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News Release
19 July 2010
F&M Bank and Trust Merges with Gorman & Gorman Residential Mortgage Service
Hannibal, MO – Mr. Stevens Plowman, President of F&M Bank and Trust announced the signing of a merger agreement with Gorman and Gorman Home Loans, a St. Louis based mortgage banking company.
Gorman and Gorman Home Loans has originated over $2 billion in home loans since it was founded in 1994. Mark Gorman is owner and Chief Executive Officer. The company consistently ranks as a Top 15 Mortgage Lender in St. Louis and Springfield, Missouri
“The Gorman & Gorman Home Loan name and reputation in St. Louis stands for strong leadership, quality service and trust,” states Stevens Plowman. “We are very excited to be joining forces. This will expand the options of home loan products to our existing customers and expand our customer base in the St. Louis region.”
Full service mortgage banking functions will operate under the Gorman & Gorman Home Loans identity in addition to depositor and other lending and trust services currently provided by F&M Bank and Trust Company. The combined organization will be able to offer a wider range of home and consumer financing products and services, and expand mortgage banking operations throughout the St. Louis metropolitan area, Missouri and Central Western Illinois.
Mark Gorman will be Chairman of Gorman & Gorman Home Loans, a division of F&M Bank and Trust. Gorman will also be an investor in and a director of F&M Bank and Trust Company. Prior to starting Gorman & Gorman Home Loans, Mark Gorman served as Vice President of United Postal Savings, a $1.2 billion Savings & Loan Thrift based in St. Louis.
“The combined entity will deliver competitive banking and lending services directly to the local community as well as give us the ability to lend in all 50 states,” says Mark Gorman.
The closing transaction is expected in the next 60 days. The merger will not affect customer accounts.
Serving customers since 1870, F&M Bank and Trust Company has over $170 million in assets with locations in Hannibal, Monroe City, O’Fallon, Palmyra, Shelbina, and Quincy. The bank has over 20 years experience in mortgage banking services and secondary mortgage banking operations. For more information visit www.bankfm.com.
F&M Bank and Trust is proud to announce the opening of their expanded office at 70 Crossroads Plaza in O'Fallon. The new location provides customers with drive thru banking and safe deposit boxes in addition to a wide variety of other banking services. F&M Bank has over $170 million in assets and has locations in Hannibal, Monroe City, O'Fallon, Palmyra, Shelbina and Quincy. Recently F&M Bank merged with Gorman & Gorman Home Loans with locations in St. Louis and Springfield, Missouri.
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