Bank Safe, Bank Smart® with Multi-Million Dollar FDIC Insurance

With F&M Bank and the Insured Cash Sweep® (ICS) service, you can earn interest on public or private funds placed into demand deposit accounts, money market deposit accounts, or both, and rest assured knowing that your ICS funds are eligible for multi-million-dollar FDIC insurance.

You can also enjoy unlimited program withdrawals or up to six program withdrawals per month. Simply put, with ICS, you can have it all.

What Can I do with ICS?

• Enjoy peace of mind. ICS funds are eligible for multi-million-dollar FDIC insurance that’s backed by the full faith and credit of the United States government.

• Earn interest. Put excess cash balances to work in demand accounts, money market deposit accounts, or both.

• Save time. By providing access to FDIC insurance through a single bank relationship, ICS can help your public unit comply with investment policy mandates. And with access to FDIC insurance, you can reduce any ongoing collateral-tracking requirements. This means you can spend more time accomplishing your public unit’s goals.

• Access funds. Enjoy unlimited program withdrawals using the ICS demand option or up to six program withdrawals per month using the ICS savings option.

• Support your community. Feel good knowing that the full amount of your funds placed through ICS can stay local to support lending opportunities that build a stronger community.
How Does ICS Work?

When our bank places funds for you using ICS, your deposit is sent from your transaction account at our bank into deposit accounts at other ICS Network banks in amounts below the standard FDIC insurance maximum ($250,000). This makes your funds eligible for FDIC protection. As a result, you can access FDIC insurance coverage from many institutions while working directly with just us, an institution you already know and trust.
It’s that easy.

What Else Do You Need to Know?

You receive a regular monthly statement from us for each option showing your ICS balances and other key information. And you can check your ICS balances and track other important information of interest to you, 24/7, through a specially designed Depositor Control Panel.

Your confidential information remains protected.

ICS can eliminate the ongoing tracking burdens associated with collateralization and the need to footnote uninsured deposits in financial statements if you are accustomed to these practices.


Contact Us to Learn More


Placement of your funds through the ICS service is subject to the terms, conditions, and disclosures set forth in the agreements, including the ICS Deposit Placement Agreement, that you enter into with us. Limits and customer eligibility criteria apply. Unlimited program withdrawals are available with ICS only when using the ICS demand option. ICS, Insured Cash Sweep, and Bank Safe, Bank Smart are registered service marks of Promontory Interfinancial Network, LLC.

For Public Funds:

Section 2.2-4518 of the Code of Virginia is Amended effective July 1, 2010, to read as follows:
§ 2.2-4518.  Investment of funds in deposits.

A. Notwithstanding any provision of law to the contrary, the Commonwealth and all public officers,     municipal corporations, other political subdivisions, and all other public bodies of the Commonwealth,     each referred to in this section as a “public entity,” may invest any or all of the moneys belonging to them or within their control in accordance with the following conditions:

1.    The moneys are initially invested through any federally insured bank or savings institution selected by the public entity that is qualified by the Virginia Treasury Board to accept public deposits;
2.    The selected bank or savings institution arranges for the deposit of the moneys in one or more federally insured banks or savings institutions, wherever located, for the account of the public entity;
3.    The full amount of principal and any accrued interest of each such deposit is covered by federal deposit insurance;
4.    The selected bank or savings institution acts as custodian for the public entity with respect to each deposit issued for the public entity’s account; and
5.    At the same time that the public entity’s moneys are deposited, the selected bank or savings institution receives an amount of deposits from customers of other financial institutions wherever located equal to or greater than the amount of moneys invested by the public entity through the selected bank or savings institution.

B. After deposits are made in accordance with the conditions prescribed in subsection A, such deposits     shall not be subject to the provisions of Chapter 44 (§ 2.2-4400 et seq.), § 2.2-4515, or any security or     collateral requirements that may otherwise be applicable to the investment or deposit of public moneys     by government investors.


Ray Burkholder Appointed to Board of Directors

F&M Bank congratulates Ray Burkholder on his appointment to the Board of Directors

November 5, 2015, Timberville, VA ‐‐ F&M Bank is pleased to announce that on October 27, 2015, Ray Burkholder was appointed as a new Director of F&M Bank and F&M Bank Corp to represent Augusta County. Ray has been serving on the Advisory Board in Augusta County since it was formed.

