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Farmers Bankshares, Inc. Investigation

We are investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Farmers Bankshares, Inc. (“Farmers” or the “Company”) (OTCPK: FBVA), in connection with the proposed merger of the Company with TowneBank (“TowneBank”) (NASDAQ: TOWN).  Under the terms of the merger agreement, the Company’s shareholders will receive 0.6050 shares of TowneBank common stock for each Farmers share owned, representing implied per-share merger consideration of approximately $18.75 based upon TowneBank’s August 17, 2022 closing price of $30.99.

Weiss Law is investigating whether (i) Farmers’ board of directors acted in the best interests of Company shareholders in agreeing to the proposed transaction, (ii) the per-share merger consideration adequately compensates Farmers’ shareholders, and (iii) all information regarding the sales process and valuation of the transaction will be fully and fairly disclosed.