Farmers & Merchants Bancorp (OTCQX: FMCB) is a California community banking company that operates through its F&M Bank brand to provide deposit and lending services across the mid Central Valley and east San Francisco Bay Area. Revenue is generated primarily through net interest income on loans, leases, and investment securities funded by customer deposits. The bank operates 30 full-service branches and 3 stand-alone ATMs across Sacramento, San Joaquin, Solano, Stanislaus, Merced, Napa, Alameda, and Contra Costa counties, as of the 10-K filed March 13, 2026. The company was incorporated as F&M Bancorp, Inc. in 2002, adopting the F&M Bank trade name that same year. FMCB's capital structure includes subordinated debentures issued through FMCB Statutory Trust I, a Connecticut statutory trust formed in 2003 to issue trust-preferred securities. The company trades on the OTCQX market and reports stock price activity based on OTCQX postings and private shareholder transactions.

Revenue model

Net interest income from loans and leases held for investment, funded by a deposit base that includes non-interest-bearing demand accounts, interest-bearing demand, savings and money market accounts, and certificates of deposit. Additional income from securities available-for-sale and securities held-to-maturity portfolios.

Products and services

Commercial and consumer deposit accounts (non-interest-bearing demand, interest-bearing demand, savings, money market, certificates of deposit), loans and leases held for investment, investment securities (available-for-sale and held-to-maturity), bank-owned life insurance, credit and debit card transaction services.

Customers and end markets

Individuals, businesses, and agricultural enterprises in the mid Central Valley and east San Francisco Bay Area of California. End markets include trade, transportation and utilities, government, education and health services, and farming sectors across the counties served.

Value-chain role

Community bank providing direct deposit-taking and credit intermediation. Relies on third-party payment processors, merchant acquiring banks, payment card networks, and core processors for card transaction infrastructure and other operational services.

Geographic exposure

California only, as of the 10-K filed March 13, 2026. Primary service area covers Sacramento, San Joaquin, Solano, Stanislaus, and Merced counties in the mid Central Valley, and Napa, Alameda, and Contra Costa counties in the east San Francisco Bay Area.

Source: SEC 10-K, filed 2026-03-13

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