Ray Burkholder is an owner of Balzer and Associates, Inc., a planning, engineering, architecture and surveying firm serving various areas of Virginia. He is a graduate of Stuarts Draft High School and Virginia Tech. Currently, Ray resides in Staunton with his wife and three children. He is an active member of the community participating in various programs at Victory Worship Center, Rotary, sporting activities and other organizations.

With the appointment of Ray Burkholder to the Board of Directors, another impressive and unique skill set is added to the Board. We congratulate and welcome Ray to the F&M family.

About F&M Bank

F&M Bank serves the Shenandoah Valley with ten full-service branches, a network of ATMs, and a wide variety of financial services. Both individuals and businesses find the organization’s local decision-making, and up-to-date technology provide the kind of responsive, knowledgeable, and reliable service that only a progressive community bank can. Farmers & Merchants Bank has grown to over $600 million in assets — celebrating its most successful year in history in 2014 — and boasts over 160 full and part-time employees. Its conservative approach to finances and sound investments, along with excellent customer service, has made F&M Bank profitable and continues to pave the way for a bright future.


Santa Claus is Coming to F&M Bank

Craigsville Branch, December 18

Stop by our NEW Craigsville Branch from 3-5 PM to take your picture with Santa and enjoy some refreshments. Please, bring along your camera for pictures.


Making the Most of E-Banking

Gone are the days when visiting a branch during banking hours was the only way to take care of finances. E-banking lets you complete almost all transactions that used to require a trip to the bank. Here are four E-banking features that will help you get the most from banking remotely.

1. Online banking

Imagine settling in for the night and realizing you aren’t sure whether your account balance covers a check you mailed earlier in the week. With online banking, you don’t have to sweat it out and wait for the next day’s business hours. Free online banking lets you securely access your current savings, checking, CD and loan account information and also view your account history. Simply log in through your home computer, laptop or tablet to set your mind at ease while saving time, paper, postage and transportation costs. While you’re logged in, you can also pay bills, transfer funds between accounts and make loan payments.

2. eStatements

Not only does e-banking make money management more convenient, opting to go paperless with eStatements means you’ll have less paper clutter to contend with. eStatements are as easy to read as their paper counterparts; you can even view images of cancelled checks. With your secure login ID and password, these statements are for your eyes only, unlike paper statements that anyone might pick up and read. Typically, eStatements can be viewed online for a few months and saved to your computer for permanent storage and access.

3. Mobile banking

When banking needs arise on the go, mobile banking lets you securely do everything you can with online banking, all through your smartphone. Mobile banking uses a free, downloadable app to transform your phone into a virtual bank branch so you can pay bills, transfer funds, check balances and review history as you would at home with online banking.

One particularly nice feature unique to mobile banking is that it allows you to make deposits to your accounts from just about anywhere by simply endorsing checks, snapping a picture of them and filling in deposit information. Make sure to include the letters “MDC” (Mobile Deposit Capture) next to your signature on the endorsement line. This will help you remember if the check was deposited and avoid confusion. You’ll also be able to receive text message alerts when balances dip below a certain threshold, funds are received, or other activity occurs in your accounts.

4. P2P capability

Not long ago, if you wanted to make an electronic payment to a friend or business associate, you needed to have the recipient’s bank account information. P2P, a service now offered by financial institutions such as Farmers & Merchants Bank, allows customers with a debit card to make these person-to-person payments to any other individual with a debit card or checking account, using only the recipient’s email address or cell phone number. This service works even if the sender and receiver bank with different financial institutions. When funds are credited to the receiver’s debit card, P2P transfers can take place instantly. If the recipient prefers a bank account deposit, cash will arrive within one to two business days.

When you take full advantage of e-banking, branch hours and location don’t have to limit money management. You can save time and cash, and stay organized anywhere, anytime.

Sign Up for E-Banking Services or Contact Us.


Roberta Pescow, NerdWallet © Copyright 2015 NerdWallet, Inc. All Rights Reserved

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