First Farmers and Merchants Corporation announces a 9.5% increase in its quarterly cash dividend to $0.23 per share

COLUMBIA, Tenn.–(BUSINESS WIRE)–First Farmers and Merchants Corporation (OTC Pink: FFMH), the holding company of First Farmers and Merchants Bank, today announced that its Board of Directors has increased its regular quarterly cash dividend by 9.5%, from $0.21 per share to $0.23 per share. . The new higher dividend rate will be paid on October 14, 2022 to shareholders of record on September 30, 2022.

“We believe that increasing our cash dividend demonstrates our commitment to creating long-term shareholder value,” said Brian K. Williams, President and CEO of First Farmers. “The increased cash dividend also highlights First Farmers’ strong financial performance and our positive outlook for our future. We recently announced double-digit organic loan growth, increased interest income and increased non-interest income for our second quarter ended June 30, 2022.

“We plan to fund the higher cash dividend from operations. We remain focused on leveraging our strong financial position to invest in First Farmers technology, infrastructure and people to support our continued growth,” concluded Williams.

About First Farmers and Merchants Corporation and First Farmers and Merchants Bank

First Farmers and Merchants Corporation is the holding company of First Farmers and Merchants Bank, a community bank serving the Middle Tennessee region through 22 offices in seven Middle Tennessee counties. As of June 30, 2022, First Farmers had total assets of approximately $2.0 billion, total shareholders’ equity of approximately $109 million and trust assets under administration of $5.6 billion. For more information about First Farmers, visit us on the web at www.myfirstfarmers.com under “Investor Relations”.

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