F&M Bank Announces Leadership Changes and Retirements of Rex Rice, EVP & Chief Lending Officer and Benét Rupp, EVP & Chief Administrative Officer

• David Gerken Promoted to EVP | Chief Lending Officer
• Tim Carsey Promoted to SVP | Chief Administrative Officer
• Alexis Smith Promoted to SVP | Chief People Officer
• Amy Cover Promoted to SVP | Chief Marketing Officer

ARCHBOLD, Ohio, Jan. 24, 2024 (GLOBE NEWSWIRE) -- 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 Officer
As 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.