# Farmers & Merchants Bancorp

Farmers & Merchants Bancorp is an Asset Manager based in Lodi, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Lodi, United States
- **Region:** North America
- **Address:** Lodi, CA, United States
- **Founded:** 1916
- **Assets under management:** Undisclosed
- **Website:** fmbonline.com

## Regulatory record

- **Reports private funds:** No

## About

Farmers & Merchants Bancorp (OTCQX:FMCB) is the parent company of Farmers & Merchants Bank of Central California, also known as F&M Bank. The company offers loan, deposit, equipment leasing, and treasury management products to businesses, as well as consumer banking products. Its investments include a Corporate Minority stake in Bank of Rio Vista, acquired on July 14, 2017, and a portfolio exit in Delta National Bancorp on October 02, 2023.

## Sectors

- Real Estate
- Private Credit

## People

- Daniel K. Walker — Chairman of the Board
- Kent A. Steinwert — President & Chief Executive Officer
- Stephen W. Haley — Executive Vice President & Chief Financial Officer

## Questions

### Who runs investment decisions at Farmers & Merchants Bancorp?

President and CEO Kent Steinwert leads the bank's overall strategic direction, with lending decisions delegated to regional credit officers operating within board-approved concentration limits. Chairman Daniel Walker, who previously served on the Federal Reserve Bank of San Francisco's board, influences the bank's conservative capital allocation philosophy. The Walker family's multi-generational involvement means investment posture changes slowly and deliberately.

### Does Farmers & Merchants Bancorp participate in fund commitments or only direct loans?

The bank deploys capital exclusively through direct balance-sheet lending — primarily commercial real estate, agricultural, and construction loans — and a held-to-maturity securities portfolio of US government and agency obligations. It does not commit capital to external private equity, venture capital, or hedge fund vehicles. The investment securities portfolio functions as a regulated liquidity buffer, not a discretionary allocation program.

### What sectors does Farmers & Merchants Bancorp explicitly avoid?

In its SEC filings, the bank has consistently disclosed no exposure to subprime consumer lending, leveraged buyout financing, or speculative construction outside its core Central Valley markets. Management's public statements indicate an avoidance of technology lending, startup financing, and any credit dependent on venture capital funding cycles. The loan book is intentionally concentrated in asset classes — owner-occupied commercial real estate and operating farmland — where collateral values are observable and historically stable.

### How did Farmers & Merchants Bancorp perform during the 2023 regional bank crisis?

F&M Bancorp experienced negligible deposit flight during the March 2023 regional bank turmoil because its deposit base — predominantly long-tenure Central Valley businesses and agricultural customers — had limited overlap with the uninsured, venture-capital-concentrated deposits that triggered runs at Silicon Valley Bank and First Republic. The bank's tangible common equity ratio remained above 12% throughout the period, and it did not draw on Federal Reserve emergency lending facilities (per SEC filings, 2023).

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Last updated: 2026-06-03T20:00:00.000Z

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