Farmers & Merchants Bancorp, Inc.

General Farmers & Merchants Bancorp, Inc. is an Ohio-incorporated bank holding company that became a financial holding company in 2014. Its main subsidiary, The Farmers & Merchants State Bank, is a local independent community bank that has primarily served Northwest Ohio, Northeast Indiana, and Southeast Michigan since 1897. The company’s other subsidiary, Farmers & Merchants Risk Management, a captive insurance company formed in December 2014 in Nevada, was dissolved in December 2023. The Bank includes F&M Insurance Agency, LLC, a subsidiary offering insurance products, which was formed in November 2023. The company reports its financial condition and net income on a consolidated basis and operates as a single segment. The Farmers & Merchants State Bank engages in general commercial banking and savings business, including commercial, agricultural, residential mortgage, and consumer lending activities. A substantial portion of its loan portfolio consists of loans to customers in the agricultural industry for items such as farmland, farm equipment, livestock, and operating loans for seed, fertilizer, and feed, due to the Bank's primary presence in Northwest Ohio, Northeast Indiana, and Southeast Michigan. Other lending activities include loans for home improvements and for items such as autos, trucks, recreational vehicles, and motorcycles. Recent increases in loan activity, driven by expansion into newer market areas, have been in commercial and industrial lending, providing operating lines of credit and machinery purchases, and commercial real estate. The Bank also operates three Loan Production Offices (LPOs), with two in Ohio and one in Indiana. Additionally, the Bank provides checking account services, as well as savings and time deposit services like certificates of deposits.