Dear Fellow Shareholders:

Your Company’s performance in 2000 yielded another year of record performance. Earnings per share rose from $1.30 to $1.37. As you review your Report and the enclosed financials, you will be able to see the challenges and opportunities that were before us, and how we responded to them.

As we begin our second century of service, we are encouraged by the position we occupy within our markets. Our size enables us to quickly respond to the needs of our customers, and to develop and maintain close relationships with the individuals and small businesses we are privileged to serve. At the same time, we are large enough to provide the array of products and services which are needed to compete in today’s financial services industry. We plan to build on these strengths in the years to come in order to fulfill our Mission Statement, as found in the front of this Report. We believe that, in time, the market will come to recognize the value inherent in the business proposition we stand for and the strategies we pursue.

Together with all the fine associates here at First United, we thank you for your support.