Coronavirus Food Assistance Program for Farmers

Are you a farmer or rancher whose operation has been directly impacted by the coronavirus pandemic? The Coronavirus Food Assistance Program (CFAP) will provide direct relief to producers who faced price declines and additional marketing costs due to COVID-19.

USDA is now taking applications for the CFAP. As part of applying for the program, you’ll need to contact the Farm Service Agency county office at your local USDA Service Center to schedule an appointment.

Your local FSA staff will work with you to apply for the program and will ask for the following information:

  • Contact
  • Personal, including your Tax Identification Number
  • Farming operating structure
  • Adjusted Gross Income to ensure eligibility
  • Direct deposit to enable payment processing

Please, do not send any personal information to USDA without first initiating contact through a phone call. FSA has streamlined the signup process to not require an acreage report at the time of application, and a USDA farm number may not be immediately needed. If you are an existing customer, this information is likely on file at your local Service Center.

What Can You Do Now?

You can start gathering and understanding your farm’s recent sales and inventory. The USDA website is a great resource to reference as you prepare to apply. The application deadline is August 28, 2020.

How Will USDA Accept Applications?

USDA Service Centers are open for business by phone appointment only. Please call your FSA county office to schedule an appointment. The staff are working with agricultural producers by phone and using email, fax, mail, and online tools to accept applications.

New to Working with the Farm Service Agency?

FSA has county offices located at USDA Service Centers across the country, including offices in Shenandoah, Rockingham and Augusta Counties.

How Can We Help?

The COVID-19 pandemic has presented challenges for our community, but our Agricultural Financing Division at F&M Bank is your partner in both good times and bad. If there is anything we can do to help you, our your farm operation, please do no hesitate to contact us.


Preparing Your Loan Forgiveness Application

Thank you for choosing F&M Bank to process and service your Paycheck Protection Program (PPP) loan. We hope the funding has positively impacted your business and provided a sense of financial security amid crisis. Your small business makes our community a better place to live, work and play, and it was a great honor to help you obtain loan approval.

Obtaining the loan was the first step. We are here to assist you in preparing your application for forgiveness and what required documents may be applicable.

PPP Loan Forgiveness Update

We have been working internally to create a streamlined, effective process, and a portal has been established to process PPP loan forgiveness applications. All customers have received an email inviting you to our PPP Loan Forgiveness Portal where you will be asked to create an account. Once your account has been created, you can access the portal directly at this link. If you have not received an email invitation, please notify us at

Form 3508EZ or 3508

Upon account creation, you will be prompted to complete a questionnaire that determines your eligibility for the EZ form. If you meet that criteria, you will be directed to the 3508EZ Form. If not, you will work your way through the complete 3508 Form. If you begin the EZ form, but would prefer to complete the entire 3508 form, you may switch to the full form.

Throughout the form, you will notice some fields, like business name and loan number, are pre-filled for your convenience. As you enter your financial information, the forgiveness amounts will automatically calculate, similar to a solution like Turbo Tax. Once you sign and submit your application, the F&M Bank team will take over.

Form 3508S

As you may be aware, the SBA recently released the 3508S form for loans totaling $50,000 or less. This form was developed to simplify the forgiveness application. Upon account creation, please follow the steps the complete the 3508S form.

PPP Loan Additional Assistance

If at all possible, please use the portal to fully complete your application.

It is recommended that you consult with your tax advisor, legal counsel or a bookkeeping service to assist your business if necessary.

Please, contact your loan officer with any questions. For additional information, please refer to the SBA’s website.

We are Here for You

F&M Bank is your financial partner – we help you navigate challenge and celebrate in your success. We would like to invite you to continue your banking relationship with our institution after the PPP process has ended and would love the opportunity to continue meeting your financial needs for years to come!

We will continue to stay in touch regarding your PPP loan and the documentation required for loan forgiveness. However, if you have any questions along the way, or would like to discuss personal or business banking solutions, please do not hesitate to contact your loan officer or nearest branch location.

Guide To Navigating Market Volatility At Each Life Stage

The global Coronavirus pandemic is an unprecedented experience for Americans alive today. It’s natural to feel a lot of anxiety about the future, including the future of your portfolio. Luckily, market volatility is not unprecedented. In this article, we’ll apply the lessons of previous market downturns to help you develop a sensible economic outlook for whatever stage of life you’re in now. Have questions? Contact one of our Virginia-based Financial Advisors today.

