Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Farmers and Merchants Bancshares, Inc.

Hampstead, Maryland

We hereby consent to the incorporation by reference in the Registration Statement on Form S-1 (File No. 333-217918) of Farmers and Merchants Bancshares, Inc. of our report dated March 10, 2023 relating to the consolidated balance sheets of Farmers and Merchants Bancshares, Inc. and Subsidiaries as of December 31, 2022 and 2021, and the related consolidated statements of income, comprehensive income, changes in stockholders' equity, and cash flows for each of the years in the two-year period ended December 31, 2022, which appears in the Annual Report on Form 10-K for the year ended December 31, 2022.

/s/ Yount, Hyde & Barbour, P.C.

Richmond, Virginia

March 10, 2023