First United calls some perpetual preferreds, trust calls securities

By Wendy Van Sickle

Columbus, Ohio, Feb. 23 – First United Corp. has called 10,000 shares of its fixed-rate cumulative perpetual preferred stock, series A, for redemption on March 21, and First United Statutory Trust III called all of its securities for redemption on March 24, according to an 8-K filing with the Securities and Exchange Commission.

First United will redeem the series A preferred shares at $1,009 per share, for a total redemption price of $10.09 million.

Under the terms of the preferreds, the shares are to be redeemed from each holder on a pro rata basis.

As of Friday, there are 20,000 series A preferred shares outstanding.

First United Statutory Trust III will redeem its securities at $1,002.47 per trust security for a total redemption price of $10,828,000, including accrued dividends.

First United is an Oakland, Md.-based bank.

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