FARMERS AND MERCHANTS BANCSHARES, INC. DECLARES CASH DIVIDEND OF $0.34 PER SHARE Form 8 K

FARMERS AND MERCHANTS BANCSHARES, INC. DECLARES CASH DIVIDEND OF $0.34 PER SHARE

TOTAL 2024 DIVIDEND OF $0.67 PER SHARE IS THE 14^TH CONSECUTIVE ANNUAL INCREASE

HAMPSTEAD, MARYLAND (November 19, 2024) - On November 18, 2024, the Board of Directors of Farmers and Merchants Bancshares, Inc., the parent of Farmers and Merchants Bank, declared a cash dividend on the common stock of $0.34 per share, which will be paid on December 17, 2024 to stockholders of record on December 3, 2024. The $0.34 per share dividend is $0.01 greater than the most recent dividend paid in June 2024. The combined 2024 dividend of $0.67 per share represents a 4.5% yield on the current market value of $14.75 per share and a $0.01 increase over the $0.66 per share annual dividend paid in 2023. The annual dividend has increased for 14 consecutive years.

Please visit the investor relations section of our website, www.fmb1919.bank. It includes press releases, financial information, stock information, peer analysis, and information about Farmers and Merchants Bancshares, Inc.'s officers and directors.

About Farmers and Merchants Bancshares, Inc.

The Company is a financial holding company and the parent company of the Bank. The Bank was chartered in Maryland in 1919 and has over 100 years of service to the community. The Bank serves the deposit and financing needs of both consumers and businesses in Carroll and Baltimore Counties along the Route 30, Route 795, Route 140, Route 26, and Route 45 corridors. The main office is located in Upperco, Maryland, with seven additional branches in Owings Mills, Hampstead, Greenmount, Reisterstown, Westminster, Eldersburg, and Towson. Certain broker-dealers make a market in the common stock of Farmers and Merchants Bancshares, Inc., and trades are reported through the OTC Markets Group's Pink Market under the symbol "FMFG".