Long-Term Financial Goals in your 20’s and 30’s

In this stage of life, you have the power to take the long view and buy low, which will help you take advantage of upswings when the market inevitably turns around. In general, you want to buy less when the market is high and more when it’s low. This is when you are most likely to benefit the most from compound interest.

Start Now

Whether you’re just out of college, building your career, or married with kids, now is the time to get your finances in order and put a financial plan in place. Even if you can’t afford to save much right now, whatever you can put into your investment accounts will benefit you in the long run. You can reduce total interest paid on debt, benefit from flourishing markets, and be financially prepared for unexpected emergencies or expenses.

  • Open a retirement account if you don’t already have one. If you don’t qualify for an employer sponsored plan, you can open your own Individual Retirement Account (IRA).
  • Boost your emergency savings. Start with a manageable goal like $1,000 and work your way up to a month of living expenses, then a few months.
  • Pay down debt. If you have credit card balances, start with the lowest one and throw a little more at it each month until it’s gone. Then tackle the next-highest balance. If you don’t have credit card debt, look at student loans or a car loan. The sooner you can pay off these debts, the more money you’ll be able to save.

Your 20's and 30's is the best time to open a retirement account, start building your emergency savings, and pay down debt as much as possible.

Invest For The Long-Term

Set aside three to six months’ salary in a savings account for a rainy day. This will come in handy if you lose your job as well as for unexpected expenses and emergencies like a trip to the ER or a big car repair. Keep your emergency funds in cash in an FDIC-insured savings account.

  • Take advantage of compound interest as soon as you can. Earn interest on the interest you receive by adhering to a disciplined investing plan.
  • Don’t make any drastic financial changes right now if it’s not necessary. Instead, focus on saving aggressively and putting any extra money towards retirement.
  • Keep savings in cash or CDs so the funds are readily available for any significant expenses or purchases you will make in the near future.

Practice Dollar-Cost Averaging

This is an investment strategy* in which assets are purchased regularly at a fixed dollar amount. For example, 401(k) plans use dollar-cost averaging by making regular purchases according to the participant’s pay schedule and contribution. As a result, investors could end up buying certain investments at a discount during periods of market underperformance.

*Dollar-cost averaging is a method of helping to control risk. It does not assure a profit or the avoidance of loss. Investors should consider their ability to continue a dollar-cost program in periods of declining markets.

In Your 40’s and 50’s, Get Out Ahead Of Market Volatility

This life stage includes the prime income-earning years when you’re likely to have the greatest savings power. Stash away as much cash as possible while it still has a few decades to compound.

Stash away as much cash as possible during your 40's and 50's while it still has time to compound.

Start Diversifying With Safer Investment Options

Diversify your portfolio* info safer investment options such as bonds, bond mutual funds, CDs, and Money Market Accounts. These options tend to be more stable as markets change, helping to protect your portfolio from dramatic ups and downs.

*Diversification is a method of helping to control risk. It does not assure a profit or the avoidance of loss.

Consider Additional Principal-Protecting Options

Consider an annuity or a life insurance policy, especially if you have a family that is dependent on your income. The younger and healthier you are, the more likely you are to qualify for a lower rate.

In your 60’s and Through Retirement

Now it’s time to create a more risk-averse investment strategy.

For those nearing or already entered into retirement, it’s essential to protect the assets that will carry you through the entirety of retirement. The best approach is to set up three buckets of investment money that can financially carry you through each phase of your retirement:

  • 5-Year Bucket: Short-term income to fund immediate needs.
  • Intermediate Bucket: This is for money invested in a moderate-risk portfolio that can continue to grow over the next 6 to 15 years.
  • Long-Term Bucket: Finally, you have money that can be aggressively invested and won’t be touched for 16 years or more.

Your 60's is the time to protect the assets you worked hard for - make sure to tailor your budget to carry you through each stage of retirement.

Build A Retirement Budget

The amount of money you need to live on in retirement depends on how much you’ve saved so far and what a “comfortable life” looks like for you.

Start by making a list of your current expenses. Include both fixed bills, such as housing costs, as well as discretionary spending for items like clothing, travel, entertainment, and so on.

How much of your salary are you living on now?

