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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, Inc. (FMAO) has successfully acquired Ossian Financial Services, Inc. (OFSI), enhancing its presence in Northeast Indiana. This acquisition, the third in the area since 2018, has almost doubled F&M's total assets to approximately $2.2 billion. Post-acquisition, F&M operates 12 full-service offices in Indiana with total deposits of $462 million and loans of $445 million. Expected earnings from OFSI are projected to add about $0.08 per diluted share for the remainder of 2021, excluding one-time costs. Branch signage will change on May 1, 2021.
Farmers & Merchants Bancorp, Inc. (FMAO) reported a strong first quarter for 2021, with net income rising 19.6% to $4.9 million and earnings per share climbing 18.9% to $0.44. Net interest income increased by 5.7% to $13.3 million, aided by a 24.8% surge in total deposits. The company originated $43.5 million in new loans under the Paycheck Protection Program, helping protect over 18,000 jobs. Total stockholders' equity grew by 4.4% to $246.8 million. The firm aims to complete its acquisition of Ossian Financial Services, which is expected to positively impact earnings in 2021.
Farmers & Merchants Bancorp (FMAO) has opened a new full-service banking office in Fort Wayne, Indiana, enhancing its local presence. This facility, located at 7370 Illinois Rd., will feature modern banking technology including Interactive Teller Machines (ITMs) for customer convenience. The addition increases F&M’s Indiana network to 10 locations, servicing deposits of $395 million and loans of $366 million. CEO Lars B. Eller emphasized the commitment to community-centric banking in this growing area, aiming to strengthen customer relationships locally.
The Board of Directors of Farmers & Merchants Bancorp, Inc. (FMAO) announced a quarterly cash dividend of $0.17 per share, marking a 6.3% increase from the previous year. The dividend will be payable on April 20, 2021, to shareholders recorded by March 31, 2021. As of December 31, 2020, the company reported assets totaling $1.91 billion.
Farmers & Merchants Bancorp (FMAO) reported strong financial results for Q4 and the full year 2020, achieving record net income of $6.8 million for Q4, a 43.5% increase year-over-year, and an annual net income of $20.1 million, up 9.2%. Earnings per share for Q4 rose to $0.60, while total deposits increased 23.9% to a record $1.596 billion. Significant gains in noninterest income by 88.5% were due to high demand for residential mortgages. The company plans to complete acquisitions and optimize operations in 2021, with expectations of $2.1 million income benefit post-integration.
Farmers & Merchants Bancorp (FMAO) has announced the acquisition of Ossian Financial Services, Inc. (OFSI) for $20 million in cash, equating to $67.71 per share. The acquisition aims to enhance F&M's presence in Northeast Indiana, complementing previous acquisitions. Upon closing, F&M expects a 6.2% and 7.1% increase in diluted earnings per share in the first and second years, respectively. The deal is subject to regulatory and shareholder approvals, anticipated to finalize in Q2 2021. Following the merger, F&M will have consolidated assets of approximately $2 billion.
Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) announced a quarterly cash dividend of $0.17 per share, a 6.3% increase from Q4 2019. The dividend will be payable on January 20, 2021 to shareholders of record by December 29, 2020. The company reported assets of $1.83 billion as of September 30, 2020, underlining its financial stability and commitment to returning value to shareholders.
Farmers & Merchants Bancorp, Inc. (FMAO) announced the acquisition of Adams County Financial Resources (ACFR) for FM Investment Services. This deal is projected to generate over $500,000 in noninterest income in 2021. ACFR, with $83 million in assets under management and over 450 clients, will enhance FM Investment Services' footprint in Northeastern Indiana. The addition of Lorie A. Garwood as Vice President/Financial Advisor further strengthens the team's expertise, bringing in 20 years of experience in investment and banking.
Farmers & Merchants Bancorp, Inc. (NASDAQ: FMAO) has expanded its Board of Directors from 12 to 13 members with the appointment of Lori A. Johnston. A seasoned leader, Johnston is the President of ProMedica Insurance Corporation and brings extensive financial expertise, having previously worked as a CPA at Ernst & Young. Her addition is part of the Company's strategic initiative to enhance board talent, aiming to boost the Bank's growth and financial performance. Johnston will serve on the Audit Committee, contributing her insights to improve operational outcomes.
Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) announced a consolidation of four branch offices as part of its strategic plan to enhance operational efficiency and invest in remote banking solutions, effective March 1, 2021. The affected locations include offices in Archbold, Wauseon, Bryan, and Monroeville. CEO Lars B. Eller emphasized the shift towards electronic banking has been accelerated by customer demand and the COVID-19 pandemic. The consolidation aims to improve customer service while maintaining ATM access. Employees affected will have opportunities to transition to other roles within the company.
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