Farmers and Mechanics Federal

What Farmers and Mechanics Federal does

Farmers and Mechanics Federal Savings Bank is a privately-held federal savings bank headquartered in Bloomfield, Indiana, founded in April 1892. The institution operates a community banking platform serving individuals, families, sole proprietorships, small businesses, and not-for-profit organizations primarily across southwest Indiana (Greene County, Bloomington, and surrounding areas), with three branches in Indiana plus a Loan Production Office in Jasonville.

The bank's core product surface spans deposit products (multiple checking tiers including Simply Free, Premier Interest, Lux, Bank On Basic, and 50+ Direct Interest Checking, alongside savings, money market, and Christmas Club accounts), consumer lending (first mortgages, home construction, home equity closed-end and lines of credit, bridge loans, land loans, and personal loans), business banking (commercial checking, business interest checking, simply free business checking, real estate loans, construction loans, term loans, lines of credit, and business credit cards), consumer and business credit cards (Standard, Preferred Points Rewards, World MasterCard, Low Rate), safe-deposit boxes, and merchant services delivered through a Banc Card partnership. Service delivery combines in-branch and loan-officer-led relationship channels with a digital layer comprising online banking, native iOS and Android mobile apps (with mobile deposit), and an online mortgage application hosted on the Wolters Kluwer platform; surcharge-free ATM access is provided via MoneyPass and AllianceOne network participation. Underlying technology is standard third-party digital banking infrastructure; the bank operates no proprietary platform or AI/ML capabilities.

Revenue is generated primarily through interest income on the loan portfolio, complemented by deposit account service charges, credit card interchange and interest, merchant services fees from Banc Card, ATM network participation fees, and safe-deposit box rentals. The bank holds over $115M in assets, employs 11-50 staff, holds an FDIC-insured federal savings bank charter under OCC regulation, is NMLS #477159, is an Equal Housing Lender, and is Bank On Certified for the 2025-2026 standards period. The bank is governed by a community-based Board of Directors and is led by President Joshua G. Riggins, who succeeded W. Edward Cullison in 2019.

Name

Farmers and Mechanics Federal

Legal name

Farmers and Mechanics Federal Savings Bank

Website

https://famf.bank

Company type

Private

Founded year

1892

Operating status

Operating

Headcount range

11–50 employees

Short description

Farmers and Mechanics Federal Savings Bank is a privately-held federal savings bank founded in 1892, serving individuals, families, and small businesses across southwest Indiana with deposit accounts, consumer and commercial lending, credit cards, and merchant services through three branches and one loan production office.

Ownership category

akta.pro rank

Product category

Community Banking

akta.pro primary industry

Agricultural & Rural Cooperatives (Farm Credit/Co-op Banks) (FSABAEAG)

Keywords

• Community banking
• Consumer lending
• Commercial banking
• Mortgage lending
• Deposit accounts

Headquarters

HQ city

Bloomfield

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Lending: The bank generates revenue primarily through interest earned on loans including mortgages, home equity loans, construction loans, business loans, equipment financing, and personal loans
2. Deposit Account Fees: Monthly service charges on certain checking and savings accounts, with fee waivers for meeting minimum balance requirements or qualifying account types
3. Credit Card Operations: Revenue from credit card transactions, annual fees on rewards cards, and interest charges on outstanding balances
4. Merchant Services: Transaction processing and authorization services for business debit and credit card payments through partnership with Banc Card
5. ATM Network Participation: Fee income from surcharge-free ATM network participation through MoneyPass and AllianceOne networks

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Farmers and Mechanics Federal is a community savings bank that provides personal and business depository accounts (checking, savings, money market), consumer and commercial lending (mortgages, home equity, construction, bridge, land, personal, business term, lines of credit, equipment financing), credit cards, merchant services, and digital banking via online and mobile platforms to individual consumers and small businesses in Southwest Indiana.

