Date: March 31, 2020
F&M Bank today announced its holistic approach to help relieve the financial worries of its clients, employees and communities stemming from conditions of the COVID-19 (coronavirus) pandemic. As information on the virus developed in recent weeks, President & CEO Mark Hanna, and the Bank’s executive team, were quick to mobilize flexible financial solutions for its clients in the form of payment deferrals, short term loan options, early withdrawal and overdraft fee waivers and helping clients submit applications through the Small Business Administration’s (SBA) Economic Injury Disaster Loan Program.
The teammates at F&M were promptly enabled with health and safety instructions, safeguarded with redirection of branch lobby traffic to drive-thru, and were granted a special one-time hardship bonus during their most recent pay period.
Perhaps most impactful was the Bank’s newly announced commitment of $100,000 to foster grant and loan programs spearheaded by local chambers of commerce and economic development outlets. The bank’s financial contribution will provide support and resources to local businesses based in the Shenandoah Valley, Virginia.
“We have all been impacted in some way by the COVID-19 pandemic and F&M Bank has taken extensive measures to ensure we’re prepared to help our clients and communities get through the crisis”, said Mr. Hanna, “we understand current economic conditions are creating financial challenges for our community. Times of crisis call for unique solutions, and we are ready to help.”
In the Community
In addition to the $100,000 commitment to fund grant and loan programs in its market footprint, the Bank has contributed over $6,000 to strategically deploy resources to help nonprofits organize and respond during this crisis.
F&M prides itself on active civic and community involvement and contributes over $300,000 annually to nonprofit organizations in its Shenandoah Valley home.
In addition to its corporate advised community fund, the bank often supports various civic events and organizations through sponsorship and community involvement. Since 1908, F&M Bank has put people and community first at every level of our organization and continues to do so at this ever-changing and unprecedented time.
About F&M Bank
F&M Bank (FMBM) proudly remains the only publicly traded organization based in Rockingham County, VA, and serves the Shenandoah Valley with 14 full-service branches and a wide variety of financial services including home loans through F&M Mortgage and real estate settlement services and title insurance through VSTitle. Both individuals and businesses find the organization’s local decision-making, and up-to-date technology provide the kind of responsive, knowledgeable, and reliable service that only a progressive community bank can. F&M Bank has grown to over $807 million in assets and over 175 full and part-time employees. Its conservative approach to finances and sound investments, along with excellent customer service, has made F&M Bank profitable and continues to pave the way for a bright future.