Foundation President Mike Funk receiving Check from F & M’s Executive Vice President and COO, Neil Hayslett
F&M Bank has partnered with Shenandoah Community Foundation to establish the F&M Bank Community Fund. With an initial contribution of $50,000, this Donor Advised Fund will be used to support non-profit organizations and projects throughout Shenandoah County. The contribution was made in conjunction with F&M’s 110-year anniversary. F&M expects significant tax savings as a result of changes in federal tax law and has expressed a desire to share those savings with the community.
According to Neil Hayslett, Executive Vice President and COO, F&M’s leaders had considered establishing a separate foundation for many years but decided the same goals could be accomplished through a community foundation at a much lower cost and with less legal work.
“F&M Bank has been an outstanding corporate citizen and important part of Shenandoah County banking for many years, and we are appreciative of their support of worthwhile organizations that will benefit from this help,” said Foundation president, Michael Funk. “We are pleased that the leadership at F&M Bank has expressed a desire to make annual contributions that will enable this fund to grow and continue helping the county for years to come.”
F&M Bank Corp. (OTCQX: FMBM), headquartered in Timberville, Virginia, is an independent, locally-owned financial holding company of Farmers & Merchants Bank, VBS Mortgage, and VS Title.