{"schema_version":"secwatch.filing_event.v1","accession":"0001437749-25-029881","form_type":"8-K","ticker":"FMFG","cik":"0001698022","company_name":"Farmers & Merchants Bancshares, Inc.","filed_at":"2025-09-25T23:59:59+00:00","discovered_at":"2026-05-14T18:02:44.700892+00:00","generated_at":"2026-05-17T05:40:27.691772+00:00","sec_items":["1.01","2.03","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.55,"calibrated_materiality_score":0.55,"confidence":"high","headline":"Farmers and Merchants Bancshares issues $12.5M of 7.875% Subordinated Notes due 2035","bullets":["Issued $12.5M aggregate principal of 7.875% Fixed-to-Floating Rate Subordinated Notes due Sept 25, 2035.","Net proceeds to repay ~$10M Term Note owed to First Horizon Bank (orig. $17M) plus general corporate purposes.","Fixed rate 7.875% until Sept 2030, then floats at 3-month SOFR + 458 bps; qualifies as Tier 2 capital.","Subordinated, unsecured, not guaranteed by subsidiary bank; redeemable at par after Sept 2030 subject to Fed approval.","Private placement under Rule 506(b); no sinking fund, no conversion, no holder redemption."],"urls":{"canonical":"https://secwatch.observer/filing/0001437749-25-029881","json":"https://secwatch.observer/filing/0001437749-25-029881.json","markdown":"https://secwatch.observer/filing/0001437749-25-029881.md","text":"https://secwatch.observer/filing/0001437749-25-029881.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1698022/000143774925029881/0001437749-25-029881-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1698022/000143774925029881/fmfg20250925_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T05:40:27.691772+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}