First United Corporation (FUNC): History, Ownership, Mission, How It Works & Makes Money

Ever wondered how a community-focused bank thrives in today's competitive financial landscape? First United Corporation (FUNC), with its roots stretching back to 1900, stands as a testament to enduring values and strategic adaptation. With a strong financial performance in 2024, including a revenue of $76.87 million and earnings of $20.57 million, how does FUNC balance its rich history with modern financial solutions to serve its communities and deliver solid results? Keep reading to discover FUNC's unique approach to banking, its mission, and how it continues to generate value for its stakeholders.

First United Corporation (FUNC) History

First United Corporation's Founding Timeline

Year established

First United Corporation was established in 1900.

Original location

The bank's original location was in Oakland, Maryland. Today, the headquarters is located in Bridgeport, West Virginia.

Founding team members

Unfortunately, information regarding the specific names of the founding team members is not available in the provided search results.

Initial capital/funding

Details about the initial capital or funding during the founding of First United Corporation in 1900 are not available in the provided search results.

First United Corporation's Evolution Milestones

First United Corporation's Transformative Moments

• Expansion through Acquisitions: First United Corporation has grown significantly through strategic acquisitions, enhancing its market presence and service offerings.
• Adaptation to Economic Changes: The corporation has navigated various economic cycles, adapting its strategies to maintain stability and growth.
• Focus on Community Banking: Remaining committed to community banking principles has allowed First United Corporation to build strong customer relationships and local market expertise.

To gain more insights into the company's financial standing, check out this analysis: Breaking Down First United Corporation (FUNC) Financial Health: Key Insights for Investors

First United Corporation (FUNC) Ownership Structure

First United Corporation operates with a diverse ownership structure, blending institutional, insider, and retail investors. Understanding this structure is key to grasping the dynamics influencing the company's decisions and strategic direction. To gain more insight into the company's guiding principles, explore the Mission Statement, Vision, & Core Values of First United Corporation (FUNC).

First United Corporation's Current Status

First United Corporation is a publicly traded company, meaning its shares are available for purchase by the general public on a stock exchange. This allows a broad range of investors to own a part of the company.

First United Corporation's Ownership Breakdown

The following table summarizes the ownership distribution of First United Corporation, offering a snapshot of the key stakeholders and their respective holdings:

First United Corporation's Leadership

The leadership team at First United Corporation is responsible for setting the strategic direction and overseeing the company's operations. Key figures include:

• Carissa L. Rodeheaver: Chairman of the Board, President and Chief Executive Officer
• Robert D. Baronner: Executive Vice President and Chief Financial Officer
• Gregory A. Pase: Executive Vice President and Chief Lending Officer

First United Corporation (FUNC) Mission and Values

First United Corporation aims to deliver financial solutions and build strong relationships within its communities, focusing on integrity and long-term value. The company's values emphasize commitment to customers, employees, and the communities it serves.

First United Corporation's Core Purpose

Official mission statement

To inspire and empower others to Spend Life Wisely.

Vision statement

While a specific vision statement was not found in the provided search results, First United Corporation's actions and stated mission suggest a vision focused on:

• Building lasting relationships with customers by providing tailored financial solutions.
• Empowering employees through a supportive and inclusive work environment.
• Contributing to the prosperity and well-being of the communities they serve.
• Operating with integrity and a long-term perspective to create sustainable value.

Company slogan/tagline

Spend Life Wisely.

To gain more insights into First United Corporation's strategic direction and financial stability, consider exploring Breaking Down First United Corporation (FUNC) Financial Health: Key Insights for Investors.

First United Corporation (FUNC) How It Works

First United Corporation operates as the bank holding company for First United Bank & Trust, providing an array of community-oriented financial services to individuals, businesses, and governmental entities.

First United Corporation's Product/Service Portfolio

First United Corporation's Operational Framework

First United Corporation (FUNC) executes its operational framework through several key processes:

• Deposit Acquisition: Attracting and retaining customer deposits through competitive interest rates and a broad branch network.
• Loan Origination: Underwriting and extending loans to qualified borrowers, focusing on risk management and compliance.
• Investment Management: Managing an investment portfolio to maximize returns while adhering to regulatory requirements and risk parameters.
• Customer Service: Providing high-quality customer service through multiple channels, including branches, online banking, and mobile banking.

