3 min read February 2024 – John Peck, President & CEO of F&M Bank, talked to Invest: about the bank’s focus on supporting communities in Middle Tennessee and Kentucky by enhancing its consumer-oriented banking products. He also talked about the community outreach programs that the bank supports and the opportunities that population growth brings for supporting both developers and incoming consumers.
What is your vision for F&M Bank as the new president & CEO of the company and how are you working to materialize it?
I am incredibly excited about the opportunity to serve the excellent foundation that F&M Bank provides to communities in the region. Our bank has a strong presence with over 20 branches throughout Middle Tennessee and Southern Kentucky.
As the economy recovers, we need to start looking for opportunities to step up to the next level. We aim to be an active player in Clarksville and throughout the region, thus opening two additional branches in southern Kentucky and allowing us to identify new commercial lending and retail opportunities. We aim to leverage our bank to capitalize on those opportunities and support those communities through consumer loans.
What are the most important contributions of F&M Bank to the communities that it serves?
F&M Bank is a proud community bank; we will not shy away from that. While we have the challenge and expectation to generate profits and succeed on the business side, being a part of the community is essential. Without F&M, there would be a substantial void in those communities. Our community bankers enable F&M Bank to make a difference where we are present.
What kind of products and services is F&M Bank aiming to strengthen based on the shifting demands of banking in Middle Tennessee?
Two things stand out in the markets where F&M is present. Middle Tennessee has experienced tremendous growth, and Clarksville is no different. As in other markets where we are present, our projections show that Clarksville will experience an increase of around 6,000 people a year. We face the challenge of digesting that growth. It is also an opportunity for us to play a heavy role in the construction and development of homes for the people moving here and those growing within the community. Our network of branches will continue to grow and directly support the needs of consumers through our portfolio of products and services.
What advantages help F&M Bank differentiate itself from other players in the Middle Tennessee banking sector?
F&M Bank has been serving our communities since 1906 and feel privileged to continue playing a vital role. As the President and CEO of a bank that values tradition and commitment to the communities, I am grateful for the support we have received. Moving forward, we are enthusiastic about the potential of these communities and how our bank can contribute to their growth and development.
What kind of community outreach initiatives or programs has F&M Bank implemented in the areas where it is present?
We have a great opportunity to improve our communities through our financial knowledge and expertise. Our aim is to provide for their needs and assist consumers in developing their financial lives and achieving success. Moreover, as we have a presence in Middle Tennessee and Clarksville, which is close to Fort Campbell, we consider it our duty to support our military. As part of the Turkeys for Troops initiative, we provide thousands of turkeys to military families during Thanksgiving. The bank is also committed to promoting financial literacy among youth. We firmly believe in empowering the next generation with the right tools and encouragement to help them succeed. As part of its efforts, the bank is a Partner in Education within four and soon to be five school districts in our markets.
What kind of new regulations or policies are you closely monitoring due to their potential impact on the banking industry?
The banking industry is heavily regulated so there are always challenges. From a regulatory standpoint, there is currently a greater focus on examining how banks assist customers with checking account overdrafts. F&M Bank has worked to support our customers and prevent them from falling into difficult financial situations by taking a proactive approach of re-evaluating our fees and overdraft costs to address these concerns.
What is your outlook for F&M Bank and for the Middle Tennessee banking landscape over the next two to three years?
As a community bank, we align our initiatives with the needs of the communities we serve. We understand inflation has caused consumer concern and impacted local businesses, builders, and developers, making growth more challenging. As a financial institution operating in these markets, we support our customers and communities regardless of economic conditions.
F&M Bank has weathered economic cycles before, including more severe ones. We will be prepared for the next cycle because we take the time to see opportunities to support businesses and consumers directly. Additionally, we are fortunate to operate in growing markets. We aim to work with municipalities and other entities to help create an environment that supports population growth. This means proactively orchestrating growth and developing the landscape of these communities rather than simply reacting to changes.
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