Farmers and Merchants Bancshares Completes Acquisition of Carroll Bancorp

​Hampstead, Md., Oct. 01, 2020 (GLOBE NEWSWIRE) — Farmers and Merchants Bancshares, Inc. (OTC PINK: FMFG), parent company of Farmers and Merchants Bank, announced today that it has completed the acquisition of Carroll Community Bank.

With the transaction finalized, the combined Farmers and Merchants team continues to work diligently to successfully integrate the former Carroll Community Bank with the systems conversion planned for December 2020, at which point Carroll Community’s branding will change to Farmers and Merchants.

“We are thrilled to welcome Carroll Community Bank customers and staff to the Farmers and Merchants Bank family”, said James R. Bosley Jr., President and CEO of Farmers and Merchants Bank. “This combination allows us to deepen and expand our presence in our core market and will allow us to continue investing to enhance our products and services to better serve our customers and communities.”

About the Company

Farmers and Merchants Bancshares, Inc. is a financial holding company and the parent of Farmers and Merchants Bank. The Bank was chartered in Maryland in 1919 and is currently celebrating over 100 years of service to the community. The Bank serves the deposit and financing needs of both consumers and businesses in Carroll and Baltimore Counties along the Route 30 and Route 795 corridors from Owings Mills, Maryland to the Pennsylvania State line. The main office is located in Upperco, Maryland, with eight additional branches in Owings Mills, Hampstead, Greenmount, Reisterstown, Eldersburg and Westminster. Certain broker-dealers make a market in the common stock of Farmers and Merchants Bancshares, Inc., and trades are reported through the OTC Markets Group’s Pink Market under the symbol “FMFG”.