ARCHBOLD, Ohio – F&M Bank, headquartered in Archbold, Ohio and owned by Farmers & Merchants Bancorp (NASDAQ:MBIN), Inc. (NASDAQ:FMAO), has announced a change in its Board of Directors. Kevin Frey has been appointed to the Board of Directors of both the company and the bank, effective October 22, 2024. Concurrently, the bank disclosed the retirement of Dr. K. Brad Stamm from the board, with his tenure concluding on October 25, 2024.
Frey brings a background as Vice President of Frey & Sons, a real estate brokerage and auction company. His experience in managing real estate and involvement with Yoder & Frey, Inc. is expected to provide valuable perspectives to F&M Bank's operations. Frey's educational credentials include a Bachelor of Arts in accounting and a previous career as a Certified Public Accountant.
Andrew Briggs, F&M's Chairman, expressed confidence in Frey's appointment, highlighting his deep roots in the bank's legacy market and his extensive experience. Briggs anticipates Frey's insights will enhance the bank's connection to the communities it serves.
Dr. Stamm, who has been a board member since November 2016, was honored for his service and contributions to the board on October 22, 2024. Lars Eller, President and CEO of F&M, acknowledged Dr. Stamm's instrumental role and leadership during his tenure.
F&M Bank has a longstanding history of community service since 1897, providing commercial and retail banking services across multiple counties in Ohio, Northeast Indiana, and Michigan. The bank also operates Loan Production Offices in several locations.
The information in this article is based on a press release statement from Farmers & Merchants Bancorp, Inc. The company has cautioned that forward-looking statements may be subject to various risks and uncertainties, including those related to local banking conditions, competition, interest rates, legislative and regulatory decisions, capital market conditions, and the potential impact of COVID-19 on the economy and the bank's business operations.
In other recent news, Farmers & Merchants Bancorp has made notable strides in its operations. The company has announced a slight increase in its quarterly cash dividend, marking the 30th consecutive year of dividend growth. The new dividend of $0.22125 per share reflects the company's steady growth and solid capital levels.
Furthermore, Farmers & Merchants Bancorp has renewed its employment agreement with President and CEO, Lars B. Eller. The new three-year contract maintains Eller's annual base salary at $504,686, with potential increases and various employee benefit plans.
The company has also announced a change in its independent registered public accounting firm. Starting from the year ending December 31, 2025, Plante & Moran, PLLC will take over the audit responsibilities from the previous auditor, Forvis Mazars, LLP.
In addition, Piper Sandler recently initiated coverage on Farmers & Merchants Bancorp with a 'Neutral' rating, acknowledging the company's robust risk management practices and strategic growth initiatives. These developments highlight the company's recent activities and ongoing commitment to its operations and shareholders.
InvestingPro Insights
As F&M Bank undergoes changes in its Board of Directors, it's worth noting some key financial metrics and insights from InvestingPro that shed light on the company's current position and performance.
Farmers & Merchants Bancorp, Inc. (NASDAQ:FMAO) has demonstrated a strong commitment to shareholder returns. According to InvestingPro Tips, the company has raised its dividend for 14 consecutive years and has maintained dividend payments for an impressive 28 consecutive years. This consistent dividend policy aligns well with the bank's longstanding history of community service since 1897, as mentioned in the article.
The company's financial health appears robust, with a market capitalization of $366.62 million and a price-to-earnings ratio of 17.37. These figures suggest a stable valuation for a regional bank of its size. Moreover, FMAO's dividend yield stands at 3.27%, which may be attractive to income-focused investors in the current market environment.
InvestingPro data also reveals that FMAO has seen a significant price uptick over the last six months, with a total return of 29.59%. This positive momentum is further reinforced by the company's one-year price total return of 62.75%, indicating strong investor confidence in the bank's direction and performance.
As the bank welcomes Kevin Frey to its Board of Directors, his background in real estate and accounting could prove valuable, especially considering that FMAO's price-to-book ratio is currently at 1.14, suggesting the stock may be reasonably valued relative to its book value.
For readers interested in a more comprehensive analysis, InvestingPro offers additional tips and insights that could provide a deeper understanding of FMAO's financial position and future prospects.
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