First Farmers and Merchants Corporation Holds Annual Meeting of Shareholders

Shareholders Elect Nine Directors

First Farmers and Merchants Corporation (OTC Pink: FFMH), the holding company for First Farmers and Merchants Bank, reported that shareholders elected a slate of nine directors and ratified the selection of Plante & Moran, PLLC as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2025.

In comments made at the annual meeting of shareholders, Brian K. Williams, First Farmers’ Chairman and CEO, said, “First Farmers’ 2024 results were enhanced by strategic balance sheet initiatives which reduced interest expense and contributed to an expansion in net interest margin. We saw net interest income and earnings rise during each consecutive quarter of 2024, and this positive trend was highlighted by our fourth quarter delivering the highest level of quarterly earnings since the second quarter of 2021. Our 2024 achievements were due to a strong team of bankers committed to delivering high quality service with a personal touch – the hallmark of a great community bank.

“First Farmers has a strong balance sheet with excellent liquidity and capital levels to empower our strategic growth objectives. We believe our growth and earnings potential are reinforced by our overall risk profile and focus on efficiency. Having closed 2024 with momentum building across virtually all of our key performance indicators, we enter 2025 with a positive outlook for the earnings performance of our Company resulting from the favorable position of our balance sheet coupled with our strategic growth commitments.”

Shareholders re-elected nine incumbent Directors of First Farmers and Merchants Corporation for a one-year term, including:

• Dr. Martin M. Chaney, Chief Executive Officer of Maury Regional Health
• Jonathan M. Edwards, President and CEO, Edwards Oil Company
• Dr. Christa S. Martin, Executive Director of Belonging and Student Resources at Columbia State Community College
• W. Eric Mayberry, President, Tennessee Farm Bureau Federation
• E. Marlee Mitchell, Retired Partner, Holland & Knight LLP
• Jeffrey L. Pannell, CEO, Tennessee Farmers Insurance Companies
• Richard C. Perko, President and CEO, Lee Company
• Brian K. Williams, Chairman and CEO of the Company
• Gina B. Wolfe, Co-Owner, Wolfe Enterprises

About First Farmers and Merchants Corporation and First Farmers and Merchants Bank

First Farmers and Merchants Corporation is the holding company for First Farmers and Merchants Bank, a community bank serving the Middle Tennessee area through 22 offices in seven Middle Tennessee counties. As of December 31, 2024, First Farmers reported total assets of approximately $1.8 billion, total shareholders’ equity of approximately $138 million, and administered trust assets of $6.2 billion. For more information about First Farmers, visit us on the Web at www.myfirstfarmers.com under “Investor Relations.”

Cautionary Note Regarding Forward Looking Statements

This news release may contain certain “forward-looking statements” that represent First Farmers’ expectations or beliefs concerning future events and often use words or phrases such as “opportunities,” “prospects,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “intends” or similar expressions. Such forward-looking statements contained herein represent the current expectations, plans or forecast of First Farmers’ and are about matters that are inherently subject to risks and uncertainties. These statements are not guarantees of future results or performance and readers are cautioned to not place undue reliance on them, whether included in this news release or made elsewhere from time to time by First Farmers or on its behalf. First Farmers disclaims any obligation to update such forward-looking statements.

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