---
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"
generated_at: "2026-05-17T05:40:27.691772+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Farmers and Merchants Bancshares issues $12.5M of 7.875% Subordinated Notes due 2035

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-25-029881
- JSON: https://secwatch.observer/filing/0001437749-25-029881.json
- Plain text: https://secwatch.observer/filing/0001437749-25-029881.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.