First Farmers and Merchants Corporation (OTCID: FFMH), the holding company for First Farmers and Merchants Bank, announced a defining milestone for its Wealth Management and Trust Division, surpassing $7 billion in assets as of May 31, 2026. Reflecting both the scale of this achievement and the leadership driving it, the bank also announced the promotion of Frederic (Fred) Palmliden to Chief Investment Officer.
The $7 billion milestone marks a meaningful advancement in First Farmers’ broader growth strategy, underscoring the increasing importance of its Wealth Management and Trust Division as a key driver of long-term performance and client engagement. In recent years, the division has delivered strong, sustained growth, including an increase of nearly 80 percent in managed assets, reflecting both rising client demand and the bank’s ability to provide disciplined, relationship-driven wealth solutions.
“With over $7 billion in assets, this milestone speaks not only to our growth, but to the trust our clients place in us every day,” said Brian Williams, Chief Executive Officer of First Farmers & Merchants Bank. “Our Wealth Management and Trust Division plays a critical role in helping clients plan for the future, preserve what they’ve built, and achieve long-term financial success. This achievement reflects years of dedication, disciplined strategy, and a deep commitment to serving our communities.”
Palmliden has played a central role in driving this momentum over his eight years with the bank. With 26 years of experience in wealth management–related roles, he brings deep expertise in investment strategy, portfolio construction, and client relationship management. His leadership has helped guide the division through a period of sustained growth and positions it to continue building on this success in the years ahead.
“Fred’s promotion is a direct reflection of the impact he has made on this organization and the confidence we have in his leadership moving forward,” Williams added. “He brings a thoughtful, disciplined approach to investing and a genuine passion for helping clients succeed. As we continue to build on this momentum, Fred’s leadership will be essential in ensuring we remain well-positioned to meet the evolving needs of our clients and deliver long-term value.”
As First Farmers continues to invest in its wealth management capabilities, the division remains focused on delivering personalized advice, comprehensive solutions, and a high-touch client experience rooted in the bank’s community banking values. With Palmliden at the helm of investment strategy, the bank is well-positioned to build on its record success and continue expanding its role as a trusted partner in helping clients achieve their financial goals.
Palmliden is a CFA® charterholder as well as a Chartered Market Technician (CMT). CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
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 Tennessee area through 22 locations in seven counties and one production office in Chattanooga. As of March 31, 2026, First Farmers reported total assets of approximately $1.8 billion, total shareholders’ equity of approximately $174 million, and administered trust assets of $6.8 billion. For more information about First Farmers, visit us on the Web at www.myfirstfarmers.com under “Investor Relations.”
