F&M Bank Announces Leadership Changes and Retirements of Rex Rice, EVP & Chief Lending Officer and Benét Rupp, EVP & Chief Administrative Officer
25 January 2024 - 8:00AM
F&M Bank (“F&M”), an Archbold, Ohio based bank owned by
Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today
announced the retirements of Rex Rice, EVP & Chief Lending
Officer and Benét Rupp, EVP & Chief Administrative Officer.
Rice will remain in his role until March 1, 2024. Rupp will remain
in her role until March 22, 2024. F&M also announced several
promotions as part of the Company’s established succession plan.
Lars Eller, President and CEO, stated, “On
behalf of everyone at F&M, we want to thank Rex and Benét for
their years of dedication and service. Rex began with the bank in
1981 and has served in a variety of leadership capacities. He has
been an integral part of F&M’s success over the past 43 years,
where we have seen our lending portfolio grow to over $2.5 billion.
Rex has been a trusted advisor and invaluable partner, and I wish
him all the best in his well-deserved retirement. Benét joined
F&M in 2019 and has been an instrumental member of our
executive team over the past five years. Under Benét’s leadership
we have continuously improved significant functions within the bank
including human resources, operations, and strategic planning. I’d
like to thank Benét for being a catalyst for change within the
organization and I wish her all the best in her retirement.”
Mr. Eller continued, “Since becoming CEO in
2019, I have consistently emphasized the importance of recruiting,
developing, and retaining highly motivated, skilled, and dedicated
talent. We are very excited for David, Tim, Alexis, and Amy as they
assume additional responsibilities. I look forward to the expanded
leadership and continued contributions each will bring to F&M.
With these strategic changes, we are better positioned than ever to
embrace the future and deliver increased value to our customers,
associates, shareholders, and communities.”
David Gerken Promoted to EVP | Chief
Lending OfficerAs Chief Lending Officer, Mr. Gerken will
oversee the Bank’s commercial, agriculture and consumer lending
areas as well as special assets and treasury management solutions.
Mr. Gerken has over 30 years of commercial banking experience and
most recently served as F&M’s SVP Senior Commercial Banking
Manager. He has a BA in Business Administration from Defiance
College.
Tim Carsey Promoted to SVP | Chief
Administrative OfficerAs Chief Administrative Officer, Mr.
Carsey will lead F&M’s deposit and loan operations, digital
banking, and customer care functions. Mr. Carsey joined F&M in
2022 as VP Senior Operations Manager and has over 31 years of
banking experience. He attended The Ohio State University. In his
previous role at PNC, Mr. Carsey crafted an impressive performance
record, highlighting his proven abilities as a change leader.
Alexis Smith Promoted to SVP | Chief
People OfficerAs Chief People Officer, Ms. Smith has
assumed additional responsibilities associated with the Company’s
strategic planning strategies and will continue to lead human
resources for F&M inclusive of talent, learning, benefits,
organization development, and payroll. Ms. Smith joined F&M in
2020 as VP Talent and Organization Development. She has over 25
years of HR, training, and organization development experience
across multiple industries. Ms. Smith has both a BA and MA in
Classics from The University of Toledo.
Amy Cover Promoted to SVP | Chief
Marketing OfficerAs Chief Marketing Officer, Ms. Cover has
assumed additional responsibilities that include product
development and customer experience strategies and will continue to
lead marketing and brand strategy, communications, and public
relations across F&M’s footprint. Ms. Cover joined the Bank in
2009 and has held a variety of leadership positions within the
bank’s marketing function. Ms. Cover has a BA in Communications
& Marketing and an MBA from Defiance College and attended the
Graduate School of Banking at the University of Wisconsin –
Madison.
About F&M Bank: F&M
Bank is a local independent community bank that has been serving
its communities since 1897. F&M Bank provides commercial
banking, retail banking and other financial services. Our locations
are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas,
Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana,
we have offices located in Adams, Allen, DeKalb, Jay, Steuben and
Wells counties. The Michigan footprint includes Oakland County, and
F&M has Loan Production Offices in West Bloomfield, Michigan;
Muncie, Indiana; Bryan, Ohio and Perrysburg, Ohio.
Safe harbor statementPrivate
Securities Litigation Reform Act of 1995. Statements by F&M,
including management’s expectations and comments, may not be based
on historical facts and are “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21B of the Securities Exchange Act of 1934, as amended.
Actual results could vary materially depending on risks and
uncertainties inherent in general and local banking conditions,
competitive factors specific to markets in which F&M and its
subsidiaries operate, future interest rate levels, legislative and
regulatory decisions, capital market conditions, or the effects of
the COVID-19 pandemic, and its impacts on our credit quality and
business operations, as well as its impact on general economic and
financial market conditions. F&M assumes no responsibility to
update this information. For more details, please refer to
F&M’s SEC filing, including its most recent Annual Report on
Form 10-K and quarterly reports on Form 10-Q. Such filings can be
viewed at the SEC’s website, www.sec.gov or through F&M’s
website www.fm.bank.
Company Contact:Lars B. EllerPresident and Chief
Executive Officer Farmers & Merchants Bancorp, Inc.(419)
446-2501 leller@fm.bank |
Investor and Media Contact:Andrew M.
BergerManaging DirectorSM Berger & Company, Inc. (216)
464-6400andrew@smberger.com |
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