The Board of Directors of Farmers and Merchants Bancorp Inc. (OTCBB:FMAO) authorized a share repurchase program on January 18, 2013. Under the program, Farmers and Merchants Bancorp will repurchase up to 200,000 shares, representing 4.27% of its issued capital. The stock repurchase plan authorizes the company to make repurchases in the open market or in privately negotiated transactions at times and in such amounts as management deems appropriate.

Repurchased common shares will be added to the company's treasury shares, and will be used for general corporate purposes. The company has sufficient capital available to internally fund such repurchases and stated its belief that such repurchases can enhance shareholder value. The company will make repurchases from time to time.

The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements and other market conditions. The program will commence from January 18, 2013 and will expire on December 31, 2013. As of January 18, 2013, Farmers and Merchants Bancorp had 4,684,058 shares outstanding.