<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
F O R M 11 - K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
DECEMBER 31, 1994
For the fiscal year ended......................................................
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from.....................to..........................
Commission file number......0-14553...... [F&M Bancorporation, Inc.]
A. Full title of the plan and the address of the plan, if different from that
of the issuer named below:
F&M BANCORPORATION, INC. RETIREMENT AND SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
F&M BANCORPORATION, INC.
ONE BANK AVENUE
KAUKAUNA, WISCONSIN 54130
<PAGE> 2
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act
of 1934, the trustees (or other persons who administer the employee benefit
plan) have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
F&M BANCORPORATION, INC.
RETIREMENT AND SAVINGS PLAN
Date: March 1, 1996 By: /s/ Constance M. Verbruggen
-------------------------------
Constance M. Verbruggen,
Administrative Committee Member
<PAGE> 3
F&M EMPLOYEES' RETIREMENT AND
SAVINGS PLAN AND TRUST
KAUKAUNA, WISCONSIN
FINANCIAL STATEMENTS AND
SUPPLEMENTAL SCHEDULES
YEARS ENDED DECEMBER 31, 1994 AND 1993
[WIPFLI ULLRICH BERTELSON CPAS LOGO]
<PAGE> 4
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
----------------------------------------------------
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
Years Ended December 31, 1994 and 1993
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TABLE OF CONTENTS
-----------------
Page
----
<S> <C>
Independent Auditor's Report 1
Financial Statements:
Statements of Net Assets Available for Benefits 2 - 3
Statements of Changes in Net Assets Available for Benefits 4 - 5
Notes to Financial Statements 6 - 11
Supplemental Schedules:
Schedule 1 - Item 27a - Schedule of Assets Held for Investment Purposes 12
Schedule 2 - Item 27d - Schedule of Reportable (5%) Transactions 13
</TABLE>
<PAGE> 5
[WIPFLI ULLRICH BERTELSON CPAS LETTERHEAD] -1-
INDEPENDENT AUDITOR'S REPORT
Board of Trustees
F&M Employees' Retirement and
Savings Plan and Trust
Kaukauna, Wisconsin
We were engaged to audit the financial statements of F&M Employees' Retirement
and Savings Plan and Trust as of December 31, 1994 and 1993, and for the years
then ended and the supplemental schedules as of and for the year ended December
31, 1994, as listed in the accompanying table of contents. These financial
statements and schedules are the responsibility of the Plan's management.
As permitted by 29 CFR 2520.103-8 of the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974 (ERISA), the plan administrator instructed us not to
perform, and we did not perform, any auditing procedures with respect to the
information summarized in Note 6 which was certified by First Bank N.A. and SBS
Trust Company, the trustees of the Plan, except for comparing the information
with the related information included in the financial statements and
supplemental schedules. We have been informed by the plan administrator that
the trustees hold the Plan's investment assets and executes investment
transactions. The plan administrator has obtained a certification from the
trustees as of and for the years ended December 31, 1994 and 1993, that the
information provided to the plan administrator by the trustees is complete and
accurate.
Because of the significance of the information that we did not audit, we are
unable to, and do not, express an opinion on the accompanying financial
statements and schedules taken as a whole. The form and content of the
information included in the financial statements and schedules, other than that
derived from the information certified by the trustees, have been audited by us
in accordance with generally accepted auditing standards and, in our opinion,
are presented in compliance with the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974.
Wipfli Ullrich Bertelson
---------------------------------------
Certified Public Accountants
June 15, 1995
Appleton, Wisconsin
<PAGE> 6
-2-
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
----------------------------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SBS Trust Company
-------------------------------------------------------------------
Flexible
First International Growth Defensive GIC
Bank N.A. Equity Balanced Balanced Income
Funds Fund Fund Fund Fund
--------------- --------------- ---------------- --------------- ---------------
<S> <C> <C> <C> <S> <C>
Cash $ 3 $ -0- $ -0- $ -0- $ -0-
Contribution receivable:
Employer -0- 40,000 200,000 125,000 -0-
Employee -0- -0- -0- -0- 11,198
Investments 350,446 -0- 1,999,507 4,008,671 974,115
Interest and dividends
receivable 2,931 -0- 384 769 1,291
--------------- --------------- --------------- --------------- ---------------
Net assets available for
benefits $ 353,380 $ 40,000 $ 2,199,891 $ 4,134,440 $ 986,604
=============== =============== =============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
SBS Trust Company
-----------------
Small-Cap Employer
Equity Stock 1994
Fund Account Total
--------------- --------------- ---------------
<S> <C> <C> <C>
Cash $ -0- $ -0- $ 3
Contribution receivable:
Employer 45,000 97,062 507,062
Employee -0- -0- 11,198
Investments -0- 915,322 8,248,061
Interest and dividends
receivable -0- 3 5,378
--------------- --------------- ---------------
Net assets available for
benefits $ 45,000 $ 1,012,387 $ 8,771,702
=============== =============== ===============
</TABLE>
See accompanying notes to financial statements.
