LONG BEACH - Farmers & Merchants Bank of Long Beach (OTCQB: FMBL) announced today the appointment of Richard H. Taketa to its board of directors, filling a vacancy on the seven-person board.
Taketa, 52, is the President of Taketa Capital Corporation, a private firm in Newport Beach, California, that invests in and advises high-growth companies. With a background as CEO of York Risk Services Group and Southern California Risk Management Associates, and as a corporate securities lawyer with DLA Piper, Taketa brings a wealth of experience in finance, operations, and risk management.
Daniel K. Walker, executive chairman of F&M’s board, expressed confidence in Taketa’s abilities, anticipating valuable guidance for the bank, which has been serving clients since 1907. Taketa's expertise in regulated markets is expected to be particularly beneficial.
In addition to his new role at F&M, Taketa holds positions on the boards of Palomar Holdings (NASDAQ:PLMR), Inc., Veritone (NASDAQ:VERI), Inc., and the Hoag Hospital Foundation. His education includes a bachelor's degree from Colgate University and a Juris Doctor from Stanford Law School, where he has also been a guest lecturer.
Farmers & Merchants Bank offers a range of banking services, including commercial and small business banking, home loans, and consumer retail banking products. The bank operates 27 branches across California and provides online and mobile banking services. As a state-chartered bank, it is FDIC insured and an Equal Housing Lender.
The information for this report is based on a press release statement.
In other recent news, Farmers & Merchants Bank of Long Beach has announced a regular quarterly cash dividend of $28 per share on the bank’s common stock. This dividend, set to be paid to shareholders on record as of June 14, 2024, marks the 527th consecutive payment by the bank, a tradition dating back to 1916. The value of the bank’s quarterly dividend has remained consistent over time, reflecting a steady return to its investors.
In other developments, Farmers & Merchants Bank continues to operate its 27 branches across the region, offering a variety of services. The bank, backed by the Federal Deposit Insurance Corporation (FDIC) and recognized as an Equal Housing Lender, emphasizes personalized service and has a robust digital presence through its online and mobile banking platforms. These recent developments were confirmed through a press release statement from Farmers & Merchants Bank.
InvestingPro Insights
Farmers & Merchants Bank of Long Beach (FMBL) has shown a commitment to stability and shareholder returns, as evidenced by its track record of maintaining dividend payments for 23 consecutive years. This streak demonstrates the bank's consistent performance and dedication to its shareholders, which may be a reassuring factor for investors looking for steady income streams.
From a valuation standpoint, FMBL's current P/E ratio stands at 11.37, with an adjusted P/E ratio of 11.14 for the last twelve months as of Q2 2024. This valuation metric suggests that the stock is trading at a multiple that is potentially attractive compared to its earnings. Moreover, the bank has a Price/Book ratio of 0.46, which could indicate that the stock is undervalued relative to its book value, offering another point of interest for value-oriented investors.
Investors should be aware, as per the InvestingPro Tips, that the stock is currently in overbought territory according to the RSI indicator. This could suggest a heightened level of caution is warranted, as the stock may be due for a pullback. Furthermore, the bank suffers from weak gross profit margins, which is an area that potential investors may want to monitor closely.
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