Farmers & Merchants Bank & Trust

What Farmers & Merchants Bank & Trust does

Farmers & Merchants Bank & Trust (F&M Bank & Trust) is a privately-held, state-chartered community bank headquartered at 221 Jefferson Street in Burlington, Iowa, originally chartered on March 1, 1916 as Farmers & Merchants Savings Bank and renamed in 1965. It operates four physical locations in Burlington and West Burlington, serving personal, small business, and agricultural customers across Southeast Iowa. The bank is FDIC-insured and operates under local decision-making authority, with a leadership team led by President and CEO Charles E. Walsh, CFO Jeff Brotherson, and COO Alan Kleinkopf.

The bank's product portfolio spans core deposit products (checking, savings, CDs, HSAs, youth accounts including Kids Bank, Campus Checking, and Young Farmers), full lending suites (mortgages, home equity, consumer loans, business/agricultural loans including farm operating, real estate, machinery, livestock, and short-term loans), credit cards (Standard and Preferred Points Rewards), merchant services through Clover POS, ACH and remote deposit capture for businesses, fraud protection via Positive Pay, and wealth management under Integrated Financial Resources (IFR) combining Trust Services and Four Points Financial brokerage. Specialized add-on products include ID TheftSmart, IDProtect, and cellular telephone protection, packaged into Advantage Bundle A ($9.95/month) and Bundle B ($4.95/month) subscriptions.

Underlying technology is delivered primarily through vendor partnerships rather than proprietary build: Fiserv powers the mobile and online banking infrastructure including mobile deposit (up to $2,000 personal / $5,000 business per item), Zelle enables person-to-person payments, Clover (Fiserv) provides merchant POS hardware, Deluxe/MyCorporation provides payroll and business formation, and QuickBooks integration supports business accounting workflows. The bank generates revenue primarily through net interest spread on loans and deposits, transaction and overdraft fees, interchange from credit card and merchant services, and advisory/commission income from the wealth management platform. Distribution combines direct branch service, digital self-serve channels, a dedicated agricultural lending team, and embedded school-bank programs at four local schools.

Name

Farmers & Merchants Bank & Trust

Legal name

Farmers & Merchants Bank & Trust

Website

https://fmbanktrust.bank

Company type

Private

Founded year

1916

Operating status

Operating

Headcount range

11–50 employees

Short description

Farmers & Merchants Bank & Trust is a privately-held community bank founded in 1916 in Burlington, Iowa, serving personal, small business, and agricultural customers across Southeast Iowa through four branch locations and Fiserv-powered digital banking.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (522180)

SIC

National Commercial Banks (6021)

akta.pro primary industry

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

Keywords

• Community banking services
• Agricultural lending
• Wealth management services
• Merchant card services
• Digital banking platform

Headquarters

HQ city

Burlington

HQ country

United States

HQ region

North America

Offices2 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: Traditional banking revenue from interest earned on loans including mortgages, agricultural loans, business loans, and consumer loans. Interest spread between deposits and lending rates.
2. Fee-Based Services: Monthly service charges on certain accounts, transaction fees for excess activity, overdraft fees, wire transfer fees, and other banking service charges.
3. Wealth Management & Trust Services: Brokerage services, investment management, trust services, and financial planning offered through Integrated Financial Resources (IFR). Revenue from advisory fees and commissions.
4. Credit Card Services: Revenue from credit card transactions and interchange fees on Farmer Card credit card products.
5. Merchant Services: Payment processing revenue from business merchant services including Clover POS systems.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Farmers & Merchants Bank & Trust is a community bank that accepts deposits and extends credit across personal, small business, and agricultural segments, while also providing wealth management/trust services, merchant card processing, ACH and remote deposit, and payroll services. Its offering is delivered through two physical branches in Southeast Iowa plus Fiserv-powered digital banking (mobile app, online banking, Zelle, mobile deposit) and supplementary programs such as youth banking (Kids Bank, Young Farmers) and identity/cell-phone protection bundles.

