Farmers & Merchants Bancorp is the holding company for Farmers & Merchants State Bank, a community bank that has served Northwest Ohio since 1897. F&M Bank operates across a tri-state footprint in parts of Ohio, Indiana, and Michigan, with a branch network spanning 17 counties plus three Loan Production Offices. The bank lends to individuals, businesses, and agricultural customers across four categories: agricultural loans (farmland, equipment, livestock, and operating needs), commercial loans (C&I and commercial real estate), residential mortgages, and consumer loans (auto, RV, home improvement). Agricultural lending is F&M Bank's historically distinctive focus — the bank operates in corn and soybean country and has deep roots in farm lending across Northwest Ohio. F&M Bank funds its lending with deposits, earning a spread between deposit costs and loan yields — the standard community bank model. Profitability depends on loan volume and mix, deposit funding costs, credit quality, and interest rate sensitivity. The bank retains most loans on its balance sheet and emphasizes conservative underwriting. Beyond lending, F&M Bank generates fee income from mortgage servicing, brokerage services through FM Investment Services (via Raymond James), and a recently launched insurance agency.