LODI, Calif. - Farmers & Merchants Bancorp (NASDAQ:FMAO) (OTCQX: FMCB), the parent company of Farmers & Merchants Bank of Central California, also known as F&M Bank, announced a forthcoming change in its executive leadership. Executive Vice President and Chief Administrative Officer Deborah Skinner is set to retire on December 31, 2024, after a 24-year tenure with the bank. Her retirement was initially made public on September 9, 2024.
Skinner will be succeeded by Troy D. Harper, who will assume the role of Executive Vice President and Chief Administrative Officer starting December 9, 2024. Harper brings over three decades of experience in the financial services industry, including significant roles at HomeStreet (NASDAQ:HMST) Bank, the FDIC, Pierce Commercial Bank, CGI Group (NYSE:GIB), and Deloitte Consulting. He holds a B.S. in finance and accounting management from Northeastern University.
Kent A. Steinwert, Chairman, President, and Chief Executive Officer of FMCB, expressed gratitude for Skinner's contributions to the company, highlighting her role in the development and execution of business operations and strategy. Steinwert also noted Harper's extensive operational and IT experience as valuable for the company's future objectives.
F&M Bank, founded in 1916, operates 33 locations in California and manages $5.4 billion in assets. The bank has received consistent recognition for its safety and performance, maintaining a 5-Star rating from BauerFinancial for 34 consecutive years and being included in the Dividend Kings list for its 59 consecutive years of dividend increases.
The bank has also been acknowledged by various industry publications for its performance, including being named the #2 best performing bank in the nation by Bank Director's Magazine for 2023 and ranking 6th on Forbes Magazine's list of "America's Best Banks" in 2023. Additionally, F&M Bank was ranked 4th on S&P Global Market Intelligence's Top 50 List of Best-Performing Community Banks in the US for 2023.
This announcement is based on a press release statement and does not contain any promotional language or subjective assessment from the company. The information provided is aimed at ensuring investors and stakeholders are informed of the executive changes at Farmers & Merchants Bancorp (NASDAQ:MBIN) and its subsidiary, F&M Bank.
In other recent news, Farmers & Merchants Bancorp initiated a new share repurchase program, authorizing the buyback of up to $55 million of the company's shares through December 2026. This development follows the termination of the previous $25 million share repurchase program approved in November 2023. Over the years, the company has consistently repurchased its shares, with a notable buyback of 51,596 shares, or about 6.5% of the outstanding shares, from January 2021 to September 2024.
CEO Kent A. Steinwert highlighted the repurchases as a strategy for managing capital levels and improving shareholder returns. The company's robust financial health is evident in its $5.3 billion in assets and strong regulatory capital ratios.
These recent developments underscore Farmers & Merchants Bancorp's commitment to enhancing shareholder value and maintaining a robust capital position. The company's long-standing tradition of paying dividends, with an impressive record of 89 consecutive years of dividends and 59 consecutive years of increased dividends, further attests to this commitment.
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