Spear Phishing Scammers Want More From You

By Lisa Lake, Consumer Education Specialist, FTC

“I’m calling from [pick any bank]. Someone’s been using your debit card ending in 2345 at [pick any retailer]. I’ll need to verify your Social Security number — which ends in 8190, right? — and full debit card information so we can stop this unauthorized activity…”

So the caller ID shows the name of your bank. And the caller knows some of your personal details. Does that mean it’s legit? No. It’s a scam — and scammers are counting on the call being so unsettling that you might not stop to check your bank statement.

We’ve started hearing about phone scams like this, which combine two scammer tricks: spear phishing and caller ID spoofing. In a phishing attempt, scammers may make it look like they’re from a legitimate company. And when they call or email with specific details about you — asking you to verify the information in full (things like your Social Security number or address) — that’s called spear phishing.

The other nasty wrinkle in this scam is caller ID spoofing. That’s when scammers fake their caller ID to trick you into thinking the call is from someone you trust.

Here’s how you can avoid these scam tactics:

Don’t assume your caller ID is proof of whom you’re dealing with. Scammers can make it look like they’re calling from a company or number you trust.
If you get a phone call, email, or text from someone asking for your personal information, don’t respond. Instead, check it out using contact info you know is correct.
Don’t trust someone just because they have personal information about you. Scammers have ways of getting that information.
If you gave a scammer your information, go to IdentityTheft.gov. You’ll learn what to do if the scammer made charges on your accounts.
Even if you didn’t give personal information to the scammer, report the scam to the FTC. Your reports help us understand what’s happening and can lead to investigations and legal action to shut scammers down.

Content: https://www.consumer.ftc.gov/blog/2018/10/spear-phishing-scammers-want-more-you?utm_source=govdelivery

F&M Bank Corp. Announces 3rd Quarter Earnings and Dividend

TIMBERVILLE, VA—October 25, 2018 —F & M Bank Corp. (OTCQX: FMBM), parent company of Farmers & Merchants Bank, announces its financial results for the quarter ending September 30, 2018.

Selected highlights for the quarter and year to date include:

  • Quarterly net income of $2.52 million;
  • Net interest margin of 4.56%, an increase of 8 BPs compared to one year ago;
  • Loans held for investment increased $26.8 million or 4.3% in the last 12 months;
  • Net interest income increased $367 thousand compared to the third quarter 2017;
  • Annualized Return on Average Assets of 1.29% for the third quarter and 1.09% year to date;

Mark Hanna, President and CEO, commented “We are very pleased to announce third quarter earnings of $2.52 million, which is comparable to the same period last year and an increase of $828 thousand versus the second quarter .  Growth in loans held for investment totaled $12.7 million for the third quarter of 2018 and $26.8 million year over year.  Our net interest margin at 4.56% remains strong and continues to be driven by our strong loan to asset ratio.  Non-performing assets increased marginally versus second quarter and we continue to work closely with our borrowers to rehabilitate several larger problem assets.”

Hanna stated, “On October 18, 2018 our Board of Directors declared a third quarter dividend of $.25 per share to common shareholders. Based on our most recent trade price of $34.14 per share this constitutes a 2.93% yield on an annualized basis. The dividend will be paid on November 15, 2018, to shareholders of record as of November 1, 2018.”  Highlights of our financial performance are included below.

F & M Bank Corp. is an independent, locally-owned, financial holding company, offering a full range of financial services, through its subsidiary, Farmers & Merchants Bank’s thirteen banking offices in Rockingham, Shenandoah, Page and Augusta Counties, Virginia. The Bank also provides additional services through a loan production office located in Penn Laird, VA and through its subsidiaries, VBS Mortgage (DBA F&M Mortgage) and VSTitle, both of which are 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.

(1) The net interest margin is calculated by dividing tax equivalent net interest income by total average earning assets. Tax equivalent interest income is calculated by grossing up interest income for the amounts that are nontaxable (i.e. municipal securities and loan income) then subtracting interest expense. The tax rate utilized is 34%. The Company’s net interest margin is a common measure used by the financial service industry to determine how profitable earning assets are funded. Because the Company earns nontaxable interest income from municipal loans and securities, net interest income for the ratio is calculated on a tax equivalent basis as described above.

(2) The efficiency ratio is not a measurement under accounting principles generally accepted in the United States. The efficiency ratio is a common measure used by the financial service industry to determine operating efficiency. It is calculated by dividing non-interest expense by the sum of tax equivalent net interest income and non-interest income excluding gains and losses on the investment portfolio. The Company calculates this ratio in order to evaluate how efficiently it utilizes its operating structure to create income. An increase in the ratio from period to period indicates the Company is losing a greater percentage of its income to expenses.

