Farmers and Merchants Bank

What Farmers and Merchants Bank does

Farmers & Merchants Bank (FMB) is a privately held, family-owned community bank chartered in Nebraska and headquartered in Milford. Operating since 1860 (with the Dunlap family acquiring the Milford location in 1949 and expanding through community-bank acquisitions to a current footprint of 12 branches across rural Nebraska), FMB serves individual consumers, agricultural operations, small businesses, and municipal governments through three primary business lines: Ag Banking, Personal Banking, and Business & Municipal Banking. The bank is led by President and CEO Gerry Dunlap, a third-generation owner-operator who assumed the role in 1977.

FMB's product set covers the full retail and small-commercial banking stack: checking and savings accounts (with tiered products such as Advantage, Smart Checking, and Prime Fund), personal/ag/business loans and lines of credit, agricultural real estate and equipment loans (including NIFA Beginning Farmer/Rancher loans), Visa credit and debit cards, merchant card processing via TransFirst, remote deposit capture, safe deposit boxes, and municipal deposit and debt services (up to $11M over terms of 20 years or fewer). Digital channels include a CSI-web-based online banking platform, an iOS and Android mobile banking app with P2P payments and mobile deposits, a 24/7 telephone banking line, and integrated fraud monitoring through FraudWatch PLUS and Verified by Visa.

FMB's revenue model is that of a traditional spread-based community bank: primary revenue from net interest income on agricultural, real estate, commercial, and personal loans, supplemented by deposit account fees (monthly maintenance fees waived above minimum balance thresholds, with per-item charges beyond free allowances), credit card interchange and fees on Visa products, municipal service fees, and merchant card processing revenue. Distribution is direct-to-consumer through branch-based relationship banking across 12 Nebraska communities (including Beaver Crossing, Ericson, Firth, Jansen, Kearney, Lawrence, Palmyra, Panama, Superior, Weeping Water, and Wilber), supplemented by online, mobile, and telephone self-service channels. The bank positions itself as a "hometown bank with big bank perks," leveraging multi-generational customer relationships, agricultural lending expertise from agronomy-trained staff, and FDIC-insured status to differentiate against larger regional and national competitors.

Name

Farmers and Merchants Bank

Legal name

Farmers & Merchants Bank

Website

https://bankfmb.com

Company type

Private

Founded year

1860

Operating status

Operating

Headcount range

51–100 employees

Short description

Farmers & Merchants Bank is a family-owned, Nebraska-chartered community bank operating 12 branches across rural Nebraska, providing personal, agricultural, small-business, and municipal banking products including loans, deposit accounts, credit cards, and digital banking services.

Ownership category

akta.pro rank

Product category

Community Banking

SIC

National Commercial Banks (6021)

akta.pro primary industry

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

akta.pro secondary industry

Agricultural & Rural Development Banks (FSABAKAE)

Keywords

• Community banking
• Agricultural lending
• Personal banking
• Small business banking
• Municipal banking

Headquarters

HQ city

Milford

HQ country

United States

HQ region

North America

Offices12 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: Interest earned on agricultural loans, real estate loans, commercial loans, personal loans, and lines of credit. Primary revenue driver for the bank.
2. Deposit Account Fees: Monthly maintenance fees on checking and savings accounts when minimum balance requirements are not met, along with per-item charges for transactions exceeding free allowance.
3. Credit Card Revenue: Fees and interchange revenue from Visa credit card products including Platinum, Classic, Preferred Points, and Low Rate cards.
4. Municipal Services: Deposit services and debt funding for municipal governments including funding up to $11,000,000 for terms of 20 years or fewer.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Farmers and Merchants Bank is a family-owned Nebraska community bank offering personal banking, agricultural banking, small business banking, and municipal government banking products across 12 branch locations. Core offerings include checking and savings accounts, personal/ag/business loans, Visa credit and debit cards, certificates of deposit, IRAs, and merchant card processing, delivered through in-branch service plus online, mobile, and telephone banking channels.