The company focuses on serving the financial needs of its local communities, emphasizing relationship banking and local decision-making. This approach allows First United to tailor its services to the specific needs of its customers and markets.

First United Corporation's Strategic Advantages

First United Corporation maintains several strategic advantages that contribute to its market success:

• Community Focus: Strong local presence and deep community ties, fostering customer loyalty.
• Diversified Product Offerings: A wide range of financial services, enabling cross-selling and enhanced customer relationships.
• Experienced Management Team: Leadership with extensive banking and financial services expertise.
• Risk Management Practices: Conservative underwriting standards and robust risk management framework.

These advantages enable First United to compete effectively in its markets, deliver value to its customers, and generate sustainable profitability. Learn more about the company's investors: Exploring First United Corporation (FUNC) Investor Profile: Who’s Buying and Why?

First United Corporation (FUNC) How It Makes Money

First United Corporation primarily generates revenue through its banking and financial services, offering various loan products, deposit accounts, and wealth management services to individuals and businesses.

First United Corporation's Revenue Breakdown

While precise revenue breakdown percentages for the fiscal year 2024 are not available in the provided search results, we can infer revenue streams based on First United Corporation's business activities. The following is a generalized estimation based on typical banking operations:

First United Corporation's Business Economics

First United Corporation's business economics are driven by several key factors:

• Interest Rate Spread: The difference between the interest earned on loans and the interest paid on deposits is a primary driver of profitability. Economic conditions and competitive pressures influence this spread.
• Loan Volume: The amount of loans the bank originates directly impacts its interest income. Loan volume is affected by factors such as economic growth, interest rates, and credit availability.
• Fee Income: Revenue from services like account maintenance, wire transfers, and other banking services contributes to the bottom line.
• Operating Efficiency: Managing operational costs, including salaries, technology, and real estate, is crucial for maintaining profitability.
• Credit Quality: The quality of the loan portfolio impacts profitability. Lower credit quality results in higher loan losses, reducing earnings.

First United Corporation's Financial Performance

Analyzing First United Corporation's financial performance involves looking at key metrics:

• Net Income: Represents the company's profit after all expenses and taxes. It's a fundamental measure of overall profitability.
• Earnings Per Share (EPS): Indicates the profitability on a per-share basis, important for investors.
• Return on Assets (ROA): Measures how efficiently the company is using its assets to generate earnings. A higher ROA indicates better performance.
• Return on Equity (ROE): Measures how efficiently the company is using shareholders' equity to generate profits.
• Net Interest Margin (NIM): A key profitability ratio that reflects the difference between interest income and interest expense, relative to interest-earning assets.
• Efficiency Ratio: Measures operating expenses as a percentage of revenue; a lower ratio indicates better efficiency.

To gain more insights into the investor profile, you might find this resource helpful: Exploring First United Corporation (FUNC) Investor Profile: Who’s Buying and Why?

First United Corporation (FUNC) Market Position & Future Outlook

First United Corporation navigates a competitive financial landscape, with a focus on community banking and wealth management services, aiming for steady growth and enhanced customer relationships. Its future outlook is shaped by strategic initiatives to expand its digital presence and capitalize on market opportunities within its geographic footprint.

Competitive Landscape

Note: Market share percentages are estimates based on publicly available information and industry reports, reflecting regional presence within First United Corporation's operational areas. These figures can fluctuate based on specific market conditions and competitive activities. The estimated market share of 1-2% for First United Corporation is based on its presence and focus within specific communities, contrasting with larger regional players like Truist and PNC.

Opportunities & Challenges

Industry Position

First United Corporation operates as a community-focused financial institution, emphasizing local relationships and personalized services. Its industry position can be further described by:

• Niche Market Focus: Catering to small businesses and individual customers within its geographic footprint.
• Relationship Banking: Prioritizing customer service and building long-term relationships.
• Conservative Lending Practices: Maintaining a strong asset quality through careful underwriting.
• Community Involvement: Actively participating in local events and supporting community development initiatives.

For insights into the financial health of First United Corporation, consider reading: Breaking Down First United Corporation (FUNC) Financial Health: Key Insights for Investors