First Farmers and Merchants Corporation Announces 12.5% Increase in Quarterly Cash Dividend to $0.27 Per Share

COLUMBIA, Tenn.--(BUSINESS WIRE)-- First Farmers and Merchants Corporation (OTC Pink: FFMH), the holding company for First Farmers and Merchants Bank, today announced that its Board of Directors increased its regular quarterly cash dividend by 12.5% to $0.27 per share from $0.24 per share. The new higher dividend rate will be paid on October 21, 2024, to shareholders of record as of October 7, 2024.

"We are pleased to announce a 12.5% increase in our cash dividend per share," stated Brian K. Williams, Chairman and Chief Executive Officer of First Farmers. "We believe the increase in our cash dividend highlights our positive outlook for First Farmers and our continued opportunities for growth.

"The increase in the cash dividend reflects our confidence in the trajectory of our company and our commitment to building long-term shareholder value for First Farmers' shareholders. The fundamentals of First Farmers are strong as we have positioned our balance sheet to deliver improving net interest income in the coming quarters," concluded Williams.

About First Farmers and Merchants Corporation and First Farmers and Merchants Bank

First Farmers and Merchants Corporation is the holding company for First Farmers and Merchants Bank, a community bank serving the Middle Tennessee area through 22 offices in seven Middle Tennessee counties. As of June 30, 2024, First Farmers reported total assets of approximately $1.9 billion, total shareholders' equity of approximately $126 million, and administered trust assets of $6.0 billion. For more information about First Farmers, visit us on the Web at www.myfirstfarmers.com under "Investor Relations."