Farmers and Merchants Bancshares, Inc. Completes Acquisition of Carroll Bancorp, Inc.
Farmers and Merchants Bancshares has completed its acquisition of Carroll Community Bank, enhancing its market presence in Maryland. The integration process will begin with a systems conversion planned for December 2020, after which Carroll's branding will transition to Farmers and Merchants. CEO James R. Bosley Jr. expressed enthusiasm for the merger, highlighting its potential to improve service offerings and investment in local communities. With over 100 years of service, Farmers and Merchants aims to strengthen its operations across Carroll and Baltimore Counties.
- Acquisition of Carroll Community Bank expands market presence in core regions.
- Planned systems integration may enhance operational efficiencies.
- Potential for improved product offerings to customers.
- None.
Bank Deepens Presence and Commitment to the Community
Hampstead, Md., Oct. 01, 2020 (GLOBE NEWSWIRE) -- Farmers and Merchants Bancshares, Inc. (OTC PINK: FMFG) (“Farmers and Merchants”), parent company of Farmers and Merchants Bank, announced today that it has completed the acquisition of Carroll Community Bank.
With the transaction finalized, the combined Farmers and Merchants team continues to work diligently to successfully integrate the former Carroll Community Bank with the systems conversion planned for December 2020, at which point Carroll Community’s branding will change to Farmers and Merchants.
“We are thrilled to welcome Carroll Community Bank customers and staff to the Farmers and Merchants Bank family”, said James R. Bosley Jr., President and CEO of Farmers and Merchants Bank. “This combination allows us to deepen and expand our presence in our core market and will allow us to continue investing to enhance our products and services to better serve our customers and communities.”
About the Company
Farmers and Merchants Bancshares, Inc. is a financial holding company and the parent of Farmers and Merchants Bank. The Bank was chartered in Maryland in 1919 and is currently celebrating over 100 years of service to the community. The Bank serves the deposit and financing needs of both consumers and businesses in Carroll and Baltimore Counties along the Route 30 and Route 795 corridors from Owings Mills, Maryland to the Pennsylvania State line. The main office is located in Upperco, Maryland, with eight additional branches in Owings Mills, Hampstead, Greenmount, Reisterstown, Eldersburg and Westminster. Certain broker-dealers make a market in the common stock of Farmers and Merchants Bancshares, Inc., and trades are reported through the OTC Markets Group’s Pink Market under the symbol “FMFG”.
Forward-Looking Statements
The statements contained herein that are not historical facts are forward-looking statements (as defined by the Private Securities Litigation Reform Act of 1995) based on management's current expectations and beliefs concerning future developments and their potential effects on the Company. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “will,” “expect,” “believe,” “intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. These projections involve risk and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements. For a discussion of these risks and uncertainties, see the section of the periodic reports filed by Farmers and Merchants Bancshares, Inc. with the Securities and Exchange Commission entitled “Risk Factors”.
FAQ
What is the significance of the Farmers and Merchants Bancshares acquisition of Carroll Community Bank?
When will Carroll Community Bank complete its integration with Farmers and Merchants Bank?
How does the acquisition of Carroll Community Bank affect FMFG shareholders?
What changes will occur after the acquisition of Carroll Community Bank?
