Driver Management Company LLC (together with its affiliates, “Driver” or “we”), the manager of an investment partnership that holds more than 5% of the outstanding shares of First United Corporation (“First United” or the “Company”) (NASDAQ: FUNC), today announced that Egan-Jones Proxy Services (“Egan-Jones”), a leading independent proxy advisory firm, has endorsed its case for change at First United by recommending that shareholders vote on the WHITE proxy card to elect Michael J. Driscoll, Ed.D, Ethan C. Elzen and Lisa Narrell-Mead to the Board of Directors (the “Board”) ahead of the Company’s 2020 Annual Meeting of Shareholders (the “2020 Annual Meeting”) on June 11.
In its full report, Egan-Jones affirmed Driver’s scrutiny of First United’s abusive corporate governance practices and dismal long-term performance, concluding that shareholders should vote on the WHITE card1:
Abbott Cooper, Driver’s founder and managing member, commented:
“We are pleased that Egan-Jones supports our case for change at First United and recommends shareholders vote on the WHITE proxy card to elect all three of our highly-qualified, independent nominees: Michael J. Driscoll, Ed.D, Ethan C. Elzen and Lisa Narrell-Mead. Egan-Jones is in full agreement with Driver that First United’s anti-shareholder corporate governance and long-term underperformance need to be quickly addressed. Most importantly, Egan-Jones agrees our nominees will bring sorely-needed fresh perspectives and strategies to the boardroom, which are critical to First United’s transformation.”
DO NOT GIVE A “FREE PASS” TO AN ANTI-SHAREHOLDER, OVER-TENURED BOARD THAT HIDES BEHIND MARYLAND CORPORATE LAW TO TRY TO DISENFRANCHISE SHAREHOLDERS.
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As a reminder, shareholders can visit www.RenovateMyBank.com to learn about our highly-qualified nominees and HOW TO VOTE ON THE WHITE PROXY CARD TODAY!
Remember, only your latest dated card counts. Should you have any questions or need assistance with voting, please contact Saratoga Proxy Consulting LLC at (888) 368-0379 or (212) 257-1311 or by email at [email protected].
PROTECT YOUR INVESTMENT. SIGN, DATE AND RETURN YOUR WHITE PROXY CARD TODAY.
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About Driver Management
Driver employs a valued-oriented, event-driven investment strategy that focuses exclusively on equities in the U.S. banking sector. The firm’s leadership has decades of experience advising and engaging with bank management teams and boards of directors on strategies for enhancing shareholder value.
1 Permission to use quotations neither sought nor obtained. Emphasis added.
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