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Farmers & Merchants Bank of Long Beach reports news on its regional banking operations, shareholder distributions, capital actions, and governance updates. The California state-chartered bank serves clients through a branch network from San Clemente to Santa Barbara and through online and mobile banking platforms. Its business includes commercial and small business banking, business loan programs, home loans, checking accounts, savings accounts, youth accounts, and other consumer retail banking products.
Recurring FMBL developments include quarterly and annual financial results, regulatory capital commentary, regular cash dividend declarations, special dividend actions, stock repurchase authorizations, preferred equity investment activity, and board appointments. The bank also provides FDIC-insured deposit services and operates as an Equal Housing Lender.
Farmers & Merchants Bank of Long Beach (OTCQB: FMBL) has announced the election of Richard H. Taketa to its board of directors. Taketa, 52, is the President of Taketa Capital and brings extensive experience in finance, operations, and risk management. He previously served as CEO of York Risk Services Group and Southern California Risk Management Associates.
Daniel K. Walker, F&M's executive chairman, welcomed Taketa, highlighting his expertise in regulated markets and corporate advisory. Taketa also serves on the boards of Palomar Holdings, Inc. and Veritone, Inc., and is active in the Orange County community. He holds a bachelor's degree from Colgate University and a Juris Doctor from Stanford Law School.
Farmers & Merchants Bank of Long Beach (OTCQX: FMBL) reported its Q2 2024 financial results, demonstrating resilience amid challenges for regional banks. Key highlights include:
- Total interest and dividend income rose to $108.7 million, up from $102.3 million in Q2 2023
- Net interest income before provision for credit losses was $57.1 million, down from $65.1 million in Q2 2023
- Net income for Q2 2024 was $13.5 million, or $107.86 per diluted share, compared to $18.1 million, or $143.69 per diluted share in Q2 2023
- Total assets reached $12.19 billion as of June 30, 2024
- The Board authorized an additional $10 million stock repurchase program
Farmers & Merchants Bank of Long Beach (OTCQX: FMBL) has announced a regular quarterly cash dividend of $28 per share, payable on June 28, 2024, to shareholders of record as of June 14, 2024. This marks the 527th consecutive dividend payment since 1916, maintaining a consistent dividend value. Founded in 1907, the Bank provides commercial and small business banking, business loan programs, home loans, and consumer retail banking products through 27 branches and online platforms. Farmers & Merchants Bank is a California state-chartered bank with FDIC insurance and is an Equal Housing Lender. For more details, visit www.fmb.com.
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