Trans Tech Auto, Inc.

Trans Tech Auto, Inc.
Go Local Business Profile: Trans Tech Auto, Inc., is located at 419 Trumbo Court in Broadway, VA.

VALLEY BUSINESS PROFILE

Trans Tech Auto opened in 1985 and is owned by Kenny McKenzie of Broadway. Trans Tech provides light and heavy duty towing and recovery; roadside assistance for flat tires, as well as jump starts, and unlocking of car doors.  The business regularly provides services for off-road towing and recovery for farm machinery, and also has a full service auto repair facility for minor and majors repairs or maintenance.

As an industry, Trans Tech is accustomed to facing challenges like no two recovery incidences of a car or tractor trailer ever being the same; the challenge of clearing an accident scene as quickly as the police would like; and getting correct directions or information when taking a tow call.

Kenny’s favorite thing about doing business in the Valley is “seeing gratitude on a customer’s face when [Trans Tech] is able to help them… [like] towing them to a safe location or repairing their car.”

For more information about Trans Tech and their services, visit their website at www.transtechtowing.com.

 

Mobile Banking For Business

Mobile Banking For Business
Are you considering mobile banking for your business?
Find out how these tools may provide more for your business than you previously thought.

Are you considering mobile banking for your business?
Find out how these tools may provide more for your business than you previously thought.

mobile banking for business
Mobile banking has been around for a few years, and today more people are utilizing it than ever.  According to a Federal Reserve poll, 42 percent of smartphone owners used mobile banking in 2011. These numbers increased to 48 percent in 2012, and 51 percent in 2013. Many small businesses, however, have resisted banking “on the go” because of security and functionality reasons. While 73 percent of small business owners say they use mobile devices to conduct social media marketing, only 18 percent use their device to manage accounts, according to Constant Contact Inc. survey data. So how beneficial is adding a banking app to your business phone?  Let’s address the main two issues:

Security
Just as online banking created its own set of new security risks, mobile banking does as well.  What happens if you lose your phone?  This is certainly a consideration when you are dealing with not only your money, but important business information. First, make sure to have your phone passcode or ID protected, with short “timeout” duration.  This means that once your screen saver goes on, the identification must be entered to gain access to the phone.  Next, make sure your bank uses a two-factor authentication to support its app.  The extra security means a hacker will need your username and password, as well as the mobile device, in order to login to your account. Also, be careful who you give access to.  Is your current bookkeeper going to carry out the same precautions with their mobile device as you would?  Make sure that anti-malware software is downloaded on every device with access to your business information.  Finally, as with any kind of banking, having a monitoring system in place with employees is a best practice, no matter how well they are trusted.

Functionality
Businesses have more banking data than consumers. Having a small display screen is not always conducive to accessing all this information. Also, businesses have a need for banking functions (wires, cash management, etc.) that aren’t always supported on your banking app.  As banking apps continue to become more sophisticated, however, these functions will become available with less of a security risk.  My suggestion would be not to focus on what mobile banking can’t provide your business, but what it can.  Checking balances or transferring funds, when you’re not at your desk, can save you a lot of time. Not to mention you have the ability to do your banking 24 hours a day no matter your location.  Another great feature is a mobile alert.  If your business account reaches a certain balance or a payment needs to be made, why not have the reminder get sent right to your phone?  Also fraud alerts can be set up if there is unusual activity on your account.

By Jonah Pence, Commercial Relationship Manager at Farmers & Merchants Bank located at 80 Cross Keys in Harrisonburg, Virginia.

>> Visit F&M Bank’s Mobile Banking Info Page

 

Financial Considerations Before Traveling Abroad

Financial Considerations Before Traveling Abroad
The number one most important step to take is to notify your bank of your intended travel plans. Not doing so may result in the freezing of your debit card. Our clients’ security is a number one priority for us at F&M Bank, so if we see someone using your account outside of your normal activities, we are going to take precautions to protect you against fraud.

Traveling abroad can be full of excitement and fun, but it takes a decent amount of preparation.  It is important to research hotel ratings, the best price in airfare, and tips for packing appropriate attire; but don’t forget to make sure you make financial preparations as well.


There are many financial considerations to take into account before embarking on your trip.  You will need to consider security, foreign transaction fees, and exchange rates- and you will want a financial plan in place before take-off.

The number one most important step to take is to notify your bank of your intended travel plans.  Not doing so may result in the freezing of your debit card.  Our clients’ security is a number one priority for us at F&M Bank, so if we see someone using your account outside of your normal activities, we are going to take precautions to protect you against fraud.  Simply call your bank branch and your Customer Service Representative will be glad to assist you by putting an alert of your travel plans on your account to avoid any complications.

