F&M Bank – Farmers & Merchants Bank Announce Investment in BankTech Ventures Fund
Timberville, VA. August 2, 2022 – F&M Bank, also known as Farmers & Merchants Bank, announced today that it has committed to be an investor in BankTech Ventures, LP (“BTV” or the “Fund”), a strategic investment fund with the mission to support community banks through investment and education around banking technology. With general partners from The Venture Center, the Independent Community Bankers of America (“ICBA”), Hovde Group and two leading community banks, Coastal Community Bank and Sunwest Bank, BankTech Ventures partners with premier community banks to identify emerging technologies for investment and use by them.
Supported and endorsed by the ICBA and The Venture Center, which was named Finovate’s 2020 Best Accelerator of the Year, BankTech Ventures is building an ecosystem that pairs community banks with emerging technology companies that can serve banks’ immediate needs whether it be regulatory, customer acquisition, process improvement, or other areas of focus. The Fund ultimately aims to provide its bank investors with the opportunity to obtain significant research & development “spend” at a much lower cost than if undertaken in-house, as well as strong returns from the underlying company investments. With a limited partner base of over 100 community banks across the US, the strategic value of the fund’s ecosystem for both bank-focused startups and community banks is unprecedented.
“Through our affiliation with the ICBA’s ThinkTECH Accelerator program, F&M Bank has initiated partnerships with several of the past and current emerging financial technology companies,” said Mark Hanna, President & CEO of F&M Bank. “We have been extremely impressed with the management of these companies and the services they provide which will enable F&M to better serve our clients and our communities. Expanding our commitment to innovation in the form of a financial investment in BankTech Ventures was the next logical step in aligning our mutual interests with these emerging businesses.”
“We are thrilled to welcome F&M Bank to BankTech Ventures,” said Carey Ransom, Managing Director of BankTech Ventures. “From our first conversation with them, their commitment to innovation was clear, and they have already been a valuable participant in our ecosystem – collaborating with our team, other banks, and the startup companies with bank-enabling solutions. We look forward to the continued partnership.”
BankTech Ventures, LP (www.banktechventures.com) has raised over $100M for its first fund and has over 100 initial limited partners, including F&M Bank. The fund has already made 6 investment and continues to evaluate several investment opportunities. In addition to Ransom, the fund’s other general partners are Eric Sprink, CEO of Coastal Community Bank; Carson Lappetito, President of Sunwest Bank; Steve Hovde, Chairman & CEO of Hovde Group; Charles Potts, Chief Innovation Officer, ICBA; and Wayne Miller, Executive Director, The Venture Center.
Mark Hanna, F&M Bank’s President & CEO, is available for additional comment. Please call (540) 896-1743 or contact Jacob Mowry at jmowry@fmbankva.com
About F&M Bank
F&M Bank Corp. (OTCQX: FMBM) proudly remains the only publicly traded organization based in Rockingham County, VA, and since 1908, has served the Shenandoah Valley through its banking subsidiary F&M Bank, with full-service branches and a wide variety of financial services, including home loans through F&M Mortgage, and real estate settlement services and title insurance through VSTitle. Both individuals and businesses find the organization’s local decision-making, and up-to-date technology provide the kind of responsive, knowledgeable, and reliable service that only a progressive community bank can. F&M Bank has grown to $1 billion in assets with more than 175 full and part-time employees. Its conservative approach to finances and sound investments, along with excellent customer service, has made F&M Bank profitable and continues to pave the way for a bright future.
About BankTech Ventures, LP.
Established in 2021, BankTech Ventures, LP is the first venture fund created for and by key leaders in community banking, bank technology and fintech. BTV serves the community banking ecosystem through strategic investments, education and collaboration with its limited partners and ICBA members by delivering a de-risked and/or fully vetted network of leading and emerging bank technology companies to enhance a community bank’s value, as well as aim for strong returns from the underlying investments in these companies. Learn more at www.banktechventures.com.
