F&M Trust Taps Chad Carroll for President in Strategic Leadership Move

CHAMBERSBURG, PA – April 23, 2026 – F&M Trust today announced a significant strategic evolution in its executive leadership, promoting Chad Carroll to the position of President. The promotion, effective April 28, 2026, will see Carroll hold the dual title of President and Chief Operating Officer, a move that solidifies his role in the bank's future and signals a commitment to continued growth and operational stability.

In his expanded capacity, Carroll will work closely with Chief Executive Officer Craig Best on the overall leadership and administration of the bank while maintaining his direct oversight of day-to-day operations. As part of the promotion, Carroll will also be appointed to the F&M Trust Board of Directors, further integrating his strategic vision into the bank's governance structure. This move positions the Chambersburg-based community bank for its next chapter of expansion and service across its multi-state footprint.

A Strategic Ascent to Leadership

Carroll’s promotion marks a rapid and impactful trajectory since he joined F&M Trust in 2023 as Executive Vice President and Chief Operating Officer. He was elevated to Senior Executive Vice President in January 2026, and his latest appointment underscores the confidence the bank's leadership has in his capabilities. His tenure has been characterized by a focus on executing the bank's strategic plan, driving market expansion, and bolstering asset growth.

Craig Best, Chief Executive Officer of F&M Trust, praised Carroll's contributions. "Chad has demonstrated exceptional leadership, strategic vision, and a deep commitment to our customers, employees, and communities," Best said in a statement. "Since joining F&M Trust, he has played an important role in advancing our strategic priorities and strengthening our organization. I am pleased to see him assume the role of President and look forward to continuing to work alongside him."

This sentiment was echoed by the board. "Chad Carroll has been a key contributor to the success and milestones that are being achieved at the bank," stated G. Warren Elliott, Chairman of the Board for both F&M Trust and its parent company, Franklin Financial Services Corporation. "I am excited about the opportunity to work with him as our next president."

Before his tenure at F&M Trust, Carroll built a distinguished career spanning several prominent financial institutions. He served as Executive Vice President and Chief Administrative Officer at S&T Bank, where he was credited with overseeing significant growth in loan balances and deposits. His extensive background also includes leadership roles at Huntington National Bank, FirstMerit Bank, and JPMorgan Chase, providing him with comprehensive expertise in retail and business banking that he has leveraged to strengthen F&M Trust's operational core.

Powering Regional Growth and Financial Strength

Carroll's promotion comes as F&M Trust reports robust financial performance, reflecting the success of the strategic initiatives he has helped oversee. The bank, a subsidiary of Franklin Financial Services Corporation, saw its total assets climb to $2.298 billion as of March 31, 2026, a 2.6% increase from the end of 2025.

Financial results for the first quarter of 2026 highlight this positive momentum. The bank posted a net income of $6.6 million, a remarkable 69.2% increase compared to the same period in the prior year. This performance was fueled by an 18.7% rise in net interest income, driven by strong growth in the loan portfolio. During the quarter, total deposits also grew by 2.9% to $1.890 billion, indicating sustained customer confidence.

Another key area of growth has been the bank’s wealth management division. Under the current leadership team, assets under management stood at $1.417 billion at the end of Q1 2026, with fee income from these services increasing by 4.1% year-over-year. This growth is part of a longer-term trend, with the division expanding its assets under management from $873 million to nearly $1.2 billion in the three years leading up to December 2023. This performance demonstrates the bank’s successful strategy of providing comprehensive financial solutions that extend beyond traditional banking.

Navigating a Competitive Community Banking Landscape

With $2.2 billion in assets, F&M Trust operates as a formidable independent community bank in a competitive regional market. Its 23 banking locations are spread across five counties in South Central Pennsylvania and extend into Washington County, Maryland. The bank navigates a landscape where smaller community banks are consolidating and larger regional and national institutions hold significant market share. F&M Trust's strategy appears to be one of blending its community-focused service model with the scale necessary to compete effectively.

Carroll's leadership is central to this strategy, particularly as the banking industry pivots toward greater efficiency, technological adoption, and talent development. Industry trends for 2026 show a strong focus on modernizing data infrastructure and expanding services for small businesses, an area where community banks have a traditional stronghold. F&M Trust’s offerings, which include commercial real estate financing and land acquisition loans, align with the anticipated increase in lending activity, especially for small businesses and healthcare sectors.

By retaining Carroll as COO, the bank ensures that the operational engine that has powered its recent growth remains under proven leadership. His dual role allows for a seamless connection between long-term strategic planning at the board level and the practical execution required to serve its communities and grow its market share.

A Clear Path for Governance and Succession

Carroll’s appointment to the presidency and the board of directors represents a clear and deliberate step in F&M Trust’s succession planning. In an industry where many community banks lack formal succession strategies, this internal promotion provides stability and continuity. It establishes a clear leadership structure with Carroll managing operations and strategy alongside CEO Craig Best, who continues to guide the overall vision for both the bank and its parent corporation.

This move also sends a positive message internally. Promoting a key executive from within can bolster employee morale by demonstrating a tangible path for career advancement. F&M Trust, which employs hundreds of individuals across its footprint, has been recognized for its commitment to employee well-being and offers extensive benefits and professional development opportunities. Having a leader who has risen through the ranks reinforces a culture that values and cultivates its own talent.

As President and COO, Carroll is now positioned to play an even more critical role in steering F&M Trust through the evolving economic environment. His deep operational expertise, combined with a broader strategic mandate, equips the bank with the leadership required to build on its recent successes and continue serving as a vital financial partner for the businesses and families in its communities.