Business
Farmers & Merchants Bancorp, Inc. Purchases Assets and Clients of Adams County Financial Resources
Purchase Expected to Contribute Over $500,000 to Noninterest Income in 2021 ARCHBOLD, Ohio, Dec. 02, 2020 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp,
About this update from Farmers & Merchants Bancorp, Inc.
[{"type":"text","content":"Purchase Expected to Contribute Over $500,000 to Noninterest Income in 2021\nARCHBOLD, Ohio, Dec. 02, 2020 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today announced that FM Investment Services, a division of Farmers & Merchants State Bank, has purchased the assets and clients of Adams County Financial Resources (“ACFR”), a full-service registered investment advisory firm located in Geneva, Indiana. FM Investment Services also announced the addition of Lorie A. Garwood as Vice President / Financial Advisor. ACFR was founded in 1994 by R. Lee Flueckiger and provides clients and their families with financial confidence through personalized investment planning and services. At November 30, 2020, ACFR had approximately $83 million of assets under management and over 450 clients. The majority of ACFR’s business comes from Northeastern Indiana, and the typical customer has been with the company for 15 years on average. ACFR employees, including Mr. Flueckiger, have joined FM Investment Services. Lars B. Eller, President and Chief Executive Officer, stated: “ACFR has been helping individuals and their families for over 25 years and I look forward to working with Lee and his team. We are also excited to welcome ACFR’s clients to FM Investment Services, many of which already bank at F&M as a result of our 2019 Bank of Geneva acquisition.” Mr. Eller continued, “Diversifying our sources of revenue is an important part of our growth strategy. ACFR significantly increases the scale of FM Investment Services, while further expanding our presence in Northeastern Indiana. We expect the purchase will contribute over $500,000 of revenue to noninterest income in 2021.” “By partnering with FM Investment Services, Adams County Financial Resources is able to offer continued stability while introducing additional value-added services to our clients,” stated R. Lee Flueckiger. “F&M’s growing presence in Eastern Indiana is exciting and I look forward to working with the team at FM Investment Services.” Farmers & Merchants Bancorp also announced that Lorie A. Garwood joined FM Investment Services as Vice President / Financial Advisor. Ms. Garwood has over 20 years of investment and banking experience throughout Western Ohio and Northeastern Indiana. Most recently, Ms. Garwood was an investment advisor at a community bank in Bern...