If you’re spending close to all of what you make now, it’s a good idea to “test run” your retirement by trying to scale back and only spend 70 percent or so of your income. Yes, you may drop some expenses in retirement (less spending on transportation, a paid-off house to live in) but other costs of living could rise (healthcare, property taxes). And if you want to enjoy travel, classes, and other leisure/enrichment activities that aren’t free, you’ll probably spend more on that in retirement and need to budget accordingly.

Have you saved enough?

A number of factors (some out of your control) will determine how much yearly cash your retirement savings provides. If you don’t feel like you have enough, don’t get dejected. Just keep focusing on saving. You can, on average, double your nest egg balance in the last ten years or so of your career. People age 50 and older are even permitted to make larger “catch-up contributions” to 401(k) plans and IRAs.

Seek Out Other Income-Producing Assets

The more streams of income you have, the better your overall financial stability will likely be. For example, many retirees take on part-time jobs to supplement their savings. This could relate to a passion or hobby, such as working in a garden store if you love plants, or teaching a class at the local community college to share your expertise from a long career.

Also consider income-producing assets such as real estate/investment properties, dividend-paying stocks, and/or variable annuities.

Best Practices For All Life Stages

Financial planners can help you navigate your finances, stay on budget, and make educated financial decisions, at any stage of your life.

  • Don’t make any spontaneous decisions or changes. Talk to your financial advisor to discuss your financial goals and concerns before making any rash decisions, especially decisions related to retirement savings or investments.
  • Don’t make early withdrawals. If you take an early withdrawal from your 401k before age 59.5, you’ll pay ordinary income taxes and a 10% penalty. Withdrawing money early also forfeits tax-advantaged growth and can trigger a higher tax bill.
  • Get a financial planner. Professional financial managers can help you navigate the market turbulence and prevent you from making detrimental financial decisions during market volatility.
  • Reassess and rebalance on a regular basis. Whether it’s quarterly, semiannually, or annually, make a standing appointment to review your investments and assets to ensure your finances are where you want them to be.

F&M Bank’s Infinex Investment Executives Can Help You Navigate the Market!

Whatever stage of life you’re in, our financial planners can help you understand your options and develop a strategy for your investment portfolio that matches your individual goals for retirement. Feel free to reach out with any questions you may have or schedule a consultation with an Infinex Financial Advisor at any of our locations in Staunton, Harrisonburg, and the greater Shenandoah Valley.


Investment and insurance products and services are offered through INFINEX INVESTMENTS, INC. Member FINRA/SIPC. F&M Financial Services, Inc. is a nonbank subsidiary of F&M Bank. Infinex is not affiliated with either entity.

Securities and Insurance Products:
Not Guaranteed by the Bank | Not FDIC Insured | Not a Deposit | Not Insured by Any Federal Government Agency | May Lose Value Including Loss of Principal

VCE Financial Education – Local Business Spotlight

VCE Logo

We’ve seen our local business community quickly adapt from traditional storefront sales to curbside or online commerce. Your creativity is contagious and your passion for your craft deserves recognition! Interested in a blog post for your local business?

This week, we spend a few moments talking with Karen Poff, Senior Extension Agent and Manager of the Virginia Cooperative Extension – Northern Shenandoah Valley Financial Education Program. The organization is currently offering a free “Coping with a Money Crunch” webinar through Zoom! This is a great resource to help manage financial stress surrounding the COVID-19 pandemic.

Can you tell us about your business?

As a state agency, Virginia Cooperative Extension offers local financial education programs to strengthen personal finances throughout Clarke, Frederick, Page, Shenandoah, and Warren Counties. Families who achieve financial stability are better able to meet their own housing, social welfare, and health care needs. They are also less likely to experience conflict over finances and thus better able to provide for their children’s physical and emotional needs. Families who are able to make their payments on time, meet their tax obligations, and reduce their debt contribute to the overall well-being of the local economy. By strengthening personal finances through education, our programs support family self-sufficiency.

How has your business adapted to social distancing?

We are offering a webinar called ”Coping with a Money Crunch” which provides Northern Shenandoah Valley residents information and tools to help them handle the personal finance stresses caused by the COVID-19 pandemic. Registrants can participate using Zoom from their web browser or by downloading the Zoom app for their tablet or smart phone. If they don’t want to use Zoom, they can call in using a landline or cell phone. People can visit this link to see all of the available dates and times and to register for the webinar. Only registered participants will receive a participation link. They can also download the program flyer or contact me at or 540-635-4549 to receive a copy by e-mail or mail.

