LODI, Calif., October 28, 2021 (GLOBE NEWSWIRE) – Farmers & Merchants Bancorp (OTCQX: FMCB) today announced that Stephen W. Haley, Executive Vice President and Chief Financial Officer, will retire effective December 31, 2021 , after 18 years with Farmers & Merchants Bank of Central California. Mr. Haley will remain with the company until December 31, 2021 to help with the transition to a new CFO.
“On behalf of the entire FMCB team and the Board of Directors, I would like to thank Steve for his leadership and dedication to our company,” said Kent A. Steinwert, Chairman of the Board, President and CEO by FMCB. “During his tenure with the company, Steve played a critical role in the development and successful execution of our business strategies, including the significant role he played in helping the organization reach over 5, $ 0 billion in assets. has played a key role in helping us build a culture around teamwork and execution. I also want to personally thank Steve for being a trusted advisor to me and a true business partner to our management team. We all wish him a happy and well-deserved retirement. “
The Company also announced that Mark K. Olson will join the Company as Executive Vice President and Chief Financial Officer effective November 1, 2021. Mr. Olson has held various financial leadership roles in the banking industry for the past 32 years , notably with four banks in California. Most recently, Mr. Olson was CFO of Altabank, a $ 3.6 billion Utah-based community bank that sold to Glacier Bank earlier this year. Mark will work closely with Steve Haley until the end of the year to ensure a smooth transition.
“As we continue to grow our organization, it is important that we add highly accomplished, talented and experienced people to our leadership team. Mr. Olson brings to the Company a deep and extensive experience in accounting, process and technology improvement, as well as onboarding experience that will enrich the management team, while allowing us to successfully achieve our goals in 2022 and beyond, ”said Steinwert.
About Farmers & Merchants Bancorp
Farmers & Merchants Bancorp, listed on the OTCQX under the symbol FMCB, is the parent company of Farmers & Merchants Bank of Central California, also known as F&M Bank. Founded in 1916, F&M Bank is a locally owned and operated community bank that proudly serves California through 32 convenient locations. The F&M Bank is the 14e the largest agricultural bank lender in the United States and the largest community agricultural bank lender west of the Rocky Mountains. In 2013, the bank began an expansion in the San Francisco Bay Area with new full-service branches in Walnut Creek, Concord and Napa. A new full-service branch in Oakland, California, located in Montclair Village, is expected to open in the fourth quarter of 2021. The Bank offers a full line of loan, deposit, equipment rental and asset management products. corporate treasury, as well as a full line of consumer banking products. The FDIC gave F&M Bank the highest possible rating of “Outstanding” in its CRA 2019 assessment. Farmers & Merchants Bancorp has paid dividends for 86 consecutive years and we have increased dividends for 58 consecutive years. As a result, we are a member of a select group of only 34 publicly traded companies called “Dividend Kings”. Additionally, the bank has maintained a 5-star BauerFinancial rating for 30 consecutive years, longer than any other commercial bank in the State of California. For more information on Farmers & Merchants Bancorp and F&M Bank, visit fmbonline.com.
Statements regarding future performance, developments or events, growth expectations and revenue forecasts, and any other indication about future periods, constitute forward-looking statements subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, loan and deposit production, balance sheet management, net interest margin levels, the ability to control costs and expenses, changes in interest rates , the competitive environment, the financial and regulatory policies of the United States government. , the COVID-19 pandemic, water management issues in California, and general economic conditions. Additional information about these and other factors that could affect financial results is included in our filings with the Securities and Exchange Commission. The Company disclaims any obligation to update such factors or to publicly announce the results of any revision of any forward-looking statement contained herein to reflect future events or developments.
Bancorp farmers and traders
Stephen W. Haley, 209-367-2411
Executive Vice President and Chief Financial Officer