Product overview

F&M Bank & Trust is a community bank offering a comprehensive financial services platform combining traditional banking products with modern digital capabilities. The core product portfolio spans personal banking (checking, savings, mortgages, loans), business banking (commercial lending, merchant services, ACH, payroll), and specialized farmers/agricultural banking segments. Digital banking is delivered through mobile apps (consumer, business, and farmer variants), online banking portals, and Zelle integration. Wealth management services are consolidated under Integrated Financial Resources (IFR) combining trust and brokerage with fiduciary commitment. Additional value-added services include identity theft protection, cell phone insurance, roadside assistance, and Clover POS merchant services. The bank operates as a single-platform provider with modular add-on bundles, serving personal, business, and agricultural customer segments through its Iowa-based branches and digital channels.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Accounts Personal checking account products (including Advantage Bundles A and B, Campus Checking for ages 25 and under, Kids Bank for elementary students with $5 opening deposit, and Educators Accounts at partner schools) for individual consumers and families in Southeast Iowa.
• Savings Accounts and Certificates of Deposit (CDs) Traditional savings accounts, certificates of deposit (CDs) with competitive rates, and health savings accounts (HSAs) for personal banking customers.
• Consumer Loans (Mortgage, Home Equity, Auto/Boat/RV, Personal) Full suite of consumer lending including mortgage loans, home equity lines of credit, auto/boat/RV loans, and personal loans, underwritten locally for personal banking customers.
• Business Checking Accounts Five-tier business checking account lineup (Basic, Business, Interest, Commercial, Community) with varying minimum-balance requirements, monthly fees, and transaction limits, available to local businesses in Southeast Iowa.
• Commercial Lending (Business, Construction, Operating, Real Estate Loans) Commercial lending offering covering business term loans, construction loans, operating lines of credit, and commercial real estate loans for local small and mid-sized businesses, underwritten locally.
• Agricultural Lending (Operating, Farm Real Estate, Machinery, Livestock, Short-Term) Specialized agricultural lending products for farm operations, including operating loans (revolving and non-revolving), farm real estate loans, farm machinery loans, livestock loans, and short-term loans, often partnered with USDA FSA and Iowa RFA for beginning-farmer financing.
• Farmers Checking (Agricultural Business Checking) Agricultural-focused business checking account with optional feed/seed credit up to $100, including a Young Farmers variant for 4-H/FFA members earning up to 2.02% APY and integrating with QuickBooks.
• Farmers Credit Cards (Standard and Preferred Points Rewards) Two credit card products for farmers: a Standard Farmer Card with competitive ongoing APR and 25-day grace period with no annual fee, and a Preferred Points Rewards Farmer Card earning one point per dollar (up to 10,000 points per month) with a $49 annual fee.
• Mobile and Online Banking Platform Fiserv-powered digital banking platform with iOS and Android mobile apps (consumer, business, and farmer variants), 24/7 online banking, mobile deposit (up to $2,000 personal, $5,000 business), e-statements, bill pay, account alerts, Zelle P2P payments, and Apple/Google/Samsung Pay tokenization.
• Zelle Person-to-Person Payments Zelle P2P payment service enabling F&M Bank & Trust customers to send money directly from their account to enrolled recipients in minutes through the mobile banking app or online banking.
• Merchant Services (Clover POS) Clover point-of-sale payment processing solutions for business customers, offering Clover Virtual Terminal, Clover Go, Clover Flex, Clover Mini, Clover Station, and Clover Station Pro hardware for in-person and remote payment acceptance and business management.
• ACH Services Automated Clearing House (ACH) electronic payment and receivables solutions for business and farm customers, enabling direct deposits, vendor payments, bill payments, and check conversion.
• Positive Pay (Check and ACH Fraud Protection) Check and ACH fraud detection and prevention service for business and farm customers, verifying issued checks against posted transactions with payee verification.
• Remote Deposit Capture Remote check deposit service for business and farm customers allowing checks to be deposited from the office via scanner equipment, reducing trips to the branch.
• Deluxe Payroll and HR Solutions Payroll processing, tax compliance, and human resources administration for business customers, delivered through a partnership with Deluxe (including MyCorporation for business formation, EIN registration, DBA filings, and compliance services).
• Wealth Management / Integrated Financial Resources (IFR) Trust services, investment management, brokerage, financial planning, estate planning, retirement planning, IRA rollovers and education savings offered under fiduciary-salaried employees through Integrated Financial Resources (IFR), with brokerage delivered via Four Points Financial.

