First Farmers and Merchants Corporation Declares 100th Cash Dividend

Cash Dividend of $0.24 Per Share Declared

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 declared the 100^th cash dividend paid to shareholders. The Company’s regular quarterly cash dividend of $0.24 per share will be paid on July 22, 2024, to shareholders of record as of July 8, 2024. The dividend represents a 4.3% increase compared with the cash dividend paid during the same period last year.

“We are pleased to announce the 100^th cash dividend paid to First Farmers’ shareholders,” stated Brian K. Williams, Chairman and Chief Executive Officer of First Farmers. “Reaching this milestone highlights the commitment of our Board of Directors to deliver consistent returns for our shareholders. First Farmers paid its first cash dividend in 1983 when they were paid semi-annually. In 2016, we began paying quarterly cash dividends to provide more frequent returns of capital to our shareholders.”

“A strong cash dividend payout is a vital component to the long-term shareholder value we seek to deliver. We remain very positive about the future of First Farmers based on the strategic changes we are implementing, and we believe First Farmers is well positioned for solid earnings performance as we move forward.”

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 seven Middle Tennessee counties. As of March 31, 2024, First Farmers reported total assets of approximately $1.9 billion, total shareholders’ equity of approximately $124 million, and administered trust assets of $6.0 billion. For more information about First Farmers, visit us on the Web at www.myfirstfarmers.com under “Investor Relations.”