First Farmers and Merchants Corporation Declares 100th Cash Dividend

Rhea-AI Summary

First Farmers and Merchants (OTC Pink: FFMH) has declared its 100th cash dividend. The quarterly cash dividend of $0.24 per share, reflecting a 4.3% increase from the previous year, will be paid on July 22, 2024, to shareholders on record as of July 8, 2024. The milestone underscores the Board's commitment to consistent shareholder returns. First Farmers has been paying dividends since 1983 and shifted to quarterly payouts in 2016 to offer more frequent capital returns. CEO Brian K. Williams emphasized the importance of strong dividend payouts for long-term shareholder value and expressed optimism about the company's strategic direction and future earnings performance.

Positive

• Quarterly cash dividend of $0.24 per share.
• 4.3% increase in the dividend compared to last year.
• 100th cash dividend milestone.
• Long-term shareholder value focus.
• Positive future outlook based on strategic changes.

Negative

• None.

Cash Dividend of $0.24 Per Share Declared

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 has declared the 100^th cash dividend paid to shareholders. The Company’s regular quarterly cash dividend of $0.24 per share will be paid on July 22, 2024, to shareholders of record as of July 8, 2024. The dividend represents a 4.3% increase compared with the cash dividend paid during the same period last year.

“We are pleased to announce the 100^th cash dividend paid to First Farmers’ shareholders,” stated Brian K. Williams, Chairman and Chief Executive Officer of First Farmers. “Reaching this milestone highlights the commitment of our Board of Directors to deliver consistent returns for our shareholders. First Farmers paid its first cash dividend in 1983 when they were paid semi-annually. In 2016, we began paying quarterly cash dividends to provide more frequent returns of capital to our shareholders.”

“A strong cash dividend payout is a vital component to the long-term shareholder value we seek to deliver. We remain very positive about the future of First Farmers based on the strategic changes we are implementing, and we believe First Farmers is well positioned for solid earnings performance as we move forward.”

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, 2024, First Farmers reported total assets of approximately $1.9 billion, total shareholders’ equity of approximately $124 million, and administered trust assets of $6.0 billion. For more information about First Farmers, visit us on the Web at www.myfirstfarmers.com under “Investor Relations.”

View source version on businesswire.com: https://www.businesswire.com/news/home/20240624334143/en/

Robert E. Krimmel

Chief Financial Officer

(931) 380-8257

Source: First Farmers and Merchants Corporation

FAQ

What is the dividend amount declared by First Farmers and Merchants ?

First Farmers and Merchants declared a quarterly cash dividend of $0.24 per share.

When will First Farmers and Merchants pay the declared dividend?

First Farmers and Merchants will pay the dividend on July 22, 2024.

What is the record date for First Farmers and Merchants 's dividend?

The record date for the dividend is July 8, 2024.

How much is the dividend increase compared to the previous year for FFMH?

The dividend represents a 4.3% increase compared to the same period last year.

How frequently does First Farmers and Merchants pay dividends?

First Farmers and Merchants pays dividends quarterly.