First Farmers and Merchants Corporation Holds Annual Meeting of Shareholders

Rhea-AI Summary

First Farmers and Merchants Corporation (OTC Pink: FFMH) held its annual meeting where shareholders elected two new directors, Dr. Christa S. Martin and W. Eric Mayberry, enhancing board expertise. The meeting celebrated the highest earnings in the company’s 113-year history, with total assets reported at approximately $1.9 billion and total shareholders’ equity near $97 million. Shareholders also ratified the selection of Plante & Moran, PLLC as the independent public accounting firm for fiscal year 2023. The Board now consists of ten directors focused on the company's strategic direction.

Positive

• Achieved highest earnings in the company's 113-year history.
• Total assets of approximately $1.9 billion and shareholders' equity of around $97 million.
• Addition of experienced directors enhances strategic board capabilities.

Negative

• None.

Shareholders Elect Two New Directors

COLUMBIA, Tenn.--(BUSINESS WIRE)-- First Farmers and Merchants Corporation (OTC Pink: FFMH), the holding company for First Farmers and Merchants Bank, reported that shareholders elected a slate of 10 directors and ratified the selection of Plante & Moran, PLLC as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2023.

In comments made at the annual meeting of shareholders, Brian K. Williams, First Farmers’ Chairman and CEO, said, “First Farmers achieved the highest level of earnings in our 113-year history, and I want to thank all our team members for their contributions in reaching this milestone. Our team is passionate about our mission and values as a community banking partner, and we look forward to continued progress in 2023.

“We are also pleased to announce the addition of Dr. Christa S. Martin and W. Eric Mayberry as new members of First Farmers’ Board of Directors. They add an additional depth of experience to our Board of Directors along with their close connections to the markets we serve. We look forward to their counsel and expertise in shaping the strategic direction of our company in the future.”

Dr. Martin serves as the Assistant to the President for Access and Diversity for Columbia State Community College. She is past Vice Mayor of the City of Columbia and the first African American woman elected to that position. She is the recipient of numerous awards including: the Legacy Award from Columbia Peace and Justice Initiative; Nashville Business Journal Women of Influence Trailblazer Award; Middle Tennessee State University Unity Award; President’s Medal from Columbia State Community College; Maury County NAACP President’s Award; and League of Innovation and Excellence in Community Colleges. She holds a doctor of higher educational leadership from Nova Southeastern University, Masters of Science from Middle Tennessee State University, and a bachelor’s degree from Middle Tennessee State University.

Mr. Mayberry is the ninth President of the Tennessee Farm Bureau Federation, the nation’s largest state Farm Bureau. He guides its board of director and works with county, district, state, and national leadership, partners in the agricultural industry, lawmakers and other decision makers to ensure agriculture remains prosperous in Tennessee. He previously served as vice president of Farm Bureau and was past president of the Humphreys County Farm Bureau Board of Directors. Mr. Mayberry operates a full-time farming operation in Humphreys County, Tennessee raising corn, soybeans and beef cattle on more than 1,000 acres.

Shareholders also re-elected the eight incumbent Directors of First Farmers and Merchants Corporation for a one-year term, including:

• Jeffrey L. Aiken, Deputy Commissioner, Tennessee Department of Agriculture
• Jonathan M. Edwards, President and CEO, Edwards Oil Company
• E. Marlee Mitchell, Partner, Holland & Knight LLP
• Jeffrey L. Pannell, CEO, Tennessee Farmers Insurance Companies
• Richard C. Perko, President and CEO, Lee Company
• H. Alan Watson, Retired CEO, Maury Regional Health
• Brian K. Williams, Chairman & CEO of the Company
• Gina B. Wolfe, Co-Owner, Wolfe Enterprises

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, 2022, First Farmers reported total assets of approximately $1.9 billion, total shareholders’ equity of approximately $97 million, and administered trust assets of $5.7 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/20230420005999/en/

Robert E. Krimmel

Chief Financial Officer

(931) 380-8257

Source: First Farmers and Merchants Corporation

FAQ

What were the key outcomes of the recent First Farmers and Merchants Corporation annual meeting?

Shareholders elected two new directors, celebrating record earnings and approving an independent accounting firm.

Who are the newly elected directors of First Farmers and Merchants Corporation?

Dr. Christa S. Martin and W. Eric Mayberry were elected as new members of the Board of Directors.

What is the stock symbol for First Farmers and Merchants Corporation?

The stock symbol for First Farmers and Merchants Corporation is FFMH.

What milestone did First Farmers and Merchants Corporation achieve recently?

The company announced it achieved the highest level of earnings in its 113-year history.

What is the total asset value reported by First Farmers and Merchants Corporation?

As of December 31, 2022, the company reported total assets of approximately $1.9 billion.