The Farmers & Merchants State Bank

Name

The Farmers & Merchants State Bank

Legal name

Farmers & Merchants State Bank

Website

https://fm.bank

Company type

Public

Founded year

1897

Operating status

Operating

Headcount range

251–500 employees

Ownership category

akta.pro rank

Headquarters

HQ city

Archbold

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Interest Income: Primary revenue from interest earned on loans including mortgages, commercial loans, agricultural loans, and consumer loans. Interest paid on deposits represents primary cost.
2. Fee Income: Monthly service charges on checking and savings accounts, overdraft fees (up to $35), ATM fees, and various account-related service fees
3. Deposit Gathering: Attracts deposits through checking, savings, CDs, and IRA products to fund lending operations

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

The Farmers & Merchants State Bank (operating as F&M Bank) is a community bank that accepts deposits (checking, savings, CDs, IRAs) and originates loans across personal, mortgage, commercial, and agricultural segments. It distributes these products through 33+ branches in Ohio, Indiana, and Michigan, complemented by online and mobile banking channels. Revenue is generated primarily through net interest income on loans funded by deposits, supplemented by account service fees.

Product overview

F&M Bank (Farmers & Merchants State Bank) is a community bank offering a comprehensive suite of banking products and services through a unified digital banking platform. The core product portfolio includes personal and business checking/savings accounts (The Bundler, Loyalty Rewards, Everyday Checking, Dream Builder), various loan products (mortgages, agricultural loans, commercial loans, personal loans), retirement accounts (IRA, SEP IRA, SIMPLE IRA), and digital banking services (Online Banking, Mobile Banking with mobile check deposit). The bank operates across Ohio, Indiana, and Michigan with 33+ branches and $2.8+ billion in assets following its 2022 acquisition of Peoples-Sidney Financial Corporation.

Differentiator

Problem solved

Functional benefit

Brands

• The Bundler: A checking account bundled with exclusive benefits and savings including cell phone protection, roadside assistance, ID theft benefits, and buyer protection.
• Dream Builder Account

Products and services

• The Bundler Checking A checking account bundling standard features with BaZing benefits including cell phone protection, ID theft aid, roadside assistance, buyer's protection and warranty, health savings benefits, and estate planning tools. Targeted at consumers seeking enhanced account perks.
• Loyalty Rewards Checking Interest-bearing consumer checking account that pays tiered rates up to 5.05% APY on balances up to $25,000 when monthly qualifiers (20+ debit transactions, $500+ direct deposit, $25,000+ combined balances, eStatements) are met.
• Loyalty Rewards + The Bundler Checking Premium combined consumer checking account offering tiered interest up to 5.05% APY plus all Bundler benefits including nationwide ATM refunds up to $10. $7 monthly service charge.
• Everyday Checking Basic personal checking account with $50 minimum opening deposit, unlimited deposits, free EMV-chip debit card, and $5 monthly fee waived with $100 minimum average daily balance.
• Dream Builder Account Youth checking account (ages 0-21) earning 5.12% APY on balances up to $500, with $25 opening bonus, tiered benefits through Building Blocks, Building Know-How, Building Steam, and Building Opportunity stages, plus birthday rewards up to age 12.
• Health Savings Account Tax-advantaged HSA combining triple tax benefits (deductible contributions, tax-free growth, non-taxable qualified medical withdrawals). $3 monthly fee waived with online statements or $5,000 balance; free debit MasterCard included.
• Loyalty Rewards Savings Consumer savings account requiring a paired Loyalty Rewards Checking account; earns tiered interest up to 1.58% APY on balances up to $100,000 when all three checking qualifiers are met.
• Direct Savings High-yield consumer savings account with tiered APY from 0.97% to 1.41% based on balance tiers (up to $99,999.99 through $500,000+). $1,000 minimum opening deposit; $3 monthly fee if $300 minimum balance not maintained.
• Legacy Savings Consumer savings account paying 3.50% APY on balances $10,000+ (0.01% APY below). $1,000 minimum opening deposit; $3 monthly fee if $300 minimum balance not maintained.
• Statement Savings Account Basic personal savings account with interest compounded daily and credited quarterly. $100 minimum to open; $3 monthly service charge waived on balances of $300 or more.
• Individual Retirement Accounts (IRAs) Personal retirement accounts offering Traditional IRA, Roth IRA, SIMPLE IRA, SEP IRA, and Beneficiary IRA options. No set-up or annual fees; catch-up contributions allowed for ages 50+.
• Certificates of Deposit (CDs) Promotional CDs offering 3.50% APY on 9, 18, 27, and 36-month terms. Minimum deposit varies by term.
• Residential Mortgage Loans Residential mortgage portfolio including Fixed-Rate Mortgages (15/20/30-year), Adjustable-Rate Mortgages (7- or 10-year fixed then annual adjustment), FHA loans (down payments as low as 3.5%), VA loans, USDA Rural Development loans, Freddie Mac Home Possible, Freddie Mac HomeOne, and Hometown Advantage programs for low-to-moderate income buyers.
• Home Equity Line of Credit (HELOC) Revolving credit line secured by home equity allowing homeowners to borrow against property value for major expenses, renovations, or debt consolidation.
• Construction Loans Financing for building custom homes with competitive rates and flexible terms throughout the construction process.
• Personal Loans & Lines of Credit Unsecured loans and credit lines for personal needs including debt consolidation, major purchases, and unexpected expenses.
• Auto & RV Loans Financing for vehicle purchases including cars, trucks, SUVs, and recreational vehicles with competitive rates and flexible repayment terms.
• Credit Cards Credit card products for personal and business use with various reward structures and benefits.
• Business Term Loans General-purpose business loans with flexible terms for asset financing, business expansion, or working capital needs. Targeted at small and mid-sized businesses.
• Short Term Operating Notes Quick cash infusion financing for short-term business needs with flexible terms.
• Commercial Real Estate Loans Financing for purchase, refinance, or construction of commercial properties including retail, office, industrial, and residential rental properties.
• Operating Lines of Credit & Equipment Loans Revolving credit for seasonal cash flow demands and equipment financing with competitive rates and flexible repayment.
• Investment Property Loans

