HAMPSTEAD, Md., (GLOBE NEWSWIRE) -- Farmers and Merchants Bancshares, Inc., the parent company of Farmers and Merchants Bank, and Carroll Bancorp, Inc., the parent company of Carroll Community Bank, entered into an Agreement and Plan of Merger on March 6, 2020. Upon the completion of the transactions contemplated by the Merger Agreement, Carroll will be merged with and into the Company, with the Company as the surviving bank holding company, and Carroll Bank will be merged with and into F&M Bank, with F&M Bank as the surviving Maryland commercial bank.
The Merger Agreement requires that the transactions be approved by Carroll’s stockholders, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Maryland Commissioner of Financial Regulation. The Company is pleased to announce that the last of these approvals was obtained on August 31, 2020. The Company and Carroll are now working toward a closing date of September 30, 2020, with an effective date of October 1, 2020.
James R. Bosley, Jr. President and CEO, commented, “We believe that the combination of these two community banks will create a stronger, customer-centric institution that will strive to provide the products and services necessary to help customers achieve their financial goals. We welcome the Carroll Community Bank customers and staff with open arms and look forward to continuing and growing these relationships well into the future”.
About the Company
Farmers and Merchants Bancshares, Inc. is a financial holding company and the parent of Farmers and Merchants Bank. The Bank was chartered in Maryland in 1919, and is currently celebrating over 100 years of service to the community. The Bank serves the deposit and financing needs of both consumers and businesses in Carroll and Baltimore Counties along the Route 30 and Route 795 corridors from Owings Mills, Maryland to the Pennsylvania State line. The main office is located in Upperco, Maryland, with seven additional branches in Owings Mills, Hampstead, Greenmount, Reisterstown, and Westminster. Certain broker-dealers make a market in the common stock of Farmers and Merchants Bancshares, Inc., and trades are reported through the OTC Markets Group’s Pink Market under the symbol “FMFG”.