At F&M Bank, we do not charge additional fees for using your debit card internationally.  However, you will likely be charged foreign transaction fees (usually ranging from 1% to 5%) and ATM fees by the vendor you are using to withdraw funds.  Additionally, many foreign ATMs only allow PIN transactions, so make sure you have your PIN number handy before traveling.  

Here are some other suggestions to keep in mind:  

•    Travel with at least two forms of payment.  If something goes wrong with one, you will want back up.
•    Take photocopies of all of your important documents including your passport, credit cards, debit cards, birth certificate and driver’s license and store them in a different location than the documents themselves.  This way, if something happens to the originals you will be able to prove your identity. 
•    Check your health insurance to make sure you will be covered while you are traveling.  If not, consider purchasing a rider. 
•    The most expensive place to purchase currency is in the airport at your destination.  Consider exchanging money through an international bank prior to departure.
 

If we can answer any questions to help you prepare for your next travel adventure, please contact us.  We are always here to help as Your Community Bank.  Bon voyage!

F & M Bank Corp. Announces Record Earnings and Dividend Increase

F & M Bank Corp. Announces Record Earnings and Dividend Increase

F & M Bank Corp.—News and Financials

TIMBERVILLE, VA—January 26, 2015—F & M Bank Corp. (OTCQB: FMBM), parent company of Farmers & Merchants Bank, announces its financial results for the full year and fourth quarter ended December 31, 2014, as well as its recently declared fourth quarter dividend.

Selected Financial Highlights: 2014 2013
Q4 YTD Q4 YTD
Net Income (000’s)  $1,566  $5,802  $1,184  $4,716
Earnings per common share  $0.44  $1.82  $0.46     $1.88
Net Interest Margin 4.29% 4.30% 4.07% 4.02%
Allowance for loan losses 1.68% 1.68% 1.71% 1.71%
Provision for loan losses (000’s)   $ –  $ 2,250  $750  $3,775
Non-Performing Loans (000’s)  $6,975  $6,975  $12,581  $12,581
Equity to Assets 13.10% 13.10% 9.79% 9.79%
Efficiency Ratio 60.62% 58.51%   61.89% 58.15%

Dean Withers, President and CEO, commented “We’re very pleased to announce record earnings for 2014. Our fourth quarter earnings increased 32.26% versus prior year, to $1.566 million and full year earnings of $5.802 million increased $1.086 million or 23.03%. The significant increase in earnings is due primarily to a very strong net interest margin of 4.30% for the full year.” Withers stated, “Loan demand continued at a robust pace in the fourth quarter, as the total portfolio increased $11.3 million for the quarter and $39.7 million for the full year, with most of the growth derived from our Dealer Finance Division and our Fishersville Loan Production Office”.  Withers continued, “Non-performing loans now equal 1.35% of the loan portfolio vs. 2.63% at year end 2013. On a nominal basis non-performing loans have decreased $5.6 million (44.6%) compared to the prior period.”

Withers continued, “We also completed our second capital raise of the year in December with the issuance of $10 million in preferred stock, proceeds of which were used to pay off all of our subordinated debt. This is yet another positive step in reducing our funding costs and growing our capital base in order to leverage growth opportunities” Withers concluded, On January 22, 2015, our Board of Directors declared a fourth quarter dividend of $0.18 per share, which is an increase of $.01 per share or a 5.88% increase. Based on our most recent trade price of $19.75 per share, this dividend constitutes a 3.65% yield on an annualized basis. The dividend will be paid on February 20, 2015, to shareholders of record as of February 5, 2015.” A summary balance sheet and income statement are included below.

F & M Bank Corp. is an independent, locally-owned, community bank holding company, offering a full range of financial services, through its subsidiary, Farmers & Merchants Bank’s nine banking offices in Rockingham, Shenandoah and Page Counties, Virginia. The Bank also provides additional services through two loan production offices located in Penn Laird, VA and Fishersville, VA and through its subsidiary, VBS Mortgage located in Harrisonburg, VA.  Additional information may be found by contacting us on the internet at www.fmbankva.com or by calling (540) 896-8941.

This press release may contain “forward-looking statements” as defined by federal securities laws, which may involve significant risks and uncertainties. These statements address issues that involve risks, uncertainties, estimates and assumptions made by management, and actual results could differ materially from the results contemplated by these forward-looking statements. Factors that could have a material adverse effect on our operations and future prospects include, but are not limited to, changes in: interest rates, general economic conditions, legislative and regulatory policies, and a variety of other matters. Other risk factors are detailed from time to time in our Securities and Exchange Commission filings. Readers should consider these risks and uncertainties in evaluating forward-looking statements and should not place undue reliance on such statements. We undertake no obligation to update these statements following the date of this press release.

