secwatch.observer — SEC 8-K summary
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Issuer:     Farmers & Merchants Bancshares, Inc. (FMFG)
CIK:        0001698022
Form:       8-K
Filed at:   2025-09-25T23:59:59+00:00
Accession:  0001437749-25-029881
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1698022/000143774925029881/0001437749-25-029881-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1698022/000143774925029881/fmfg20250925_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-25-029881

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer