First Farmers and Merchants Corporation Declares Quarterly Cash Dividend of $0.21 Per Share

Rhea-AI Summary

First Farmers and Merchants Corporation (OTC Pink: FFMH) has declared a quarterly cash dividend of $0.21 per share, payable on April 15, 2022, to shareholders of record as of April 1, 2022. The company's Chairman and CEO, T. Randy Stevens, emphasized the importance of the dividend and the expanded stock repurchase program in building long-term shareholder value. As of December 31, 2021, First Farmers reported total assets of approximately $2.0 billion and total shareholders' equity of $159 million.

Positive

• Quarterly cash dividend of $0.21 per share signifies ongoing shareholder returns.
• Dividend program has been maintained without cuts during the pandemic.

Negative

• None.

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 Company’s regular quarterly cash dividend of $0.21 per share, which will be paid on April 15, 2022, to shareholders of record as of April 1, 2022.

“Our cash dividend and stock repurchase programs are part of our strategy to build long-term shareholder value,” stated T. Randy Stevens, Chairman and Chief Executive Officer of First Farmers. “We are pleased that we have been able to continue our dividend program without any cuts throughout the pandemic while increasing our share repurchase program.”

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 December 31, 2021, First Farmers reported total assets of approximately $2.0 billion, total shareholders’ equity of approximately $159 million, and administered trust assets of $6.3 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/20220315006001/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 Corporation for April 2022?

The dividend amount is $0.21 per share.

When will First Farmers and Merchants Corporation pay its quarterly dividend?

The quarterly dividend will be paid on April 15, 2022.

What is the record date for the dividend payment by First Farmers and Merchants Corporation?

The record date for the dividend payment is April 1, 2022.

How has First Farmers and Merchants Corporation maintained its dividend during the pandemic?

The company has continued its dividend program without any cuts during the pandemic.

What is the total asset value reported by First Farmers and Merchants Corporation as of December 31, 2021?

The total assets were approximately $2.0 billion.