FIRST UNITED CORP/MD/ 8-K

What Happened
First United Corporation (FUNC) filed a Form 8‑K on January 16, 2026 reporting an executive leadership change under Item 5.02. Carissa L. Rodeheaver transitioned from Chairman, President and CEO to Executive Chairman effective January 1, 2026. Jason B. Rush, age 54, was appointed President and Chief Executive Officer of the corporation and its bank subsidiary effective January 1, 2026.

Key Details

• Jason B. Rush’s annual base salary as President & CEO is set at $450,000. Other compensation terms are described in the company’s 2025 proxy statement (incorporated by reference).
• Rush has worked at First United since October 1993; from January 2017 to December 31, 2025 he served as Senior VP & Chief Operating Officer and previously held senior risk and operations roles.
• As Executive Chairman, Carissa Rodeheaver will continue as Board Chair and will oversee regulatory examinations, year-end reporting (including the 2025 Form 10‑K and the 2026 proxy), planning the 2026 annual meeting, and investor relations; she will also advise the new CEO on succession and other matters.
• The filing states no related‑party transactions with Mr. Rush or his affiliates have occurred since the start of the fiscal year ended Dec 31, 2024, and none are proposed for the remainder of fiscal 2026.

Why It Matters
This 8‑K documents a planned leadership succession at First United with an internal promotion to CEO and the former CEO moving to an oversight role. Investors should note the continuity (Rush is a long‑time company executive) and the explicit responsibilities retained by Rodeheaver—regulatory oversight, financial reporting, and investor relations—which may affect corporate governance and strategic continuity. The disclosed base salary ($450,000) and reference to prior proxy disclosures provide the primary compensation context for evaluating management costs.