By letter dated December 9, 2015, William B. Grant notified First United Corporation and its bank subsidiary, First United Bank & Trust, that he will retire as Chairman and Chief Executive Officer of the Company and the Bank effective December 31, 2015. As disclosed in the Company's Current Report on Form 8-K filed on December 19, 2014 and in contemplation of Mr. Grant's planned retirement, the boards of directors of the Corporation and the Bank previously appointed Carissa L. Rodeheaver to replace Mr. Grant as Chairman of the Board and Chief Executive Officer effective January 1, 2016. Ms. Rodeheaver currently serves as a director and as the President of the Company and the Bank, and she will continue to serve as President following Mr. Grant's retirement.