Farmers and Merchants Bancshares, Inc.

Item 5.05. Amendments to the Registrant's Code of Ethics, or Waiver of a Provision of the Code of Ethics. On May 18, 2026, the Board of Directors of Farmers and Merchants Bancshares, Inc. (the “Company”) amended and restated the Code of Ethics that applies to all of the Company’s directors and executive officers, including its principal executive officer and principal financial officer (the “Code of Ethics”), for the purpose of updating it and making it a more compliance-focused and principles-based code of ethics. The following list summarizes the amendments: Structure & Tone Transition to a concise, section-based policy format More professional, compliance-focused tone Governance & Accountability Enhancements Formalized reporting expectations and accountability New anti-retaliation protections for good-faith reporting Clear, tiered disciplinary framework Conflicts of Interest Simplified, principle-based guidance Heightened focus on both actual and perceived conflicts Immediate disclosure requirement emphasized Gifts & Business Courtesies ‘Nominal value’ threshold increased from $50 to $100 Simplified standards emphasizing reasonableness and frequency New and Expanded Policy Areas Confidentiality & data protection (including breach reporting) Personal trading and insider information restrictions External employment approval and disclosure structure Community and political activity guidelines Personal Financial Responsibility Shift from prescriptive triggers (e.g., resignation requirements) to principle-based expectations Removal of Prescriptive Detail Eliminates extensive examples and scenario-based rules Replaces detailed restrictions with principles and management oversight Compliance Alignment Stronger emphasis on fraud, bribery, and regulatory compliance Improved alignment with enterprise risk management practices - 2 - Administration & Acknowledgment Annual employee and director acknowledgment required Board approval required for policy updates A copy of the Code of Ethics is filed as Exhibit 14.1 to this report. The Code of Ethics is also available on the Company’s website at, www.fmb1919.bank, and may be accessed by clicking on “Investor Relations”, then “About Us”, then “Corporate Overview”, and then “Code of Ethics”.