What is your quarantine survival method?

Eating right, getting enough exercise, getting enough sleep (but not too much!) and most importantly attending the online services and events offered by my church.


F & M Bank Corp. Announces Branch Closures, First Quarter Earnings And First Quarter Dividend

F & M Bank Corp. (OTCQX:FMBM), parent company of Farmers & Merchants Bank, announces three branch closures, its financial results for the first quarter ending March 31, 2019 and first quarter dividend to shareholders.

F&M Bank Corp. has worked diligently during the COVID-19 global pandemic to meet the needs of our customers by providing Paycheck Protection Plan (PPP) loans through the Small Business Administration, processing loan deferrals and continuing to operate our core services while practicing social distancing. As of April 27, 2020, we have processed 531 PPP loans for a total of $51.5 million, processed 683 deferrals and continued to operate our branches in a drive-thru only capacity daily, with courier pickup and by appointment account opening.

We are far from seeing an end to the effects of the pandemic on our businesses and economy, however the efforts of our management and staff to support our communities has been tremendous and is a testament to community banking. This includes an early initiative to fund $100,000 in small business grant programs to support our community in the Shenandoah Valley managing through the impacts of COVID-19. .

As part of our ongoing strategic efforts to reduce overhead, we have made the difficult decision to consolidate three of our branch locations in Craigsville, Grottoes and Luray, VA. While these physical locations will close on July 31, 2020, client accounts will remain supported at neighboring offices. Impacted employees from these branches will be offered comparable positions within the organization.

Selected financial highlights for the quarter include:

  • Net income of $1.19 million.
  • Net interest margin of 3.97%.
  • Loans held for investment increased $6.2 million for the quarter
  • Total deposits increased $37.6 million and $78.5 million, respectively for the quarter and for the trailing 12 months.
  • Nonperforming loans decreased to 0.50% at the end of the quarter from 0.70% of total assets on 12/31/2019 and 1.36% on 6/30/2019.

Mark Hanna, President, commented “Our first quarter earnings of $1.19 million were weighed down by an increase in our provision for loan losses due to economic factors related to COVID-19. These results are similar to first quarter of 2019, despite the sale of a portion of our dealer portfolio and a correction to the expensing of dealer commissions. Our net interest margin of 3.97% shows a historical decline but still remains strong in the current environment. Our balance sheet liquidity has increased significantly over the last two quarters and we are implementing strategic solutions to leverage these assets.”

Mr. Hanna continued, ‘Nonperforming loans have improved dramatically over prior year, decreasing $6.4 million since first quarter of 2019, and also decreasing $1.6 million since year end 2019. Efforts continue to maintain our goal of 0.50% of total assets.

On April 24, 2020 our Board of Directors declared a first quarter dividend of $.26 per share to common shareholders. Based on our most recent trade price of $17.25 per share this constitutes a 6.03% yield on an annualized basis. The dividend will be paid on June 1, 2020, to shareholders of record as of May 15, 2020.”

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 fourteen 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, 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 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 statement

s following the date of this press release.

Q1 2020 Key Stats




















  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 21%. 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 investments portfolio and Other Real Estate Owned. 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.

Q1 2020 Income Statement















Q1 2020 Balance Sheet




















CONTACT: Carrie Comer, EVP/Chief Financial Officer; 540-896-8941 or

SOURCE: F&M Bank Corp

Phone Scam Alert

It has been brought to our attention that some of our customers have received calls from a scammer posing as an F&M Bank employee. In each call, the scenario is similar. The caller mentions the customer has fraud on their F&M Bank card and requests the customer’s online banking credentials. The caller also claims they would be the best person to help alleviate the fraud, as the customer’s local branch of F&M Bank is busy with high volume calls.

This is a typical phone scam. F&M Bank will never call a customer and request sensitive information, such as online banking credentials, or an account or card number. If you receive a call from anyone requesting that type of information, you should hang up immediately.

Additionally, take note of the caller’s urgency and attempt to legitimize the conversation. He is the only person available to help as the branch is “busy with high volume calls”. Scammers often want to intimidate their victims hoping to urge swift action. If you feel pressured to make a quick decision, it is always best to end the call. Most legitimate businesses will never ask you to make a decision on the spot.

If you’re feeling unsure after ending the call, you can always reach out to your local branch of F&M Bank. Our staff will be able to confirm the illegitimacy of the call.