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Farmers & Merchants Bancorp, Inc. (NASDAQ: FMAO) is a longstanding financial institution established in 1897 and headquartered in Archbold, Ohio. As the holding company for Farmers & Merchants State Bank, F&M has been committed to serving the diverse financial needs of its communities for over a century. The bank operates 22 branch locations across Ohio and Indiana, with offices in cities including Archbold, Bryan, Defiance, Delta, Hicksville, Montpelier, Napoleon, Perrysburg, Stryker, Swanton, Sylvania, Wauseon, West Unity, Angola, Auburn, and Butler.
The core business of Farmers & Merchants Bancorp encompasses a comprehensive range of banking services including commercial, agricultural, and residential mortgages, as well as consumer and credit card lending activities. By offering these services, F&M ensures the financial well-being of individuals, farmers, businesses, and industries within its market area. The company prides itself on its dedication to community banking and its mission to foster growth and prosperity through quality customer service.
In recent achievements, F&M has shown resilience and strategic growth. The company reported a 4.3% increase in third-quarter deposits, reaching a record $2.58 billion. This growth was driven by a 3.3% rise in non-interest-bearing deposits. The bank has also expanded its footprint by opening new full-service offices in Oxford and Toledo, Ohio, as well as additional offices in Fort Wayne, Indiana, and Birmingham, Michigan. These new locations are part of F&M's strategic efforts to scale operations and strengthen community relations.
The leadership team, under the guidance of President and CEO Lars B. Eller, has also focused on enhancing internal capabilities. Significant investments have been made in new internal audit and marketing functions, and the Human Resources department has been restructured to better support the bank's growth. A new shared services group has been formed to streamline operations further.
Farmers & Merchants Bancorp's financial health is maintained through prudent management and regulatory compliance. The bank has adopted the Accumulated Other Comprehensive Income (AOCI) opt-out election, which excludes AOCI from the calculation of tangible equity for regulatory purposes. This election, along with strategic adjustments, has fortified the bank’s capital base, ensuring stability and capacity for future growth.
F&M continues to be an integral part of the communities it serves, firmly holding its place as a reliable and customer-centric banking institution. By leveraging its historical strengths and investing in future growth, Farmers & Merchants Bancorp, Inc. is well-positioned to navigate the evolving financial landscape and deliver sustained value to its stakeholders.
Farmers & Merchants Bancorp (FMAO) has announced an 11.8% year-over-year increase in its quarterly cash dividend, raising it to $0.19 per share from $0.18. This marks the second increase in dividends this year, reflecting the company's strong momentum and benefits from recent acquisitions. The fourth quarter dividend is payable on January 20, 2022, to shareholders of record as of December 28, 2021. President Lars B. Eller emphasized the bank's commitment to returning capital to shareholders as profitability grows.
Farmers & Merchants Bancorp (Nasdaq: FMAO) reported a strong third quarter for 2021, with net income up 34.2% to $5.9 million and earnings per share increasing to $0.53. Adjusted net income, excluding one-time expenses, rose 60.8% to $7.1 million. The company achieved record quarterly net interest income of $17.8 million, a 36.5% increase, and net loans grew significantly by 48.2% year-over-year. Total deposits surged 22.9% to $1.87 billion. The regular quarterly dividend increased by 5.9%, marking the 27th consecutive annual rise.
Farmers & Merchants Bancorp, Inc. (FMAO) has successfully completed its acquisition of Perpetual Federal Savings Bank (PFSB). This strategic move is aimed at expanding F&M's presence in key Ohio markets such as Urbana, Dayton, and Sidney, and is expected to enhance customer growth opportunities.
Following this acquisition, F&M's total assets rise to approximately $2.64 billion, with total deposits of $2.23 billion and loans of $1.81 billion. The PFSB branches will rebrand to Farmers & Merchants State Bank by October 4, 2021, and a system conversion is scheduled for October 18, 2021.
Farmers & Merchants Bancorp, Inc. (FMAO) has announced the acquisition of Perpetual Federal Savings Bank (PFSB) following regulatory approvals. The transaction, which garnered 98% approval from PFSB shareholders, is set to close on October 1, 2021. David Vernon, a PFSB director, will join FMAO's Board. FMAO's CEO, Lars Eller, expressed confidence in the acquisition's integration and potential to expand services for PFSB's customers, enhancing community-focused banking.
The Board of Directors of Farmers & Merchants Bancorp, Inc. (FMAO) announced a 5.9% increase in its quarterly cash dividend, raising it from $0.17 to $0.18 per share. This marks the 27th consecutive annual increase since 1994. The third quarter dividend is scheduled for payment on October 20, 2021, to shareholders of record as of September 28, 2021. CEO Lars B. Eller emphasized the company's strong capital position and profitable model, highlighting F&M's 11th longest track record of consecutive dividend increases among 800 publicly traded banks.
Farmers & Merchants Bancorp (FMAO) announced the successful completion of a private placement of $35 million in subordinated notes, with a fixed interest rate of 3.25% for the first five years. This capital aims to enhance regulatory Tier 2 capital and support the company’s growth strategies, including acquisitions and organic expansion. The notes are redeemable after five years and will accrue a floating interest rate thereafter. CEO Lars B. Eller expressed optimism regarding the strengthened capital position.
Farmers & Merchants Bancorp (FMAO) reported a net income of $5.0 million for Q2 2021, a 3.7% increase year-over-year, equating to $0.44 per share. Net interest income rose 17.9% to $15.3 million, while noninterest income climbed 21.1% to $4.0 million. The bank's total deposits grew 25.5% to $1.854 billion. FMAO completed the acquisition of Ossian Financial Services and announced another acquisition of Perpetual Federal Savings Bank, projected to close in October 2021, adding $513 million in assets and $413 million in deposits.
The Board of Directors of Farmers & Merchants Bancorp has announced a quarterly cash dividend of $0.17 per share, payable on July 20, 2021, to shareholders of record as of June 28, 2021. This decision reflects the company's commitment to returning value to its shareholders. As of March 31, 2021, the company reported assets totaling $2.0 billion.
Farmers & Merchants State Bank has been operational since 1897, serving Northwest Ohio and Northeast Indiana with a range of financial services.
Farmers & Merchants Bancorp, Inc. (NASDAQ: FMAO) announced the appointment of Frank R. Simon to its Board of Directors following the retirements of Paul S. Siebenmorgen and Anthony J. Rupp. The Board will now consist of 12 members. Mr. Simon brings extensive experience representing financial institutions, as he is the founding and Managing Member of Simon PLC Attorneys & Counselors. Lars Eller, CEO, expressed optimism about Simon's expertise enhancing the company's strategic goals.
Farmers & Merchants Bancorp (FMAO) has signed an agreement to acquire Perpetual Federal Savings Bank (PFSB) in a stock and cash deal valued at approximately $103.7 million. PFSB, with $391 million in total assets as of March 31, 2021, will enhance FMAO's community banking presence in several key Ohio markets. Shareholders can choose between stock or cash for their PFSB shares. The merger is expected to be accretive to FMAO's earnings per share by approximately 10% and 14.5% in the first and second years, respectively, despite a 6.6% initial dilution in tangible book value.
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