Farmers & Merchants Bancshares, Inc.

This Proxy Statement and the accompanying Proxy Card are being furnished in connection with the solicitation by the Board of Directors (the “Company Board”) of Farmers and Merchants Bancshares, Inc. (the “Company”) of proxies to be voted at the 2026 Annual Meeting of the Stockholders (including any adjournment, postponement or rescheduling thereof, the “Annual Meeting”) to be held at 3:00 p.m., local time, on April 28, 2026 at Piney Branch Golf Club, 5301 Trenton Mill Road, Upperco, Maryland 21155. This Proxy Statement and the Proxy Card are first being sent or given to stockholders on or about March 26, 2026.

When used in this Proxy Statement, the terms “we,” “us,” and “our” refer to Farmers and Merchants Bancshares, Inc. and, unless the context clearly requires otherwise, its consolidated subsidiaries, including Farmers and Merchants Bank (the “Bank”).

You are being asked to: (i) vote on the election of two Class IV director nominees to the Company Board**(Robert G. Pollokoff and Teresa L. Smack), (ii) adopt a non-binding advisory resolution approving the compensation paid to the Company’s named executive officers for 2025, and (iii) ratify the appointment of Yount, Hyde & Barbour, P.C. (“YHB”) as the Company’s independent registered public accounting firm for 2026.The Company Board unanimously recommends that you vote“FOR” Mr. Pollokoff and Ms. Smack;“FOR” approval of the advisory resolution approving the compensation paid to the Company**’s named executive officers for 2025; and“FOR”** the ratification of the appointment of YHB as the Company**’s independent registered public accounting firm for 2026.