F&M buys back stock
SALISBURY - F&M Bank bought back the majority of its stock auctioned off last week by the U.S. Treasury Department, bank President Steve Fisher said.
F&M Bank and F&M Financial Corporation participated in the auction and re-purchased most of the $17 million invested in F&M in 2009 by the U.S. Treasury, Fisher said.
"F&M is fortunate to be the purchaser of the vast majority of these shares and looks forward to retiring these securities at the close of auction and completing its exit from the Capital Purchase Program," Fisher said in a statement.
As part of the government's strategy for winding down the remaining Capital Purchase Program bank investments, the U.S. Treasury last week auctioned preferred stock in four institutions, including F&M Bank.
The Capital Purchase Program is part of the Troubled Asset Relief Program, or TARP.
Read more in Tuesday's Post.
Contact reporter Emily Ford at 704-797-4264.