UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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(State or other jurisdiction of incorporation) |
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(Address including zip code, and telephone number, including area code, of registrant’s principal executive offices)
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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:
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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 | ||
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| 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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Cover |
May 10, 2024 |
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| Cover [Abstract] | |
| Entity Registrant Name | F&M Bank Corp. |
| Entity Central Index Key | 0000740806 |
| Document Type | 8-K |
| Amendment Flag | false |
| 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 |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |
| Local Phone Number | 896-8941 |