First United Corporation
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19 South Second Street, Oakland, MD 21550
FOR IMMEDIATE RELEASE
Date: 07/28/2003
Contact: Robin E. Murray
(301) 533-2400, Fax: (301) 334-5784
FIRST UNITED CORPORATION CONSUMMATES ACQUISITION OF
FOUR BANKING OFFICES IN BERKELEY COUNTY, WEST VIRGINIA
Oakland, Maryland - First United Corporation (NASDAQ:FUNC), announced today that
it has consummated, through its bank subsidiary, First United Bank & Trust, the
acquisition of four banking offices and a commercial banking center in Berkeley
County, West Virginia from Huntington Bancshares Incorporated (NASDAQ:HBAN) and
its bank subsidiary, The Huntington National Bank.
The transaction includes the acquisition of approximately $134 million in
deposits and $49 million of loans as of July 11, 2003, and has positioned First
United Bank & Trust as the second largest bank in Berkeley County with a 19%
deposit market share.
Diane Armentrout, district manager for the Martinsburg offices stated, "First
United has a reputation for providing personalized, locally delivered banking
services. We are excited about this transaction and look forward to becoming
part of the First United team."
"All of our Martinsburg customers will continue to do business in the same
community office locations and with the same great people. With access to First
United's other regional banking offices in Martinsburg, as well as offices in
Washington and Frederick Counties, banking in this area will become more
convenient than ever," stated William B. Grant, Chairman and CEO.
First United held a series of employee meetings and hosted a family dinner for
employees of all four Huntington offices. "We are a family-oriented
organization, so getting to know each employee and their families is important
to us. We wanted to welcome each employee to the First United team by holding a
special reception for this group as well as their families," said Jeannette
Fitzwater, Director of Human Resources for First United.
Two of the offices purchased are located in Martinsburg, West Virginia, with the
other two located in Falling Waters, West Virginia, and Inwood, West Virginia.
About First United
First United Corporation is a Maryland financial holding company that, along
with its affiliates, provides a wide range of financial products, including
Trust, Insurance, and Investment Services. These services are customized to
support and enhance the lives of people and businesses in Maryland's Garrett,
Allegany, Washington and Frederick counties, as well as West Virginia's Mineral,
Hardy, Hampshire and Berkeley counties through 20 offices, one financial center
and a nationally recognized Customer Service Center. Since its founding in 1900,
First United has remained independent and grown steadily through sound financial
management practices and by investing time, energy and resources in the
communities it serves. As of March 31, 2003, First United Corporation posted
assets of $985 million and had 6,087,433 common shares outstanding. First
United's website is www.mybankfirstunited.com.
Forward-looking Statements
First United Corporation has made certain "forward-looking" statements with
respect to this news release. Such statements should not be construed as
guarantees of future performance. Actual results may differ from
"forward-looking" information as a result of any number of unforeseeable
factors, which include, but are not limited to, the effect of prevailing
economic conditions, the overall direction of government policies, unforeseeable
changes in the general interest rate environment, competitive factors in the
marketplace, business risk associated with credit extensions and trust
activities, and other risk factors. These and other factors could lead to actual
results, which differ, materially from management's statements regarding actual
performance. For a more complete discussion of these and other risk factors,
please see "Rick Factors" in Part I, Item 1 of the Company's Annual Report on
Form 10-K for the year ended December 31, 2002.