Quantifiable outcome

• Youth financial literacy through Kids Bank program recognized as most successful in Iowa

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature7 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Clover (Fiserv)coreTechnology or IntegrationClover point-of-sale systems integrated with business merchant services. Offers complete POS solutions including Clover Virtual Terminal, Go, Flex, Mini, Station, and Station Pro for payment processing and business management.
• DeluxecoreTechnology or IntegrationPartnership for payroll services and business registration solutions. Deluxe provides flexible payroll and human resources administration, compliance solutions, and business formation services through MyCorporation.
• FiservcoreTechnology or IntegrationTechnology platform provider for mobile and online banking services. Powers the F&M Bank & Trust mobile app and digital banking infrastructure.
• Zelle (Early Warning Services)coreTechnology or IntegrationPartnership to provide Zelle person-to-person payment services. Allows customers to send money directly from their account to enrolled recipients in minutes through online banking or mobile app.
• MyCorporationminorGTM or Marketing PartnerDeluxe company providing online business formation and compliance filings. Helps business customers register LLCs, corporations, obtain EINs, and file DBAs. Simplifies new business account setup process.
• Four Points FinancialcoreStrategic or Co-development PartnerBrokerage services provided through Four Points, part of the Integrated Financial Resources (IFR) wealth management platform. Financial consultants including Matthew Bredar and Mike Schwenker, CLU, ChFC provide investment and financial planning services.
• USDA Farm Service Agency (FSA) and Rural Finance Authority (RFA)coreStrategic or Co-development PartnerGovernment programs partnered with for beginning farmer financing. Helps young and beginning farmers secure financing through cooperative lending programs.

Scale indicators4 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Bank Iowa: Iowa-headquartered community bank providing personal, business, and agricultural banking services statewide. Directly comparable business model, ag lending specialization, and Iowa community bank positioning.
• GreenState Credit Union: Large Iowa-headquartered credit union offering personal banking, lending, and wealth services. Directly competes for the same household and small business deposits in Iowa, including Southeast Iowa markets.
• West Bank: Iowa-based community bank offering personal, business, and ag lending services with strong local decision-making. Comparable community banking model with similar geographic and customer profile.
• MidWestOne Bank: Iowa-based community bank serving personal, business, and agricultural customers across the Midwest. Closely comparable community banking model with ag lending focus and multi-state branch footprint.
• Hills Bank and Trust Company: Iowa-based community bank with similar full-service personal/business/agricultural lending model and strong regional brand. Comparable in size and customer mix to F&M, making it a direct in-state peer.
• Two Rivers Financial Group (Two Rivers Bank): Iowa-based community bank with strong ag lending focus serving eastern Iowa. Comparable customer segments (personal, ag, small business) and similar size/scale profile.
• QCR Holdings (Crane Credit Union / Quad City Bank & Trust): Quad City/Iowa-headquartered community bank holding company with Quad City Bank & Trust providing commercial, ag, and retail banking. Geographic proximity to Burlington and overlapping ag and small business customer base make it a direct regional peer.

Others

• FDIC (Federal Deposit Insurance Corporation): Federal deposit insurer covering F&M Bank & Trust. Not a competitor, but a defining ecosystem participant that shapes community bank regulation, deposit pricing, and operating requirements that materially affect F&M's economics.
• Shazam (SHAZAM Network): Core processor and EFT network serving many community banks including smaller Iowa institutions. Indirect peer as F&M's banking technology infrastructure is delivered via similar third-party processors like Fiserv.

Broad incumbents

• Heartland Financial USA / HTLF (now United Financial Bancorp): Multi-state community banking franchise with several Midwest charters including in Iowa. Larger and broader incumbent offering overlapping ag, business, and retail banking services across the same regional footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCwB559OhBxRAILrEuBesI6A/featured
• Facebookfacebook.com/fmbanktrust
• Instagraminstagram.com/fmbanktrust

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 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 & Merchants Bank & Trust