F&M Bank Announces 33% Increase in Starting Wages
Timberville, VA. August 4, 2022 – F&M Bank, a subsidiary of F&M Bank Corp, increased its employees’ starting wages from $15 to $20 per hour, a 33% increase, effective August 1, 2022. This minimum hourly pay rate is substantially above the Commonwealth of Virginia’s minimum hourly rate of $11.00 and the federal minimum hourly wage rate of $7.25.
“Our employees are our greatest asset, and we are committed to maintaining a living wage for all members of the F&M team,” said F&M Bank CEO, Mark Hanna. “This increase is made possible by the incredible effort and dedication our team puts forth to support the financial needs of our communities.”
F&M Bank’s commitment to its employees is also reflected in the Company’s Employee Stock Ownership Plan (ESOP), which is designed to help support employees’ retirement goals by growing retirement funds in direct correlation with the success of their daily work. Other benefits provided by the company include a Quarterly Wellness Reimbursement for employees prioritizing their health, a $10,000 tuition reimbursement for continued education, an above-average starting Paid Time Off allotment and opportunities for internal advancement.
“We are excited by the productivity of our team and the things we have been able to accomplish,” commented Melody Emswiler, F&M Bank Chief Human Resources Officer, “This increase is a reflection that at F&M we are committed to our employees, and we value them. We want to share our success that has been accomplished by serving our community.”
F&M Bank was recently named among the top three best banks in Virginia by Virginia Living Magazine. For a complete list of career opportunities at F&M Bank, please visit their careers page.
About F&M Bank
F&M Bank Corp. (OTCQX: FMBM) proudly remains the only publicly traded organization based in Rockingham County, VA, and since 1908, has served the Shenandoah Valley through its banking subsidiary F&M Bank, with full-service branches and a wide variety of financial services, including home loans through F&M Mortgage, and real estate settlement services and title insurance through VSTitle. Both individuals and businesses find the organization’s local decision-making, and up-to-date technology provides the kind of responsive, knowledgeable, and reliable service that only a progressive community bank can. F&M Bank has grown to $1 billion in assets with more than 175 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.