Timberville, VA. August 4, 2022 – F&M Bank, a subsidiary of F&M Bank Corp, announced an increase in its employees’ starting wages from $15 to $20 per hour, a 33% increase, effective August 1, 2022. This minimum hourly pay rate is substantially above the Commonwealth of Virginia’s minimum hourly rate of $11.00 and the federal minimum hourly wage rate of $7.25.
“Our employees are our greatest asset, and we are committed to maintaining a living wage for all members of the F&M team,” said F&M Bank CEO, Mark Hanna. “This increase is made possible by the incredible effort and dedication our team puts forth to support the financial needs of our communities.”
F&M Bank’s commitment to its employees is also reflected in the Company’s Employee Stock Ownership Plan (ESOP), which is designed to help support employees’ retirement goals by growing retirement funds in direct correlation with the success of their daily work. Other benefits provided by the company include a Quarterly Wellness Reimbursement for employees prioritizing their health, a $10,000 tuition reimbursement for continued education, an above-average starting Paid Time Off allotment and opportunities for internal advancement.
“We are excited by the productivity of our team and the things we have been able to accomplish,” commented Melody Emswiler, F&M Bank Chief Human Resources Officer, “This increase is a reflection that at F&M we are committed to our employees, and we value them. We want to share our success that has been accomplished by serving our community.”
F&M Bank was recently named among the top three best banks in Virginia by Virginia Living Magazine. For a complete list of career opportunities at F&M Bank, please visit their careers page.