Product overview

Farmers & Merchants Bank is a family-owned Nebraska community bank offering a comprehensive suite of banking products through a multi-channel delivery model. The bank's offerings are organized into three primary business lines: Personal Banking (checking, savings, loans, and credit cards for individuals), Ag Banking (specialized checking, savings, loans, and credit cards for farmers and ranchers), and Business & Municipal Banking (checking, savings, loans, credit cards, and municipal services for businesses and government entities). Supporting these core products are digital banking services including Online Banking, Mobile Banking, Telephone Banking, P2P Payments, Alerts, and Bill Pay. The bank also offers specialized services like Remote Deposit Capture, Merchant Card Processing, and Security Services (Verified by Visa, FraudWatch PLUS). For youth customers, the Star Savers Club provides savings accounts with educational benefits. All products are delivered through 12 branch locations across Nebraska with hometown customer service as the primary differentiator.

Differentiator

Problem solved

Functional benefit

Brands

• Star Savers Club: A savings club for kids from birth to age 18, designed to help children build saving habits early with fun perks and surprises.

Products and services

• Personal Checking
• Personal Savings
• Personal Loans
• Personal Credit Card
• Ag Checking
• Ag Savings
• Ag Loans
• Ag Credit Cards
• Business Checking
• Business Savings
• Business Loans
• Business Credit Card
• Municipal Services
• Online Banking
• Mobile Banking
• Telephone Banking
• Security Services
• Debit Cards
• Star Savers Club

Quantifiable outcome

• Customers served for generations - multi-decade and multi-generational relationships common

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• TransFirst (now part of Global Payments)coreTechnology or IntegrationPartnership with TransFirst provides businesses with merchant card processing services including excellent rates, affordable equipment options, and outstanding service for businesses accepting card payments.
• Money PasscoreTechnology or IntegrationAll FMB Visa debit cards are through Money Pass network, allowing customers to access ATMs nationwide through the Money Pass network with surcharge-free withdrawals.
• VisacoreTechnology or IntegrationCredit cards are issued through Visa network, accepted worldwide at businesses, financial institutions, and ATMs. 24/7 customer service available at 1-800-367-7576.

Scale indicators4 records

Recent moves18 records

Expansion highlights5 records

Direct peers

• First State Bank of Lincoln: Independent Nebraska community bank offering personal and business banking across multiple locations. Comparable mid-size independent community bank positioning.
• Great Western Bank: Regional Midwestern bank headquartered in Sioux Falls, SD, with significant Nebraska branch presence serving ag, retail, and small business customers. Comparable ag lending focus and small-town footprint.
• Pinnacle Bank: Nebraska-headquartered community banking franchise operating dozens of branches across the state with comparable personal, ag, and business banking products. Closest in geographic focus and product mix to FMB among publicly comparable peers.
• Cornhusker Bank: Lincoln, Nebraska-based independent community bank offering personal, business, and ag banking products. Directly comparable Nebraska-focused GTM and product set.
• Cornerstone Bank: York, Nebraska-based community bank with multi-branch presence offering ag, commercial, and retail banking. Similar rural Nebraska footprint and product strategy.
• Heartland Bank: Independent community bank serving central and eastern Nebraska with personal, ag, and business banking. Comparable size and rural/small-town footprint.
• Hastings State Bank / HOMEBANK: Nebraska-based community bank serving central Nebraska with retail, ag, and business banking. Comparable mid-size rural/small-town Nebraska peer.
• Jones Bank: Family-owned Nebraska community bank headquartered in Seward with comparable personal, ag, and business banking offerings. Closely analogous private, family-operated competitor in similar-size markets.
• Security State Bank (NE): Independently owned community bank with multiple branches across rural Nebraska offering ag, personal, and commercial products. Comparable smaller-scale rural community banking competitor.

Broad incumbents

• First National Bank of Omaha: Largest Nebraska-based bank with statewide retail/ag presence and full commercial banking capabilities. Serves overlapping customer segments, but operates at materially larger scale and broader product scope than FMB.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 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 Merchants Bank