Farmers and Merchants Bank Expands Collaboration with Jack Henry to Support the Future of Local Community Banking

Rhea-AI Summary

Jack Henry (Nasdaq: JKHY) has expanded its partnership with Farmers & Merchants Bank, a $1.25-billion asset community bank in Virginia. This collaboration aims to enhance F&M Bank's service offerings and operational efficiencies for retail and commercial accounts. The bank will utilize Jack Henry's Banno Business platform to facilitate business and agricultural accounts and deploy advanced treasury management services. F&M Bank, established in 1908, focuses on customer service, community involvement, and innovative banking solutions. This partnership underscores the importance of community banks and technology in providing essential financial services.

Positive

• Expansion of partnership with Farmers & Merchants Bank enhances service offerings.
• Utilization of Banno Business platform to improve operational efficiencies.
• Introduction of advanced treasury management services for business needs.

Negative

• None.

Bank leverages Jack Henry security, operational efficiencies and open banking infrastructure to support growing retail and commercial accounts

MONETT, Mo., March 28, 2023 /PRNewswire/ -- Jack Henry™ (Nasdaq: JKHY) announced today that it is expanding its existing partnership with longtime client Farmers & Merchants Bank (F&M Bank), a $1.25-billion asset community bank based in Virginia. While larger financial institutions have left the area, F&M Bank is leveraging Jack Henry's modern technology architecture to serve the market in need with scale and efficiency.

The bank is committed to providing the communities it serves with innovative, convenient and reliable retail and commercial services. Jack Henry's Banno Business will help the bank expand its business and agricultural accounts to larger markets. In addition, the bank will be deploying treasury management services to meet the most advanced business needs.

Founded in 1908, F&M Bank has been providing personalized banking services and financial solutions to individuals and businesses across Virginia for more than a century. The bank has built a reputation for its commitment to customer service, community involvement, and agricultural lending in the Shenandoah Valley area. F&M Bank has invested in the fintech ecosystem by joining BankTech Ventures, and furthering its dedication with Jack Henry's open infrastructure will support the evolving needs of its community by providing access to a wider range of financial services.

"F&M Bank has met the banking needs of our communities for 115 years with exceptional customer service and innovative products and solutions," said Mark Hanna, Chief Executive Officer & President of F&M Bank. "Jack Henry understands that it is community banks like F&M Bank that power Main Street America. We share a vision for the future where technology and people will equip us to grow and scale. We have partnered with them to drive the continual improvement of features, functionalities, and security that will help ensure that our accountholders have faster and better modern services. Together, we are positioned to continue forward while maintaining a focus on our customers who make it all possible."

Stacey Zengel, senior vice president of Jack Henry and president of Bank Solutions, said, "Jack Henry is committed to ensuring that financial institutions like F&M Bank will continue to be pillars of innovation and financial opportunity for the communities they serve. The bank has been a part of financial lives in the Shenandoah Valley for generations, and with modern, user-friendly, scalable services, they will be able to reach many more generations to come."

About Jack Henry & Associates, Inc.^®

Jack Henry™ (Nasdaq: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user centricity – offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For more than 46 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders. We empower approximately 8,000 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health. Additional information is available at www.jackhenry.com.

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SOURCE Jack Henry & Associates, Inc.

FAQ

What is the significance of Jack Henry's partnership with Farmers & Merchants Bank?

The partnership aims to enhance service offerings and operational efficiencies for retail and commercial accounts.

How will Jack Henry's technology benefit Farmers & Merchants Bank?

Jack Henry's Banno Business platform will help F&M Bank expand its business and agricultural accounts and deploy advanced treasury management services.

When was Farmers & Merchants Bank founded?

Farmers & Merchants Bank was founded in 1908.

What is the asset size of Farmers & Merchants Bank?

Farmers & Merchants Bank has an asset size of $1.25 billion.

What does Jack Henry offer to its clients?

Jack Henry provides technology solutions aimed at enhancing financial institutions' services and operational efficiencies.