DivestmentMay 5, 2026, 09:56 AM
F&M Bank Corp. Records $3.8M After-Tax Gain from Bearing Insurance Sale
AI Summary
F&M Bank Corp. announced a one-time, pre-tax gain of $4.8 million, resulting in after-tax net income of $3.8 million, from the sale of its minority investment in Richmond-based Bearing Insurance. The company received $5.1 million in pre-tax proceeds from the sale, which was finalized on April 30, 2026. This transaction is expected to increase both book value per share and tangible book value per share by $1.07, and the gain will be recognized in the second quarter of 2026. CEO Mike Wilkerson noted that this gain provides opportunities to accelerate strategic growth initiatives.
Key Highlights
- F&M Bank Corp. recorded a one-time pre-tax gain of $4.8 million.
- The transaction resulted in after-tax net income of $3.8 million.
- The company received $5.1 million in pre-tax proceeds from the sale.
- F&M Bank Corp. sold its minority investment in Bearing Insurance, previously valued at $223,922.
- The sale was finalized on April 30, 2026.
- Book value per share and tangible book value per share are estimated to increase by $1.07.
- The gain will be recognized during the second quarter of 2026.