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Proposed Business Combination | 6 Months Ended
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Jun. 30, 2021
Business Combinations [Abstract] |
Proposed Business Combination | NOTE 8 PROPOSED BUSINESS COMBINATION On May 4, 2021, the Company announced they have signed an agreement and plan of reorganization and merger (the Agreement) whereby F&M will acquire Perpetual Federal Savings Bank, (“PFSB”), in a stock and cash transaction. PFSB operates one full-service office in Urbana, Ohio. At March 31, 2021, PFSB reported $391 million in total assets, $326 million in loans, $305 million in deposits and $79 million in tangible equity. PFSB is taxed as an S-Corporation. The expected closing date is October 1, 2021. Subject to the terms of the Agreement, which has been unanimously approved by the Board of Directors of each company, PFSB shareholders will elect to receive either 1,776 shares of FMAO stock or $41.20 per share in cash for each PFSB share owned, subject to adjustment based upon 1,833,000 shares of FMAO to be issued in the merger. At March 31, 2021, PFSB reported 2,470,032 shares of common stock outstanding. Based on FMAO’s closing share price as of May 3, 2021 of $24.22, the implied aggregate acquisition value equals $103.7 million. In 2021, the Company incurred $248.1 thousand of third-party acquisition related costs. These expenses are comprised of consulting fees of $91.8 thousand and other general and administrative expense of $156.3 thousand in the Company’s consolidated statement of income for the three and six months ended June 30, 2021.

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