Farmers & Merchants Bancorp (FMCB) is a California community bank holding company that operates entirely through its subsidiary, Farmers & Merchants Bank of Central California (F&M Bank), which has been in business since 1916. F&M Bank runs 30 full-service branches across the Central Valley and eastern San Francisco Bay Area, serving small and medium-sized businesses as well as retail consumers. The bank takes deposits — checking, savings, money market, time deposits, and IRAs — and deploys that funding into commercial loans, commercial real estate, agribusiness, residential real estate, construction, consumer, and equipment leasing. F&M Bank earns net interest income on the spread between loan and investment yields and deposit costs, which is the primary driver of profitability. The bank's earnings are sensitive to interest rate movements, loan volume and mix, and its ability to attract lower-cost core deposits. Non-interest income comes from fee-based services like merchant credit card programs, lockbox services, wire transfers, and investment product referrals, but these are supplementary to the core lending model. F&M Bank's franchise is strongest in its Central Valley heartland — particularly San Joaquin, Stanislaus, and Merced counties — where it holds deposit market share of roughly 9–13%. In the Bay Area counties, F&M Bank holds under 1% deposit share and competes against much larger institutions. The bank emphasizes relationship-driven service and local decision-making rather than broad advertising or pricing to attract and retain customers.