First United in Oakland, Md., is looking to raise up to $9.3 million through a rights offering.

The $1.2 billion-asset company said in a press release Monday that it will sell nearly 785,000 shares of common stock to existing shareholders at a subscription price between $9 and $11.93 a share. If the rights offering is fully subscribed, proceeds are expected to range from $7.1 million to $9.3 million.

First United said it plans to use the proceeds to offset the effects of its planned redemption of $10 million in preferred stock and its planned repayment of $10.8 million in outstanding junior subordinated debt.

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