 

F & M Bank Corp.
Financial Highlights
  For Twelve Months

Ended December 31

INCOME STATEMENT Unaudited

2014

  Unaudited       

2013

Interest and Dividend Income $26,772,057   $25,965,584
Interest Expense 3,647,722   4,772,743
  Net Interest Income 23,124,335   21,192,841
Non-Interest Income

Provision for Loan Losses

Other Non-Interest Expenses

3,530,335

2,250,000

15,655,914

  4,032,429

3,775,000

14,719,995

  Income Before Income Taxes 8,748,756   6,730,275
Provision For Income Taxes

Less Minority Interest income

2,901,496

45,653

  1,907,297

107,185

Net Income $5,801,607   $4,715,793
Dividend on preferred stock 127,500      –
Net Income available to common shareholders $5,674,107   $4,715,793
Average Shares Outstanding 3,119,333   2,504,015
Net Income Per Common Share

Dividends Declared

1.82

.68

 

 

1.88

.68

       
       
       
BALANCE SHEET  Unaudited

December 31, 2014

   Unaudited

December 31, 2013

Cash and Due From Banks $6,241,016   $5,834,596
Interest Bearing Bank Deposits 910,527   708,049
Federal Funds Sold 16,051,000   2,000
Loans Held for Sale

Loans Held for Investment

13,381,941

518,201,574

  3,804,425

478,453,008

Less Allowance for Loan Losses (8,724,731)   (8,184,376)
Net Loans Held for Investment 509,476,843   470,268,632
Securities 22,304,902   38,485,768
Other Assets 36,212,278   33,684,697
Total Assets $604,578,507   $552,788,167
       
Deposits $491,504,536   $464,149,244
Short Term Debt 14,358,492   3,423,078
Long Term Debt 9,875,000   11,500,000
Subordinated Debt

Other Liabilities

9,625,803

 

 

10,191,000

9,383,610

  Total Liabilities 525,363,831   498,646,932
Stockholders’ Equity 79,214,676   54,141,235
  Total Liabilities and Stockholders’ Equity $604,578,507   $552,788,167
Book Value Per Common Share $21.20   $21.56

 

SOURCE:         F & M Bank Corp.

CONTACT:        Neil Hayslett, EVP/Chief Administrative Officer

540-896-8941 or NHayslett@FMBankVA.com

 

 

4 Simple Steps to Stop a Cyber Thief

F&M Bank Raises Awareness for Data Privacy Day Jan. 28
Timberville, VA – In recognition of National Data Privacy Day on Jan. 28, F&M Bank is urging customers to take an active role in protecting their data. F&M Bank’s first priority is to protect our customers’ money and information,” said President and CEO Dean Withers. “We use a combination of safeguards to protect our customers’ information, and we encourage our customers to partner with us in that effort.”

PRESS RELEASE
FOR IMMEDIATE RELEASE

January 23, 2015

4 SIMPLE STEPS TO STOP A CYBER THIEF
F&M Bank Raises Awareness for Data Privacy Day Jan. 28

Timberville, VA – In recognition of National Data Privacy Day on Jan. 28, F&M Bank is urging customers to take an active role in protecting their data.

F&M Bank’s first priority is to protect our customers’ money and information,” said President and CEO Dean Withers. “We use a combination of safeguards to protect our customers’ information, and we encourage our customers to partner with us in that effort.”

To help ensure the safety of personal information, F&M Bank suggests following these four tips:

•    Create c0mplic@t3d passwords. Avoid birthdays, pet names and simple passwords like 12345. It is also important to change passwords at least three times a year. Because friendly theft – theft by someone the victim knows – is the most       common type of identity theft or fraud, don’t share your passwords with family members and be mindful of who has access to your personal information.

•    Keep tabs on your accounts. Check account activity and online statements often, instead of waiting for the monthly statement. You are the first line of defense because you know right away if a transaction is fraudulent. If you notice unusual or unauthorized activity, notify your bank right away. When a customer reports an unauthorized transaction in a timely manner, the bank will cover the loss and take measures to protect the account.

•    Stay alert online. Be sure computers and mobile devices are equipped with up-to-date anti-virus and malware protection. Never give out your personal financial information in response to an unsolicited email, no matter how official it may seem. Your bank will never contact you by email asking for your password, PIN, or account information. Only open links and attachments from trusted sources. When submitting financial information on a website, look for the padlock or key icon at the top or bottom of your browser, and make sure the Internet address begins with “https.” This signals that your information is secure during transmission.

