New F&M Bank location coming to Waynesboro
TIMBERVILLE, Va. (WHSV) — A new F&M Bank location will soon be opening in Waynesboro.
Once the new location opens, there will be a total of four F&M banking offices in the Augusta County area, and 12 offices serving the greater Shenandoah Valley.
President and CEO, Mark Hanna said this is an area they’ve had their eye on for awhile.
“We recognize Waynesboro being a good market, a strong market. $586 million in deposits, according to the FDIC in that market,” Hanna said.
According to a press release from F&M Bank, the company has entered into an agreement with Carter Bankshares, Inc. to acquire the bank and associated client relationships located at 2701 West Main Street in Waynesboro.
“We will step in and assume the lease, we will assume the Carter Bank employees at that location. We look forward to having them as new members of F&M Bank, and we will begin serving the clients that are in that office,” Hanna said.
While the pandemic has been tough on many people, it has kept F&M Bank busy, allowing them to see growth through challenging times.
“F&M did a great job of helping local businesses, giving back to local communities, helping people through these difficult times, and what we’ve also seen back from the local community is a lot of new business, a lot of new business opportunities,” Hanna said.
Hanna thinks F&M Bank can also help the city of Waynesboro continue to grow.
“We’ve seen tremendous growth this year with mortgage, helping people acquire and buy new homes in a strong housing market, and our small business lending a growth area as well. We really feel that there’s a lot we can do to help grow that economy,” Hanna said.
The plan is to begin the transition from Carter Bank to F&M Bank in April. Until then, it will be business as usual for both banks.
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