First United Corp to close 4 branches in Feb 2024; expects $1.3M costs, $1.0M annual savings

FIRST UNITED CORP/MD/

Closures: Cannery (Frederick, MD), White Oaks (Cumberland, MD), Bridgeport (Bridgeport, WV), Cheat Landing (Morgantown, WV).
Total closure costs estimated at ~$1.3M, mainly from accelerated depreciation and leasing.
Annual cost savings projected at ~$1.0M from the branch closures.
Closures scheduled for February 2024.

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