First Farmers and Merchants Corporation Announces 4.3% Increase in Quarterly Cash Dividend to $0.24 Per Share

COLUMBIA, Tenn.--(BUSINESS WIRE)-- First Farmers and Merchants Corporation (OTC Pink: FFMH), the holding company for First Farmers and Merchants Bank, today announced that its Board of Directors increased its regular quarterly cash dividend by 4.3% to $0.24 per share from $0.23 per share. The new higher dividend rate will be paid on July 17, 2023, to shareholders of record as of July 3, 2023.

“We are pleased to reward First Farmers’ shareholders with an increase in our cash dividend to $0.24 per share in recognition of our record net income for 2022,” stated Brian K. Williams, Chairman and Chief Executive Officer of First Farmers. “This increase represents the second time in three quarters that our Board of Directors increased the cash dividend, highlighting our continued earnings momentum into 2023.

“The increase in our cash dividend embraces our commitment to building long-term shareholder value for First Farmers’ shareholders. Our outlook remains positive for this year. Our financial position is very strong, and we remain focused on serving our customers, protecting our capital base and excellent credit quality in light of the projected softness in the national economy,” concluded Williams.

About First Farmers and Merchants Corporation and First Farmers and Merchants Bank

First Farmers and Merchants Corporation is the holding company for First Farmers and Merchants Bank, a community bank serving the Middle Tennessee area through 22 offices in seven Middle Tennessee counties. As of March 31, 2023, First Farmers reported total assets of approximately $1.9 billion, total shareholders’ equity of approximately $110 million, and administered trust assets of $5.8 billion. For more information about First Farmers, visit us on the Web at www.myfirstfarmers.com under “Investor Relations.”

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Robert E. Krimmel

Chief Financial Officer

(931) 380-8257

Source: First Farmers and Merchants Corporation