•    Mobilize your defenses. Use the passcode lock on your smartphone and other devices. This will make it more difficult for thieves to access your information if your device is lost or stolen. Before you donate, sell or trade your mobile device, be sure to wipe it using specialized software or using the manufacturer’s recommended technique. Some software allows you to wipe your device remotely if it is lost or stolen. Use caution when downloading apps, as they may contain malware and avoid opening links and attachments – especially from senders you don’t know.

Tips for Victims:
If you are a victim of fraud and suspect your personal information has been compromised, you should take the following steps:

•    Call your bank and credit card issuers immediately so they can take necessary steps to protect your account.
•    File a police report and call the fraud unit of the three credit-reporting companies.
•    Consider placing a victim statement in your credit report and a fraud alert on your account.
•    Keep a log of all the contacts you make with authorities regarding the matter. Write down names, titles, and phone numbers in case you need to re-contact them or refer to them in future correspondence.
•    Contact the FTC’s ID Theft Consumer Response Center at 1-877-ID THEFT (1-877-438-4338) or www.ftc.gov/idtheft.

Data Privacy Day commemorates the 1981 signing of the first legally binding international treaty dealing with privacy and data protection. It is led by the National Cyber Security Alliance, a non-profit, public private partnership focused on cyber security education for all online citizens.

###

>>Visit F&M Bank’s Identity Theft Protection Services page

 

golocal

What Does Going Local Mean?
By going local, consumers can make a hometown investment they are proud of. The money deposited at your community bank will be reinvested in ways that drive our local economy, such as in the form of loans to local residents who want to buy a home or to small business owners who are looking to open a business, shop, or restaurant on the Main Streets of our Valley towns.

 

By going local, consumers can make a hometown investment they are proud of. The money deposited at your community bank will be reinvested in ways that drive our local economy, such as in the form of loans to local residents who want to buy a home or to small business owners who are looking to open a business, shop, or restaurant on the Main Streets of our Valley towns.

Going local helps us as a bank remain invested in our customers and helps us as all as individuals stay invested in our communities. As a small business ourselves, we only thrive when our customers and communities do the same. Taking care of you and looking out for the best interests of our neighbors has been ingrained in the way we conduct business since our own humble beginnings in 1908.

After many townspeople witnessed family fortunes disappear following the devaluation of Confederate money at the close of the Civil War, not all Timberville residents were receptive to the concept of a new bank in town. However, cautiously hopeful of a new government monetary system that would last, a few local businessmen led the way to promote an independent local bank in Timberville. With the times fostering an emerging concept of banking — a convenient place near home to safely deposit, borrow or invest money  somewhere other than in a sock or under a floorboard — the trust of our communities and local customers helped F&M bank raise the $10,000 capital needed to open its doors in 1908.

Whether located in the small towns and suburbia of the Shenandoah Valley, or in big-city neighborhoods, community banks improve America’s communities by funding nearly 60 percent of all small businesses under $1 million, and by using local dollars to help families purchase a home, buy a car, finance college and build financial security.

By driving local economies and creating local jobs, community banks are an integral part of our financial system and play a key role in our nation’s economic recovery. As many of the nation’s consumers consider switching banks, now is the perfect time to take part in the “go local” movement by joining your local community bank.
Information courtesy of:
Banking on the future : a 100-year history of Farmers & Merchants Bank, 1908-2008 (Paperback)
by Nancy Bondurant Jones (Author). Stop by your local branch for a copy!

Independent Community Bankers Association

 

F&M Bank’s Community Shred Days

One in 14 will become a victim of identity theft. Protect your identity by safely disposing of personal documents at our Community Shred Days starting this spring!

Stop by one of these branches to safely dispose of your personal documents with Shred-It, formerly Cintas Document Shredding.

Elkton
Friday, May 8th, 3pm-5pm

Edinburg
Saturday, May 9th, 9am-noon

Bridgewater
Friday, May 15th, 3pm-5pm

Broadway
Saturday, May 30th, 9am-noon

Timberville
Friday, June 5th, 3pm-5pm

Crossroads
Friday, June 12th, 3pm-5pm

Port Road
Friday, June 19th, 3pm-5pm

Luray
Saturday, September 12th, 9am-noon

Staunton (new location at 2813 N. Augusta Street)
Friday, September 25th, 3pm – 5pm
Donations and canned goods will be collected for Valley Mission

Woodstock
Saturday, September 26th, 9am-noon

Find Directions to a Branch Near You. See you at Your Community Bank’s Shred Day!

>> Read our blog post about protecting your home and work computers from Phishing scams.

>> Learn more about F&M Bank’s Identity Theft Protection Service, ID SafeChoice.

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