Farmers & Merchants Bancorp, Inc. Raises the 2022 Third Quarter Cash Dividend Payment by 16.7% Year-over-Year to $0.21 per share
ARCHBOLD, Ohio, Sept. 16, 2022 (GLOBE NEWSWIRE) -- The Board of Directors of Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO), the holding company of The Farmers & Merchants State Bank, with assets of $2.675 billion at June 30, 2022, today announced that it has approved a 16.7% year-over-year increase in the Company’s quarterly cash dividend.
The new cash dividend has been raised to $0.21 per share from the previous dividend of $0.19, and $0.18 per share for the same period last year. This represents the 28th consecutive annual increase in the Company’s regular dividend payment since 1994. The third-quarter dividend is payable on October 20, 2022, to shareholders of record as of September 26, 2022.
Lars B. Eller, President and Chief Executive Officer stated: “According to data from S&P Capital IQ Pro, of the nearly 800 publicly traded banks, F&M has the 10th longest track record of consecutive dividend increases. Additionally, since 2017, our 2022 annualized cash dividend has increased at a 10.2% compound annual growth rate, reflecting F&M’s strong financial results and commitment to creating long-term value for its shareholders.”
About Farmers & Merchants Bancorp, Inc
The Farmers & Merchants State Bank is a local independent community bank that has been serving Northwest Ohio and Northeast Indiana since 1897. The Farmers & Merchants State Bank provides commercial banking, retail banking and other financial services. Our locations are in Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Williams, and Wood counties in Western Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties, and we have Loan Production Offices in West Bloomfield, Michigan; Muncie, Indiana; and Bryan and Oxford, Ohio.
Safe harbor statement
Farmers & Merchants Bancorp, Inc. (“F&M”) wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.
|Company Contact:||Investor and Media Contact:|
|Lars B. Eller|
President and Chief Executive Officer
Farmers & Merchants Bancorp, Inc.
|Andrew M. Berger|
SM Berger & Company, Inc.