ARCHBOLD, Ohio - F&M Bank, a community bank operating under Farmers & Merchants Bancorp (NASDAQ:MBIN), Inc. (NASDAQ:FMAO), has announced the appointment of Mark Hutchinson as Treasurer. Hutchinson brings over two decades of financial experience to the role, where he will be responsible for managing the bank's financial operations, including budgeting, planning, and investing.
Mark Hutchinson has a robust background in finance, having worked for 22 years in treasury, finance, and accounting roles at two other financial institutions. His expertise encompasses asset and liability management, interest rate risk, liquidity, funds transfer pricing, as well as budgeting and forecasting. Hutchinson also holds the designation of Certified Management Accountant (CMA).
Lars Eller, President and Chief Executive Officer of F&M, expressed confidence in Hutchinson's qualifications, highlighting his extensive experience in managing complex financial functions. Eller emphasized the bank's commitment to maintaining high-quality services for its customers, communities, and shareholders.
Hutchinson, originally from the Chicago area, completed his undergraduate studies in Business at Western Illinois University and later earned his MBA from Indiana Tech. He currently resides in Fort Wayne, Indiana with his family.
F&M Bank has a longstanding history dating back to 1897, providing commercial and retail banking services across multiple counties in Ohio, Northeast Indiana, and Michigan. The bank prides itself on being a local independent community bank with a focus on serving the financial needs of its regions.
InvestingPro Insights
As F&M Bank welcomes Mark Hutchinson as its new Treasurer, the financial landscape he enters is characterized by a mix of steady performances and areas for improvement. According to InvestingPro data, Farmers & Merchants Bancorp, Inc. (NASDAQ:FMAO) has a market capitalization of $287.83 million and a price-to-earnings (P/E) ratio of 12.57, reflecting investor perspectives on the company's earnings potential. The bank's commitment to its shareholders is evident in its dividend track record, with a noteworthy dividend yield of 4.15% as of the last twelve months leading up to Q1 2023.
Two InvestingPro Tips highlight the bank's financial prudence and consistency: F&M Bank has not only raised its dividend for 14 consecutive years but has also maintained dividend payments for an impressive 28 consecutive years. This demonstrates a strong commitment to returning value to shareholders, a factor that could be reassuring to investors amidst the strategic changes occurring within the bank's leadership.
While the bank's revenue saw a slight decline of 2.08% in the last twelve months as of Q1 2023, the appointment of a seasoned financial expert like Hutchinson could signal a strategic push towards reversing this trend and improving the bank's financial operations. Notably, analysts predict that the company will be profitable this year, which aligns with the bank's profitable status over the last twelve months.
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