Quantifiable outcome

• Over $2.8 billion in assets post-acquisition
• +2 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature3 records

Partnerships

One partnership is on record.

• Peoples-Sidney Financial CorporationcoreStrategic or Co-development Partner · 3 October 2022Farmers & Merchants Bancorp, Inc. completed acquisition of Peoples-Sidney Financial Corporation, expanding presence in Ohio and Indiana. The acquisition integrated 33 branches and $2.3 billion in deposits, increasing total assets to over $2.8 billion.

Scale indicators9 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• First Financial Bancorp: Cincinnati-based community bank holding company operating across Ohio, Indiana, and Kentucky with comparable commercial, ag, and mortgage lending; most direct Midwest community-bank comparable given overlapping tri-state footprint.
• Stock Yards Bancorp: Louisville, Kentucky-based community bank holding company with adjacent Midwest footprint and similar commercial-banking focus; comparable in scale, growth profile, and community-bank orientation.
• First Merchants Corporation: Muncie, Indiana-based community bank holding company with strong Indiana and Ohio presence; highly comparable Midwest community-banking franchise with overlapping commercial, ag, and mortgage products.
• WesBanco: Wheeling, West Virginia-based community bank holding company with branches across Ohio, Indiana, Pennsylvania, and Kentucky; closely comparable deposit-gathering community-banking model with commercial and consumer lending mix.
• Lakeland Financial Corporation: Warsaw, Indiana-based community bank holding company (Lake City Bank) with deep ag lending roots in Indiana; directly comparable on agricultural specialization and Indiana community-banking footprint.
• Park National Corporation: Newark, Ohio-based community bank holding company with a comparable Ohio-centric footprint, small-business and agricultural lending focus, and similar acquisition-driven growth strategy.

Broad incumbents

• Huntington Bancshares: Columbus, Ohio-based regional bank with deep presence across F&M's three-state footprint; a broad incumbent competitor in commercial, mortgage, and agricultural banking rather than a community-bank specialist.
• United Community Banks: Blairsville, Georgia-based community bank holding company with a much broader Southeast and Mid-Atlantic footprint; comparable on community-banking model and acquisition strategy but operates at larger scale across different geographies.
• Citizens Financial Group: Providence, Rhode Island-based regional bank with substantial Midwest commercial-banking operations; broader incumbent serving similar SMB and commercial customers across overlapping markets.
• Fifth Third Bancorp: Cincinnati, Ohio-headquartered regional bank with significant Ohio, Indiana, and Michigan operations; broader incumbent offering full-service commercial, retail, and wealth products overlapping F&M's footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/farmers-merchants-state-bank-archbold-oh

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries6 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Farmers & Merchants State Bank