  Net proceeds from the Rights Offering amounted to approximately $9.2 million, reflecting $144,667 in offering-related expenses.  The Corporation used the proceeds to partially offset the redemption of $10.0 million of Series A Preferred Stock and the full repayment of $10.8 million of junior subordinated debentures, both of which were completed in March 2017.