First Farmers and Merchants Corporation Holds Annual Meeting of Shareholders

First Farmers and Merchants Corporation (OTC Pink: FFMH), the holding company for First Farmers and Merchants Bank, reported that shareholders elected a slate of 10 directors and ratified the selection of Plante & Moran, PLLC as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024.

In comments made at the annual meeting of shareholders, Brian K. Williams, First Farmers’ Chairman and CEO, said, “First Farmers reported record loans, strong growth in book value per share and the second-best earnings per share performance in our 114-year history. Our excellent results are due to a strong team of bankers that are committed to delivering high quality service with a personal touch that is the hallmark of a great community bank.

“We are positive about First Farmers’ future. Over the past year, we improved capital levels that reinforced our balance sheet. We better aligned the balance sheet composition to capture earnings improvement as we see the end of interest rate increases from the Federal Reserve. We also continued making substantial investments in upgrading our technologies and digital banking platforms to support future growth. We expect these strategic moves will allow our First Farmers’ team to deliver improved earnings and shareholder returns in 2024.

“We are also pleased to announce the addition of Dr. Martin M. Chaney as a new member of First Farmers’ Board of Directors. Dr. Chaney serves as the CEO of Maury Regional Health where he has cast a strong strategic vision. He adds an additional depth of experience to our Board of Directors, and we look forward to his counsel and expertise in shaping the strategic direction of our company in the future,” concluded Williams.

Shareholders also re-elected nine incumbent Directors of First Farmers and Merchants Corporation for a one-year term, including:

• Jeffrey L. Aiken, Deputy Commissioner, Tennessee Department of Agriculture
• Jonathan M. Edwards, President and CEO, Edwards Oil Company
• Christa S. Martin, Executive Director of Belonging and Student Resources at Columbia State Community College
• W. Eric Mayberry, President, Tennessee Farm Bureau Federation
• E. Marlee Mitchell, Partner, Holland & Knight LLP
• Jeffrey L. Pannell, CEO, Tennessee Farmers Insurance Companies
• Richard C. Perko, President and CEO, Lee Company
• Brian K. Williams, Chairman and CEO of the Company
• Gina B. Wolfe, Co-Owner, Wolfe Enterprises

About First Farmers and Merchants Corporation and First Farmers and Merchants Bank

First Farmers and Merchants Corporation is the holding company for First Farmers and Merchants Bank, a community bank serving the Middle Tennessee area through 22 offices in seven Middle Tennessee counties. As of December 31, 2023, First Farmers reported total assets of approximately $1.9 billion, total shareholders’ equity of approximately $124 million, and administered trust assets of $5.9 billion. For more information about First Farmers, visit us on the Web at www.myfirstfarmers.com under “Investor Relations.”

Cautionary Note Regarding Forward-Looking Statements

This news release may contain certain “forward-looking statements” that represent First Farmers’ expectations or beliefs concerning future events and often use words or phrases such as “opportunities,” “prospects,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “intends” or similar expressions. Such forward-looking statements contained herein represent the current expectations, plans or forecast of First Farmers’ and are about matters that are inherently subject to risks and uncertainties. These statements are not guarantees of future results or performance and readers are cautioned to not place undue reliance on them, whether included in this news release or made elsewhere from time to time by First Farmers or on its behalf. First Farmers disclaims any obligation to update such forward-looking statements.

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