Product overview

Farmers and Mechanics Federal is a community financial institution offering a unified banking platform with personal and business banking products. The core product portfolio includes checking and savings accounts (Lux Checking, Premier Interest Checking, Simply Free Checking, Bank On Basic Checking, Money Market, Christmas Club, Simply Savings), mortgage and lending services (First Mortgage Loans, Home Construction, Home Equity, Bridge Loans, Land Loans, Personal Loans), credit cards (Low Rate, Preferred Points Rewards, World MasterCard), and business banking services (Commercial Checking, Business Interest Checking, Simply Free Business Checking, Commercial Loans, Merchant Services). All products are integrated through Online Banking and Mobile Banking platforms. The institution does not sell loans to other banks, maintaining direct relationships with customers throughout the lending lifecycle.

Differentiator

Problem solved

Functional benefit

Products and services

• Lux Checking Premium personal checking account priced at $6.95/month with $50 minimum to open. Includes cell phone protection, CyberScout identity theft resolution, roadside assistance, $10,000 accidental death & dismemberment insurance, and shopping/dining/travel discounts. Targeted at consumers seeking added-value personal banking.
• Premier Interest Checking Interest-bearing personal checking account with higher interest rates on balances of $1,500 or more. $6 monthly fee if minimum balance falls below $1,500; $50 minimum to open. For consumers seeking interest on liquid checking balances.
• 50+ Direct Interest Checking Interest-bearing checking account designed for customers aged 50 or older, or those with direct deposit or automatic payment setup. Targeted at seniors and direct-deposit consumers.
• Simply Free Checking No-monthly-fee personal checking account with no minimum balance. Includes 6 free starter checks. Targeted at consumers seeking a basic, low-cost checking account.
• Bank On Basic Checking

Quantifiable outcome

• Started with assets of $50,000 in 1892 and grown to over $115,000,000 today

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• MoneyPasscoreTechnology or IntegrationFarmers and Mechanics is part of the MoneyPass network, allowing customers to access their cash fee-free at MoneyPass ATMs nationwide. This partnership expands the bank's ATM accessibility without surcharge fees for customers traveling throughout the United States.
• AllianceOnecoreTechnology or IntegrationFarmers and Mechanics is part of the AllianceOne ATM network, providing surcharge-free cash access at AllianceOne ATMs nationwide. This partnership complements MoneyPass network coverage to maximize customer ATM access.
• Banc CardcoreTechnology or IntegrationPartnership through Banc Card provides merchant services including transaction processing, authorization, and network services for credit and debit cards. Competitive rates and available payment terminals support business customers' card processing needs.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Fifth Third Bank: Large Midwest regional bank with extensive Indiana branch network offering consumer, commercial, mortgage, and wealth products. Competes directly in the Bloomington and broader Indiana market.
• First Financial Bank: Indiana and Ohio regional bank providing personal, business, and commercial lending. Comparable product offering but at significantly larger scale and broader geographic reach.
• Old National Bank: Large Indiana-headquartered regional bank with full consumer and commercial banking offerings. Direct product overlap but at much larger scale and broader Midwest footprint.
• First Merchants Bank: Larger Indiana-based regional bank offering consumer, business, and commercial banking across Indiana, Ohio, and Michigan. Overlaps in product mix but operates at materially larger scale.

Direct peers

• German American Bank: Indiana-headquartered community and commercial bank with comparable consumer and business banking offerings across rural and mid-sized Indiana markets. Direct geographic and product overlap.
• Horizon Bank: Indiana and Michigan community bank offering personal, business, and mortgage lending with comparable branch-based distribution and digital banking features. Similar mid-size community bank profile.
• Centier Bank: Indiana-headquartered community bank with comparable product mix (consumer, business, mortgage, wealth) and a similar relationship-driven model serving Indiana communities. Directly comparable in business model and geographic orientation.
• Lake City Bank: Indiana-based community bank focused on relationship banking with personal, business, and mortgage lending products. Comparable community-bank positioning and Indiana footprint.
• 1st Source Bank: Indiana community bank with full personal, business, and commercial lending capabilities and a similar community-focused brand positioning. Comparable product set and Indiana market presence.
• Owen County State Bank: Small Indiana community bank serving rural Indiana with personal, business, and mortgage products. Closely comparable size, model, and rural Indiana market orientation.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/famf1892
• Facebookfacebook.com/FarmersandMechanics

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Farmers and Mechanics Federal