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Company Description

Contact Info

205 South Main Street

PO Box 1111

Timberville, VA 22853

United States

Phone: 540-896-8941


F & M Bank Corp. operates as the holding company for Farmers & Merchants Bank that provides commercial banking services. The company offers commercial and individual demand and time deposit accounts, repurchase agreements for commercial customers, commercial and individual loans, Internet and mobile banking, drive-in banking services, ATMs at all branch locations and various off-site locations, as well as a courier service for its commercial banking customers. The company makes various types of commercial and consumer loans, and has a portfolio of residential mortgages and a concentration in development lending. The bank’s subsidiaries include TEB Life Insurance Company (TEB) and Farmers & Merchants Financial Services, Inc. (FMFS). The bank also holds a majority ownership in VBS Mortgage LLC (VBS). TEB re-insures credit life and accident and health insurance being sold by the bank in connection with its lending activities. FMFS provides brokerage services, commercial and personal lines of insurance to customers of the bank. VBS originates conventional and government sponsored mortgages through their offices in Harrisonburg and Woodstock. Lending Activities Construction and Development Lending: The company makes construction loans, primarily residential, and land acquisition and development loans. The construction loans are secured by residential houses under construction and the underlying land for which the loan is obtained. The average life of a construction loan is approximately 12 months. The company also obtains a first lien on the property as security for its construction loans and requires personal guarantees from the borrower’s principal owners. Commercial Real Estate Lending: Commercial real estate loans are secured by various types of commercial real estate in the company’s market area, including multi-family residential buildings, commercial buildings and offices, shopping centers, and churches. Commercial real estate loans involve larger loan balances concentrated with single borrowers or groups of related borrowers. Business Lending: Business loans have a higher degree of risk than residential mortgage loans but have higher yields. To manage these risks, the company obtains appropriate collateral and personal guarantees from the borrower’s principal owners and monitors the financial condition of its business borrowers. Residential mortgage loans are made on the basis of the borrower’s ability to make repayment from employment and other income and are secured by real estate whose value tends to be ascertainable. Consumer Lending: The company offers various consumer loans, including personal loans and lines of credit, automobile loans, deposit account loans, installment and demand loans, and home equity lines of credit and loans. Such loans are made to clients with whom the company has a pre-existing relationship. The company originates all of its consumer loans in its geographic market area. For home equity lines of credit and loans, the company’s primary consumer loan category, it requires title insurance, hazard insurance, and if required, flood insurance. Residential Mortgage Lending: The company makes residential mortgage loans for the purchase or refinance of existing loans with loan to value limits ranging between 80 and 90% depending on the age of the property, borrower’s income and credit worthiness. Loans that are retained in its portfolio carry adjustable rates that could change every 3 to 5 years, based on amortization periods of 20 to 30 years. Dealer Finance Division: The company has a loan production office in Penn Laird, Virginia, which provides automobile financing through a network of automobile dealers. Investment Portfolio As of December 31, 2015, the company’s investment portfolio included U. S. treasuries; government sponsored enterprises; mortgage-backed obligations of federal agencies; and marketable equities. Deposits As of December 31, 2015, the company’s deposits included noninterest-bearing deposits; and interest-bearing deposits, such as interest checking, savings accounts, and time deposits. Regulation and Supervision The operations of the company and the bank are subject to federal and state statutes, which apply to bank holding companies and state member banks of the Federal Reserve System. The common stock of the company is registered pursuant to and subject to the periodic reporting requirements of the Securities Exchange Act of 1934 (the Exchange Act). These include the filing of annual, quarterly, and other current reports with the Securities and Exchange Commission. As an Exchange Act reporting company, the company is directly affected by the Sarbanes-Oxley Act of 2002, which is aimed at improving corporate governance and reporting procedures. The company, as a bank holding company, is subject to the provisions of the Bank Holding Company Act of 1956, as amended and is supervised by the Board of Governors of the Federal Reserve System. The bank as a state member bank is supervised and regularly examined by the Virginia Bureau of Financial Institutions and the Board of Governors of the Federal Reserve System. The requirements of the Community Reinvestment Act are also applicable to the bank. History F & M Bank Corp. was founded in 1908. The company was incorporated in Virginia in 1983.


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Valuation FMBM Industry Range
Price/Earnings 11.2x
Price/Sales 2.7x
Price/Book 1.1x
Price/Cash Flow 9.3x
TEV/Sales NM Not Meaningful

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