UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): May 10, 2024

 

F&M Bank Corp.

(Exact name of registrant as specified in its charter)

 

Virginia

 

000-13273

 

54-1280811

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

P.O. Box 1111 

Timberville, Virginia 22853 

(540) 896-8941 

(Address including zip code, and telephone number, including area code, of registrant’s principal executive offices)

 

Not Applicable

 

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

  

Item 8.01 Other Events.

 

On April 25, 2024, the Company was notified that settlement accounting was triggered on its defined benefit pension plan. Under Financial Accounting Standards Board Accounting Standards Codification 715, settlement accounting is triggered when the lump sum payments during the year exceed the sum of the plan’s service cost and interest cost. The impact of settlement accounting is that a percentage of any outstanding gains or losses the plan is currently amortizing must be recognized immediately. As a result, the Company recognized a gain of $547,345 in the second quarter of 2024. On May 8, 2024, the gain was increased to $577,305 due to an additional lump sum distribution.

 

The Company intends to terminate the pension plan on June 1, 2024.

 

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 F & M Bank Corp.
    
By:/s/ Lisa F. Campbell

 

 

Lisa F. Campbell

Executive Vice President and Chief Financial Officer

(Principal Financial Officer and Principal Accounting Officer)

 

 

Date: May 10, 2024

 

 

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May 10, 2024
Cover [Abstract]  
Entity Registrant Name F&M Bank Corp.
Entity Central Index Key 0000740806
Document Type 8-K
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Entity Emerging Growth Company false
Document Period End Date May 10, 2024
Entity File Number 000-13273
Entity Incorporation State Country Code VA
Entity Tax Identification Number 54-1280811
Entity Address Address Line 1 P.O. Box 1111
Entity Address City Or Town Timberville
Entity Address State Or Province VA
Entity Address Postal Zip Code 22853
City Area Code 540
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Pre Commencement Issuer Tender Offer false
Local Phone Number 896-8941
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