FUNC DD – Undervalued Regional Bank Trading Near 1x Tangible Book While Returning Capital

Ticker: FUNC Market Cap: ~$250M Sector: Regional Banking I’ve been researching smaller regional banks and came across First United Corporation (FUNC). This is a small Maryland/WV regional bank that appears materially undervalued relative to profitability, capital quality, and shareholder returns. This is not a hypergrowth story. The thesis is simple: FUNC appears to be a conservatively managed regional bank trading at a discounted valuation despite improving margins, steady profitability, divide