First Farmers & Merchants Corp. board member Kim Vella has told the company she will not stand for re-election this spring. Vella, a former chief people officer of Tractor Supply, had been on the board since 2012. In a filing with regulators, First Farmers said her decision to stand down is for personal reasons and doesn't reflect any issues with the bank.
The leaders of local bank holding company First Farmers & Merchants Corp. say they will soon file corrected financial statements for 2012 and 2013 after discovering errors in how they accounted for their post-retirement health care plan in those years. The mistakes with the defined-benefit plan — which covers employees who retired before mid-20007 — came to light in preparing the company's 2014 numbers and, in a filing with the SEC, First Farmers execs say they've brought accounting firm BKD into the loop.
Columbia-based First Farmers has $1.1 billion in assets and posted a profit of $7.6 million through the first nine months of last year. The company runs 19 offices in eight area counties.
POSTDATA: WARRANTY DEEDS