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8-K - CURRENT REPORT - F&M BANK CORP | fmbm-20211231.htm |
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.
###