Sept. 13, 2018 — Farmers & Merchants Bancorp, Inc. (“F&M”) (Nasdaq: FMAO), the holding company for Farmers & Merchants State Bank, announced today that Lars B. Eller has been appointed as the President and Chief Executive Officer of the Bank. As previously reported, F&M formed a search committee and engaged Kaplan Partners in May of this year to identify a successor to Paul Siebenmorgen, the current President and CEO of the F&M and the Bank, as he approaches retirement.
Mr. Eller earned his Bachelor degree from Concordia University, Montreal, Canada and Master of Business Administration from McGill University, Montreal, Canada. Mr. Eller started in banking with TD Bank Financial Group as a management trainee, and then moved on to be assistant manager, lender, fund sales representative, branch manager, underwriting manager, and area manager, before moving on to a successful career with progressively larger leadership roles at National City Bank. Mr. Eller then returned to TD Bank as Head of Wealth Management and then Senior Vice President of retail banking in Pennsylvania. He departed TD Bank to become director of sales and marketing at Clarity Advantage Corporation before joining Royal Bank America in 2013 as Executive Vice President and Chief Retail Banking Officer. Royal Bank America was a $900 million asset publicly held community bank based in the Philadelphia, Pennsylvania area prior to its acquisition in 2017. Most recently he has worked as a consultant for Cambridge Savings Bank. Mr. Eller has a son and twin daughters. He enjoys hockey and soccer.
Kevin Sauder, Chairman of the Search Committee stated that “We are very pleased to have found in Lars a personable and talented banker who has experience at both large national and regional banks as well as community banks like F&M. We look forward to welcoming him as a part of the F&M family.” Mr. Eller stated “I am very excited to join a strong and growing community bank and am anxious to get started and work closely with our employees to better understand the customers and communities served by F&M.”
Paul Siebenmorgen, President and CEO of F&M, said “I have had an opportunity to meet with Lars and think he will be a good fit for F&M. I look forward to working with him during this transitionary period.” Mr. Siebenmorgen will remain as President and CEO of F&M until his retirement from that position, which is anticipated in early 2019. At that point, Mr. Eller will assume the additional office of President and CEO of F&M. It is anticipated that Mr. Siebenmorgen will remain on the Board of Directors of F&M after his retirement as an officer of the Company.
About Farmers & Merchants Bancorp, Inc.: Farmers & Merchants Bancorp, Inc., Archbold, Ohio, is the holding company of Farmers & Merchants State Bank, which was established in 1897. The Bank serves the financial needs of individuals, farmers, businesses, and industries by offering traditional banking products, as well as online, mobile and telephone banking products. F&M’s common shares are traded on the NASDAQ Capital Market exchange under the symbol “FMAO.” Additional information on F&M may be found on its website: www.fm.bank.com.