SOURCE: F & M Bank Corp.

CONTACT: Neil Hayslett, EVP/Chief Operating Officer

540-896-8941 or NHayslett@FMBankVA.com

Dean Withers Named Community Banker of the Year

On October 15th, the Virginia Association of Community Banks presented Dean Withers, former President and CEO of F&M Bank, with the Community Banker of the Year award.

Originally from Augusta County, VA, Dean graduated from James Madison University and the Louisiana State University Graduate School of Banking. He joined F&M Bank as Vice President of Loans in 1993 and worked his way through the ranks to become F&M Bank’s President and CEO in 2004. Under his leadership, F&M Bank experienced tremendous growth and success. The bank more than doubled in asset size from approximately $350 million to a current value of $770 million.

During this time, he also expanded the Bank’s geographic footprint from six to thirteen locations throughout the Shenandoah Valley and broadened its service offerings to include a mortgage affiliate, a loan production office, an automotive dealer finance division, and a title agency. This growth and expansion evolved organically without ever requiring a bank merger or seeking a tax payer bailout. The progress can be attributed to conservative decision making, sharp business acumen, as well as a vision of staying true to F&M Bank’s roots.

Over the years, Dean has served as Chairman of the VACB and has committed himself to shaping the community banking industry through his involvement with numerous Virginia Bankers Association committees. Dean has also remained active in civic and community organizations.

In December 2017, Dean passed the torch to Mark Hanna, current President and CEO, but remains active on the F&M Bank Board of Directors. You can often find him around the branches dropping by to visit staff or support their customer appreciation events. Sincere with his efforts to shape F&M as a true community bank, Dean is instrumental in seeing the potential in F&M staff and positioning them for success. Dean is well known at F&M Bank for being approachable, a good listener, and a champion of encouragement for personal and professional growth, as well as the impetus for active community involvement for which F&M Bank employees have come to be known.

Of his relationship with Dean, F&M Bank board member Chris Runion, states, “I have had the privilege and pleasure to work with Dean throughout my career and his support and engagement has been instrumental in our business success. The financial performance of the Bank during Dean’s leadership and his commitment to our community speak for itself, however, I believe his defining attribute is his empowerment of people.”

On behalf of all employees at F&M Bank, we would like to congratulate Dean on this well-deserved accomplishment! Your leadership has been exemplary.


Dean withers - community banker of the year

F&M Bank Tops Deposits in Harrisonburg-Rockingham County

For the second year in a row, F&M Bank is proud to claim the top spot in deposit share in the Harrisonburg-Rockingham County market. The Federal Deposit Insurance Corp.’s most recent data show that F&M Bank topped all banks in the metropolitan statistical area (MSA) for deposits held.

As of June 30, 2018, F&M Bank held $440.3 million in deposits for customers in its eight Rockingham branches, or 18.75 percent of the total market. That represented a $23.8 million increase over the previous year.

Mark Hanna, President and CEO, states, “Holding the top spot in the MSA is an extremely important accolade, especially as we engage with shareholders and potential investors. This accomplishment speaks to our bank’s integrity and deep-rooted history in Rockingham County. Our community sees value in supporting a local, financial institution.”

In 2017, F&M Bank unseated large regional and national financial institutions to claim the top spot, and it is quite an accomplishment for a small, community bank to maintain this position. Bank leadership credits success to the institution’s ability to reflect the changing demographics of the community.

The bank broadened its reach to the younger business community by developing a community advisory board to draw candid feedback from active community members and business leaders under 40. Holly Thorne, Marketing Director, states, “The advisory board members are our community, and F&M understands the value they bring to the table. It’s a logical choice and natural fit to engage them in helping to shape our bank’s future.”

Media Contact: Neil Hayslett, EVP/Chief Operating Officer 540-896-8941 or NHayslett@FMBankVA.com

Fraud Alert for Debit Card Use in California

Over the weekend, F&M Bank received multiple notifications from our fraud detection system of a small number of our Virginia customers’ cards being used for fraudulent purposes in the state of California.

Over the weekend, F&M Bank received multiple notifications from our fraud detection system of a small number of our Virginia customers’ cards being used for fraudulent purposes in the state of California.

As a precautionary measure, F&M has placed a block that requires the use of a PIN in the state of California.

If you are unsure of your PIN number, please notify the bank at 540-896-8941 and we will order a PIN to be mailed to the address on file for your account.

We apologize for any inconvenience that this may cause for you, our valued customer.

If you have any questions, please do not hesitate to contact our customer support team at 540-896-8941.