Farmers and Merchants Bancshares, Inc., the parent of Farmers and Merchants Bank, declared a cash dividend of $0.32 per share of common stock, which will be paid on December 16, 2022 to shareholders of record on December 2, 2022. The $0.32 per share dividend is $0.01 greater than the most recent dividend paid in June 2022. The combined 2022 dividend of $0.63 per share represents a 3.0% yield on the current market value of $20.75 per share and represents a 10.5% increase over the $0.57 per share dividend paid in 2021.

The annual dividend has increased for 12 consecutive years.