On Nov. 19, the Board of Directors of Farmers and Merchants Bancshares, Inc., the parent of Farmers and Merchants Bank, declared a cash dividend of 43 cents per share of common stock, which was paid Dec. 21 to shareholders of record on Dec. 7. The dividend is a 3-cent increase over the per share dividend paid in June. The semi-annual dividend has increased 18 consecutive times, starting with the June 2010 dividend. The combined 2018 dividend of 83 cents per share represents a 2.6 percent yield on the current market value of $32.15 per share and represents a 9.2 percent increase over the 76 cents per share dividend paid in 2017. The annual dividend has increased by at least 5 cents per share for six consecutive years.