Farmers & Merchants Bancorp Inc (NASDAQ: FMAO) is a bank holding company that operates a community bank serving markets across Ohio, Indiana, and Michigan. The company earns revenue primarily through net interest income on loans and deposits, with additional fee income from deposit services, digital banking, and custodial accounts. The bank held a 5.14% deposit market share, ranked 4th, in its served markets as of June 30, 2025. Its primary market spans 11 Ohio counties, 6 Indiana counties, and Oakland County in Michigan. The bank competes directly against Huntington National Bank, Fifth Third Bank, PNC, Wells Fargo, KeyBank, and JPMorgan Chase, along with credit unions, farm credit services, and savings and loan institutions. As of December 31, 2025, the company employed 474 full-time equivalent employees. The bank was classified as well capitalized under FDICIA prompt corrective action guidelines as of December 31, 2025.

Revenue model

Net interest income from commercial, agricultural, consumer, and real estate loans, supplemented by fee income from checking accounts, certificates of deposit, IRA and HSA custodial services, wire and ACH transaction services, remote deposit capture, and digital banking products.

Products and services

Commercial and agricultural loans, consumer loans (auto, boat, RV, motorcycle), residential mortgage loans (1-4 family), checking accounts, savings accounts, certificates of deposit, IRAs, HSAs, ATM and ITM services, online and mobile banking, bill pay, ACH and wire origination, remote deposit capture, floor plan lending.

Customers and end markets

Retail consumers, small and mid-size businesses, agricultural borrowers, and commercial clients in Ohio, Indiana, and Michigan community markets.

Value-chain role

Community bank and bank holding company providing deposit-gathering, lending, and transaction services directly to retail and business customers in regional markets.

Geographic exposure

Primary markets in Ohio counties of Butler, Champaign, Defiance, Fulton, Hancock, Henry, Lucas, Shelby, Williams, and Wood; Indiana counties of Adams, Allen, DeKalb, Jay, Steuben, and Wells; Oakland County, Michigan.

Competitors

Huntington National Bank, Fifth Third Bank, PNC, Wells Fargo Bank NA, KeyBank NA, JPMorgan Chase Bank NA, credit unions, farm credit services, savings and loan institutions

Source: SEC 10-K, filed 2026-02-27

Industry: Savings Institution, Federally Chartered Peers: AMERICAN NATIONAL BANKSHARES INC. Capital Bancorp Inc First Internet Bancorp Southern First Bancshares Inc MACATAWA BANK CORP Peoples Financial Services Corp PNC Financial Services Group Inc SUMMIT FINANCIAL GROUP, INC. West Bancorporation Inc