Have you taken your RMD?

If you have money in a tax-deferred retirement account such as a traditional 401(k) or IRA, and you’re over age 70½, taking a required minimum distribution (RMD) before the end of the year should be on your financial to-do list.

The amount that you must withdraw is based on the amount of money you have in such accounts and on your life expectancy. Note that you will also have to pay taxes on this income when you file your return in April.

Failing to take your required minimum distribution can be costly: You’ll owe the IRS a penalty that comes to half of the amount that should have been withdrawn.

Have questions? Talk to the professionals in our Trust Department to learn more.

F&M Security Tip: Lock your phone with a password or fingerprint detection. We're surprised at how many folks don't take this most basic precaution. At the very least, if you leave your phone on the counter at Starbucks or if it’s stolen out of your pocket, cybercriminals will have to get through that first gate. Set the time on your password lock to be short as well—30 seconds or less.

Deposit Accounts

We offer a variety of accounts to make it possible to bank YOUR way. From basic checking to money markets and CDs earning competitive interest rates, the choice is yours.

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Loan Products

At Farmers and Merchants State Bank, we understand your needs. We can help with flexible terms that fit your budget. Competitive rates and prompt answers make us the first choice for loans in West Central Illinois.

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Trusts & Investments

With a full service trust department established in 1959, we can provide the professional advice you're looking for. Plan for your future with a wide array of options to meet your needs.

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