F&M Bank Corp 8-K, filed Jan 27, 2021
F&M Bank Corp (FMBM)
8-K
2021-01-27
For: 2021-01-27
View Original
Added on
April 06, 2026
About this 8-K
F&M Bank Corp filed this 8-K on January 27, 2021.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): January 27,
2021
_________________________
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(IRS
Employer
Identification
No.)
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(Address of
principal executive offices)
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Code)
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Registrant’s telephone number, including
area code: (540 ) 896-8941
Not Applicable
(Former
name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
Securities
registered pursuant to Section 12(b) of the Act:
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Indicate
by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2
of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the
Exchange Act. ☐
Item 8.01
Other Events.
On
January 27, 2021, F&M Bank Corp. (the “Company”),
announced that its wholly-owned subsidiary bank, Farmers &
Merchants Bank, has entered into an agreement to purchase the
operations of a branch office in Waynesboro, Virginia from Carter
Bankshares, Inc. The transaction will add an estimated $13.5
million of deposits to the balance sheet of the Company, at a
deposit premium of 2.0% on non-time deposits assumed at closing. No
loans are included in the transaction. Subject to regulatory
approvals and the satisfaction of customary closing conditions, the
transaction is expected to close early in the second quarter of
2021. A copy of the press release announcing this transaction is
attached to this filing as Exhibit 99.1.
Certain
information contained in this discussion may include
“forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements include statements related to the branch
expansion and the Company’s future operations and are
generally identified by phrases such as “the Company
expects,” “the Company believes” or words of
similar import. Although the Company believes that its expectations
with respect to the forward-looking statements are based upon
reliable assumptions within the bounds of its knowledge of its
business and operations, there can be no assurance that actual
results, performance or achievements will not differ materially
from any future results, performance or achievements expressed or
implied by such forward-looking statements. Factors that could have
a material adverse effect on the Company’s operations and
future prospects include, but are not limited to, difficulties or
unexpected costs in combining the acquired branch on the proposed
terms or anticipated schedule; deposit attrition, customer losses
and business disruption in connection with the branch acquisition;
expected growth opportunities may not be realized; changes in
interest rates, general economic conditions, or legislative and
regulatory policies; and other risk factors and cautionary language
included in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2019, and other filings with the Securities
and Exchange Commission. We undertake no obligation to update these
statements following the date of this report.
Item 9.01
Financial
Statements and Exhibits.
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Exhibit
No.
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Description
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Press
release dated January 27, 2021.
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104
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The
cover page from this Current Report on Form 8-K, formatted in
Inline XBRL.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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F & M Bank Corp.
(Registrant)
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Date:
January 27, 2021
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By:
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/s/
Carrie A. Comer
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Carrie A. Comer
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Executive
Vice President and Chief Financial Officer
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Exhibit 99.1
FOR
IMMEDIATE RELEASE: F&M Bank Announces Expansion into City of
Waynesboro
TIMBERVILLE, VA.,
January 27, 2021 -- F&M Bank
Corp. (OTCQX:FMBM), holding company for F&M Bank announced
today its intention to open a new location in the City of
Waynesboro, VA, expanding the $1B community bank’s presence
to four banking offices in the Augusta County market and 12 offices
serving the greater Shenandoah Valley.
“F&M’s
executive team is delighted to grow into the vibrant City of
Waynesboro – a thriving, local economy where many of our
customers live, work and play,” said Mark Hanna, President
& CEO. “Our focus remains on serving the Shenandoah
Valley and contiguous markets as an independent bank for the
long-term. The decision to expand into Waynesboro supports our
strategic initiative of organic growth in core markets to better
serve the banking needs of our communities.”
F&M
Bank has entered into an agreement with Carter Bankshares, Inc. to
acquire the branch, and associated client relationships, located at
2701 West Main Street in Waynesboro. This agreement is subject to
regulatory approvals and customary closing conditions and is
expected to be completed early in the second quarter of
2021.
Mr. Hanna is available for further comment.
Please contact Holly Thorne at marketing@fmbankva.com.
About
F&M Bank
F&M
Bank Corp. (OTCQX: FMBM) proudly remains the only publicly traded
organization based in Rockingham County, VA, and since 1908, has
served the Shenandoah Valley through its banking subsidiary F&M
Bank, with full-service branches and a wide variety of financial
services, including home loans through F&M Mortgage, and real
estate settlement services and title insurance through VSTitle.
Both individuals and businesses find the organization's local
decision-making, and up-to-date technology provide the kind of
responsive, knowledgeable, and reliable service that only a
progressive community bank can. F&M Bank has grown to $1
billion in assets with more than 175 full and part-time employees.
Its conservative approach to finances and sound investments, along
with excellent customer service, has made F&M Bank profitable
and continues to pave the way for a bright future.
Forward-looking
Statements
Certain
information contained in this discussion may include
“forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements include statements related to the branch
expansion and F&M’s future operations and are generally
identified by phrases such as “F&M expects,”
“F&M believes” or words of similar import. Although
F&M believes that its expectations with respect to the
forward-looking statements are based upon reliable assumptions
within the bounds of its knowledge of its business and operations,
there can be no assurance that actual results, performance or
achievements will not differ materially from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Factors that could have a material
adverse effect on F&M’s operations and future prospects
include, but are not limited to, difficulties or unexpected costs
in combining the acquired branch on the proposed terms or
anticipated schedule; deposit attrition, customer losses and
business disruption in connection with the branch acquisition;
expected growth opportunities may not be realized; changes in
interest rates, general economic conditions, or legislative and
regulatory policies; and other risk factors and cautionary language
included in F&M’s Annual Report on Form 10-K for the year
ended December 31, 2019, and other filings with the Securities and
Exchange Commission. We undertake no obligation to update these
statements following the date of this press release.
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