First United Corp (NASDAQ: FUNC) is a bank holding company that operates First United Bank & Trust, a community bank serving customers in Maryland and surrounding markets. The company earns money primarily through net interest income, the spread between interest earned on loans and investment securities and interest paid on deposits and borrowings, supplemented by fee-based income including trust services. First United Bank & Trust held a 33.20% deposit market share in Allegany County, Maryland, ranking first in that market as of the FDIC Deposit Market Share data cited in the FY2025 10-K filing. In Frederick County, Maryland, the bank held a 3.41% deposit market share, competing against PNC Bank, Truist Bank, Bank of America, M&T Bank, and others. Total borrowings stood at $113.6 million as of December 31, 2025, down from $186.3 million at December 31, 2024, reflecting repayment of FHLB advances and Federal Reserve Discount Window borrowings. The bank carries $95.9 million in long-term borrowings as of FY2025, including $65.0 million in FHLB advances and $30.9 million in junior subordinated debentures.

Revenue model

Net interest income from loans and investment securities, funded by core deposits and wholesale borrowings. Fee income from trust and other banking services.

Products and services

Commercial and consumer loans, deposit accounts, trust and wealth management services, mortgage banking (loans held for sale), investment securities portfolio, bank-owned life insurance.

Customers and end markets

Retail and commercial banking customers in Allegany County and Frederick County, Maryland. Trust services clients. Deposit-funded lending to local businesses and consumers.

Value-chain role

Community bank and trust company serving as a direct lender and deposit-gatherer in rural and small-market geographies in Maryland.

Geographic exposure

Primary markets: Allegany County, Maryland (33.20% deposit market share, 2 offices) and Frederick County, Maryland (3.41% deposit market share, 3 offices), per FDIC Deposit Market Share data cited in the FY2025 10-K.

Competitors

Manufacturers and Traders Trust Company (M&T Bank), Truist Bank, PNC Bank, Bank of America, Dollar Bank Federal Savings Bank, Somerset Trust Company, Atlantic Union Bank, Woodsboro Bank, Middletown Valley Bank, Capital One, Wells Fargo, ACNB Bank, WesBanco

Source: SEC 10-K, filed 2026-03-10

Industry: National Commercial Banks Peers: CB Financial Services Inc MALVERN BANCORP, INC. PNC Financial Services Group Inc Sound Financial Bancorp Inc United Security Bancshares