COLUMBIA, Tenn.--(BUSINESS WIRE)--First Farmers and Merchants Corporation (OTC Pink: FFMH), the holding company for First Farmers and Merchants Bank, today announced that its Board of Directors has voted to increase the Company’s regular quarterly cash dividend $0.01 or 5% to $0.21 per share. The higher rate will go into effect with the next dividend to be paid on January 14, 2019, to shareholders of record as of December 31, 2018.
Commenting on the announcement, T. Randy Stevens, Chairman and Chief Executive Officer, said, “We are pleased to again raise our quarterly cash dividends paid to shareholders, enabling our investors to participate more directly in First Farmers’ ongoing growth, improving financial performance and strong capital position. This dividend marks the third increase in our cash payout over the past five years, for a cumulative increase of 13%, and represents the 78th consecutive dividend for First Farmers shareholders.”
About First Farmers and Merchants Corporation and First Farmers and Merchants Bank
First Farmers and Merchants Corporation is the holding company for First Farmers and Merchants Bank, a community bank serving the Middle Tennessee area through 22 offices in eight Middle Tennessee counties. As of September 30, 2018, First Farmers reported total assets of approximately $1.4 billion, total shareholders’ equity of approximately $125 million, and administered trust assets of $4.9 billion. For more information about First Farmers, visit us on the Web at www.myfirstfarmers.com under “Investor Relations.”