First Farmers and Merchants Corporation Holds Annual Meeting of Shareholders
April 17 2024 - 7:04PM
Business Wire
Shareholders Elect Ten Directors
First Farmers and Merchants Corporation (OTC Pink: FFMH), the
holding company for First Farmers and Merchants Bank, reported that
shareholders elected a slate of 10 directors and ratified the
selection of Plante & Moran, PLLC as the Company’s independent
registered public accounting firm for the fiscal year ending
December 31, 2024.
In comments made at the annual meeting of shareholders, Brian K.
Williams, First Farmers’ Chairman and CEO, said, “First Farmers
reported record loans, strong growth in book value per share and
the second-best earnings per share performance in our 114-year
history. Our excellent results are due to a strong team of bankers
that are committed to delivering high quality service with a
personal touch that is the hallmark of a great community bank.
“We are positive about First Farmers’ future. Over the past
year, we improved capital levels that reinforced our balance sheet.
We better aligned the balance sheet composition to capture earnings
improvement as we see the end of interest rate increases from the
Federal Reserve. We also continued making substantial investments
in upgrading our technologies and digital banking platforms to
support future growth. We expect these strategic moves will allow
our First Farmers’ team to deliver improved earnings and
shareholder returns in 2024.
“We are also pleased to announce the addition of Dr. Martin M.
Chaney as a new member of First Farmers’ Board of Directors. Dr.
Chaney serves as the CEO of Maury Regional Health where he has cast
a strong strategic vision. He adds an additional depth of
experience to our Board of Directors, and we look forward to his
counsel and expertise in shaping the strategic direction of our
company in the future,” concluded Williams.
Shareholders also re-elected nine incumbent Directors of First
Farmers and Merchants Corporation for a one-year term,
including:
- Jeffrey L. Aiken, Deputy Commissioner, Tennessee Department of
Agriculture
- Jonathan M. Edwards, President and CEO, Edwards Oil
Company
- Christa S. Martin, Executive Director of Belonging and Student
Resources at Columbia State Community College
- W. Eric Mayberry, President, Tennessee Farm Bureau
Federation
- E. Marlee Mitchell, Partner, Holland & Knight LLP
- Jeffrey L. Pannell, CEO, Tennessee Farmers Insurance
Companies
- Richard C. Perko, President and CEO, Lee Company
- Brian K. Williams, Chairman and CEO of the Company
- Gina B. Wolfe, Co-Owner, Wolfe Enterprises
About First Farmers and Merchants Corporation and First
Farmers and Merchants Bank
First Farmers and Merchants Corporation is the holding company
for First Farmers and Merchants Bank, a community bank serving the
Middle Tennessee area through 22 offices in seven Middle Tennessee
counties. As of December 31, 2023, First Farmers reported total
assets of approximately $1.9 billion, total shareholders’ equity of
approximately $124 million, and administered trust assets of $5.9
billion. For more information about First Farmers, visit us on the
Web at www.myfirstfarmers.com under “Investor Relations.”
Cautionary Note Regarding Forward-Looking Statements
This news release may contain certain “forward-looking
statements” that represent First Farmers’ expectations or beliefs
concerning future events and often use words or phrases such as
“opportunities,” “prospects,” “will likely result,” “are expected
to,” “will continue,” “is anticipated,” “estimate,” “project,”
“intends” or similar expressions. Such forward-looking statements
contained herein represent the current expectations, plans or
forecast of First Farmers’ and are about matters that are
inherently subject to risks and uncertainties. These statements are
not guarantees of future results or performance and readers are
cautioned to not place undue reliance on them, whether included in
this news release or made elsewhere from time to time by First
Farmers or on its behalf. First Farmers disclaims any obligation to
update such forward-looking statements.
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Robert E. Krimmel Chief Financial Officer (931) 380-8257