[8-K] F&M BANK CORP Reports Material Event

Rhea-AI Filing Summary

F & M Bank Corp. entered a Subordinated Note Purchase Agreement and issued $10.0 million of 7.55% fixed‑to‑floating rate subordinated notes due November 1, 2035.

The Notes pay 7.55% per annum from May 1, 2026 to but excluding November 1, 2030, then reset quarterly to three‑month SOFR + 424.5 bps to maturity, with interest payable in arrears. Beginning November 1, 2030, they are redeemable at the Company’s option on any scheduled interest payment date. The Notes are unsecured, rank junior to senior indebtedness, are not convertible, and are not callable by holders.

The Company states the Notes were structured to qualify as Tier 2 capital and intends to use proceeds to redeem existing subordinated debt and for general corporate purposes. The offering relied on Section 4(a)(2) and Regulation D exemptions. Separately, the Company furnished a press release announcing results for the quarter and nine months ended September 30, 2025 and its quarterly dividend.

Insights

Bank capital & debt markets analyst

$10M Tier 2 sub notes refinance costlier capital; neutral impact.

F & M Bank Corp. issued $10.0 million of subordinated notes due 2035, fixed at 7.55% until Nov 1, 2030, then floating at three‑month SOFR + 424.5 bps. As subordinated debt, this qualifies as Tier 2 capital, supporting regulatory ratios while sitting below senior liabilities.

Management indicates proceeds will be used to redeem existing subordinated debt and for general corporate purposes. If the redeemed debt carried a higher coupon, interest expense could decline; if lower, costs could rise. Actual effect depends on the legacy debt terms and timing of redemption.

Key mechanics to watch are the issuer’s call flexibility from Nov 1, 2030 and the reset to SOFR + 424.5 bps. Post‑reset interest expense will vary with SOFR levels. Subsequent filings or the attached exhibits may detail redemption timing and any make‑whole provisions.

0000740806false00007408062025-10-242025-10-24iso4217:USDxbrli:sharesiso4217:USDxbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 24, 2025

F&M Bank Corp

(Exact name of registrant as specified in its charter)

Virginia		000-13273		54-1280811
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

P.O. Box 1111

Timberville, Virginia 22853 

(540) 896-8941 

(Address including zip code, and telephone number, including area code, of registrant’s principal executive offices)

Not Applicable 

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

On October 24, 2025, F & M Bank Corp. (the “Company”) entered into a Subordinated Note Purchase Agreement (the “Purchase Agreement”) pursuant to which the Company issued and sold $10.0 million in aggregate principal amount of 7.55% fixed to floating rate subordinated notes due November 1, 2035 (the “Notes”).

The Notes will initially bear interest at 7.55% per annum, beginning May 1, 2026 to but excluding November 1, 2030, payable semi-annually in arrears. From and including November 1, 2030 to but excluding November 1, 2035, or up to an early redemption date, the interest rate will reset quarterly to an interest rate per annum equal to the then current three-month Secured Overnight Financing Rate plus 424.5 basis points, payable quarterly in arrears. Beginning on November 1, 2030 through maturity, the Notes may be redeemed, at the Company’s option, on any scheduled interest payment date. The Notes will mature on November 1, 2035. The Purchase Agreement contains certain customary representations, warranties and covenants.

If certain events of default occur, such as the bankruptcy of the Company, the principal amount of the Notes will become and be immediately due and payable without any declaration or other act on the part of the holder of a Note. The Notes will be unsecured, subordinated obligations of the Company and will rank junior in right of payment to the Company’s existing and future senior indebtedness. The Notes are not convertible into common stock or preferred stock, and are not callable by the holders.

The Notes have been structured to qualify as Tier 2 capital under regulatory guidelines for bank holding companies. The Company intends to use the proceeds from the sale of the Notes to redeem the Company’s existing subordinated debt and for such other general corporate purposes as the Company may determine.

The Notes were offered and sold in reliance on the exemptions from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, and Regulation D promulgated thereunder.

The foregoing descriptions of the Purchase Agreement and the Notes do not purport to be complete and are qualified in their entirety by reference to the forms of the Purchase Agreement and the Note which are attached hereto as Exhibits 10.1 and 4.1, respectively, and incorporated herein by reference.

Item 2.02 Results of Operations and Financial Condition.

On October 28, 2025, the Company issued a press release announcing results for the quarter and nine months ended September 30, 2025, and its quarterly dividend. A copy of the press release is attached as Exhibit 99.1.

The information in this Item 2.02, and Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
4.1		Form of Subordinated Note
10.1		Form of Subordinated Note Purchase Agreement
99.1		Press release dated October 28, 2025
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

Caution Regarding Forward-Looking Statements

Certain information contained in this report may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include statements related to the Company’s intended use of proceeds from the sale of its 7.55% fixed to floating rate subordinated notes due November 1, 2035, and are generally identified by phrases such as “the Company intends,” or words of similar import. Although the Company believes that its expectations with respect to such forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance or achievements will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. The Company undertakes no obligation to update these statements following the date of this report.

2

SIGNATURES 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	F & M Bank Corp.
Date: October 29, 2025	By:	/S/ Lisa F. Campbell
		Lisa F. Campbell Executive Vice President and Chief Financial Officer

3

FAQ

What did FMBM announce regarding new debt?

The Company issued $10.0 million of 7.55% fixed‑to‑floating rate subordinated notes due November 1, 2035.

What is the interest structure of FMBM’s new subordinated notes?

They pay 7.55% per annum from May 1, 2026 to but excluding Nov 1, 2030, then reset quarterly to three‑month SOFR + 424.5 bps to maturity.

When can FMBM redeem the notes?

Beginning on November 1, 2030 through maturity, the notes may be redeemed at the Company’s option on any scheduled interest payment date.

How does this debt rank and is it convertible?

The notes are unsecured, subordinated obligations ranking junior to senior indebtedness, and are not convertible into common or preferred stock.

What will FMBM use the proceeds for?

The Company intends to redeem its existing subordinated debt and use remaining funds for general corporate purposes.

Do the notes qualify for regulatory capital treatment?

Yes. They were structured to qualify as Tier 2 capital under bank holding company guidelines.

Under what exemption were the notes sold?

They were offered and sold under Section 4(a)(2) and Regulation D exemptions from registration.