F&M Bank Corp. recognizes $577K pension settlement gain; plan to terminate June 1, 2024

F&M BANK CORP

Settlement accounting triggered on defined benefit pension plan due to lump sum payments exceeding service and interest cost.
Recognized gain of $547,345 in Q2 2024, later increased to $577,305 after an additional lump sum distribution.
Company intends to terminate the pension plan on June 1, 2024.

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