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February 2018 Newsletter | In This Issue
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Branch Closing Notice
It's time for an upgrade! All F&M Bank branches will be closed on Saturday, February 24th as we conduct a system conversion.
Online and Mobile banking will also be unavailable the evening of the 23rd throughout the conversion process. We truly apologize for any inconvenience this causes!
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F&M Bank Doles Out $1.1 Million to Community
The federal tax-cut legislation Republicans passed in December will save F&M Corp. (OTCQX: FMBM) a lot of money, and its board of directors has decided to share some of that windfall with the three important parts of its operation — the community, its employees and its shareholders.
Neil Hayslett, executive vice president and chief administrative officer of the Timberville company, said the bank is sharing its wealth by creating funds to issue grants to nonprofits in the three communities it serves, issuing employee bonuses and providing a one-time special dividend for shareholders.
He said the total amount allocated through the three initiatives is about $1.1 million, a number linked to the bank’s 110th anniversary.
“We’re sharing,” he said, “with our communities, our shareholders and our employees.”
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Grand Opening of F&M Bank Timberville
Join us in celebrating the grand opening of our Timberville branch on February 22nd at 4:00pm.
The Harrisonburg-Rockingham Chamber of Commerce ribbon cutting will begin at 4:00pm followed
by a grand opening celebration. The event will include refreshments from Jill Fulk, beverages
from Old Hill Cider, local door prizes, and more. To RSVP, visit http://bit.ly/2Edf7Qe.
If the parking lot at the branch location is full, Walmart has graciously offered to let the bank use a
portion of their lot for overflow. When facing the front of the store, use the far left section of parking.
Utilize the spaces farthest away from the store entrance (indicated by white lines).
We will be running a shuttle bus from 3pm to 6pm to the new branch.
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Product of the Month - 33 Month CD Special
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| *Annual Percentage Yield.* At maturity, this CD will convert to a 30 month certificate. 1.85% APY with an F&M Bank consumer checking account relationship, or a 1.60% APY without an F&M Bank consumer checking account. Offer valid for personal, consumer deposit accounts. Qualifications apply. Subject to change. |
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VBA Bank Day Scholarship Program Deadline March 13th
Calling all high school seniors! Could you use $7,500 to help pay for college expenses? Sign up for the Virginia Bankers Association Bank Day Scholarship Program through F&M Bank!
The purpose of Bank Day is to expose students to the banking industry and provide an opportunity for students to learn about banking, financial services and the vital role F&M Bank plays in the community. From their experience, participating students will write an essay for the chance to win a scholarship.
This year, we'll be hosting Bank Day shadowing experiences in Timberville, Harrisonburg, and Staunton. If interested in learning more or signing up, click here!
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F&M Bank Corp Announces Earnings
F & M Bank Corp. (OTCQX: FMBM), parent company of Farmers & Merchants Bank, announces its financial results for the fourth quarter and year ending December 31, 2017.
Selected highlights for the quarter and year to date include:
- Net income of $1.8 million and $9.0 million, respectively;
- Net income excluding tax law change of $2.6 million and $9.8 million, respectively;
- Net interest margin of 4.53%;
- Loans held for investment increased $25.3 million YTD;
- Return on Average Assets of 1.21% YTD.
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Squirrel Personal Financial Management Tool: Our Story
We partnered with Geezeo, a leading fintech firm, to bring you Squirrel Personal Financial Management, located in online banking. It simplifies the process of managing multiple accounts by seamlessly integrating into our user’s daily routines and makes budgeting easier. To learn more about Squirrel, check out our problem-solving video which will be highlighted by the American Bankers Association. You might even see some familiar faces! Click here to watch the video.
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Avoid ID Fraud This Tax Season
As tax season gets underway, F&M Bank is urging all customers to take extra precaution when filing their return to prevent their exposure to tax fraud.
“Fraudsters are using very clever tactics to get a hold of your personal information and submit false tax claims,” said Mark Hanna, President. “Consumers must be suspicious of any communication from the IRS -through email, text or social media - that requests personal information, and should keep a watchful eye out for missing W-2s and mail containing sensitive financial information.”
Tax identity fraud takes place when a criminal files a false tax return using a stolen Social Security number in order to fraudulently claim the refund. Identity thieves generally file false claims early in the year and victims are unaware until they file a return and learn one has already been filed in their name.
To help consumers prevent tax ID fraud, F&M Bank is offering the following tips:
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Throughout the month of January, employees donated over $800 to Plains Area Daycare Center.
The daycare is located in Broadway, Virginia, and provides care for children from 6 weeks through 12 years of age. The goal of the center is to provide a safe, developmentally appropriate program that seeks to challenge each child to grow socially, emotionally, physically and intellectually through well-planned age appropriate activities that are preparing children for kindergarten. The purpose of this program is to provide childhood education that is accessible to all families regardless of income.
We hope you don't mind these dress-down days as they are for a good cause! Keep an eye out for future announcements on our Facebook page.
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Rockingham-Harrisonburg SPCA Pet of the Month
Bill Nye the Houndy Guy is a seven-year-old plott hound retriever mix who has a calm temperament and is treat motivated. His face may be a little grey but his mind is sharp. He will do anything for food so he still has a lot of potential to learn. He likes to play and will match the energy of his playmate. He is a senior so if you are too, he would love to talk. For people aged 55 and older, his adoption fee is $30 and his neuter deposit is $55, for a total of $85! Come to the shelter to meet him!
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Financial Education at Your Fingertips
Have you seen our comprehensive suite of financial education topics? Organized around life events, you can find the information you seek at the times when you need it. Connect to the right people who can help, download financial quick guides, and receive your own personalized financial checklist, all for free from our website.
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