<PAGE> 7
-3-
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
----------------------------------------------------
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 1993
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
First Bank N.A. Funds
------------------------------------------------------------
Equity Money
Balanced Index Market
Fund Fund Fund
--------------- --------------- ----------------
<S> <C> <C> <C>
Cash $ -0- $ 1 $ 1
Contribution receivable:
Employer 243,290 105,672 34,818
Employee 6,523 2,737 668
Investments 3,629,256 1,773,756 460,680
Interest and dividends receivable 10 4 2
--------------- --------------- ----------------
Net assets available for benefits $ 3,879,079 $ 1,882,170 $ 496,169
=============== =============== ================
</TABLE>
<TABLE>
<CAPTION>
Stock 1993
Fund Total
--------------- ---------------
<S> <C> <C>
Cash $ -0- $ 2
Contribution receivable:
Employer 120,241 504,021
Employee -0- 9,928
Investments 700,128 6,563,820
Interest and dividends receivable 35 51
--------------- ---------------
Net assets available for benefits $ 820,404 $ 7,077,822
=============== ===============
</TABLE>
See accompanying notes to financial statements.
<PAGE> 8
-4-
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
----------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
AVAILABLE FOR BENEFITS
Year Ended December 31, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SBS Trust Company
--------------------------------------------------------------------
Flexible
First International Growth Defensive GIC
Bank N.A. Equity Balanced Balanced Income
Funds Fund Fund Fund Fund
--------------- --------------- ---------------- --------------- ---------------
<S> <C> <C> <C> <C> <C>
Additions:
Contributions:
Employer $ -0- $ 40,000 $ 200,000 $ 125,000 $ -0-
Employee 290,350 -0- -0- -0- 11,198
Rollover 6,860 -0- -0- -0- -0-
Interest and dividends 209,272 -0- 384 769 1,291
Net appreciation (depreciation) in fair
value of investments (16,177) -0- -0- -0- -0-
Transfers from other funds 80,081 -0- 1,999,507 4,008,671 183,514
Transfers from mergers of plans -0- -0- -0- -0- 790,601
--------------- --------------- ---------------- --------------- ---------------
Total additions 570,386 40,000 2,199,891 4,134,440 986,604
--------------- --------------- ---------------- --------------- ---------------
Deductions:
Employee benefits and withdrawals 80,463 -0- -0- -0- -0-
Trustee fees 27,270 -0- -0- -0- -0-
Transfers to other funds 7,187,095 -0- -0- -0- -0-
--------------- --------------- ---------------- --------------- ---------------
Total deductions 7,294,828 -0- -0- -0- -0-
--------------- --------------- ---------------- --------------- ---------------
Net additions (deductions) (6,724,442) 40,000 2,199,891 4,134,440 986,604
Net assets available for benefits at
beginning 7,077,822 -0- -0- -0- -0-
--------------- --------------- ---------------- --------------- ---------------
Net assets available for benefits at end $ 353,380 $ 40,000 $ 2,199,891 $ 4,134,440 $ 986,604
=============== =============== ================ =============== ==============
</TABLE>
<TABLE>
<CAPTION>
SPS Trust Company
-----------------
Small-Cap Employer
Equity Stock 1994
Fund Account Total
--------------- --------------- -------------
<S> <C> <C> <C>
Additions:
Contributions:
Employer $ 45,000 $ 97,062 $ 507,062
Employee -0- -0- 301,548
Rollover -0- -0- 6,860
Interest and dividends -0- 3 211,719
Net appreciation (depreciation) in fair
value of investments -0- -0- (16,177)
Transfers from other funds -0- 915,322 7,187,095
Transfers from mergers of plans -0- -0- 790,601
--------------- --------------- -------------
Total additions 45,000 1,012,387 8,988,708
--------------- --------------- -------------
Deductions:
Employee benefits and withdrawals -0- -0- 80,463
Trustee fees -0- -0- 27,270
Transfers to other funds -0- -0- 7,187,095
--------------- --------------- -------------
Total deductions -0- -0- 7,294,828
--------------- --------------- -------------
Net additions (deductions) 45,000 1,012,387 1,693,880
Net assets available for benefits at
beginning -0- -0- 7,077,822
--------------- --------------- -------------
Net assets available for benefits at end $ 45,000 $ 1,012,387 $ 8,771,702
=============== =============== =============
</TABLE>
See accompanying notes to financial statements.
<PAGE> 9
-5-
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
----------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
AVAILABLE FOR BENEFITS
Year Ended December 31, 1993
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
First Bank N.A. Funds
--------------------------------------------------------
Equity Money
Balanced Index Market Stock
Fund Fund Fund Fund
--------------- --------------- ---------------- --------------
<S> <C> <C> <C> <C>
Additions:
Contributions:
Employer $ 243,290 $ 105,672 $ 34,818 $ 120,241
Employee 164,622 70,159 19,286 -0-
Rollover 4,589 2,502 1,205 -0-
Interest and dividends 69,375 36,125 23,412 9,743
Net appreciation in fair value of
investments 187,526 96,066 1,135 156,582
Transfers from other funds 131,690 -0- 21,804 530,639
Transfers from merger of plans 776,217 569,489 56,661 -0-
--------------- --------------- ---------------- --------------
Total additions 1,577,309 880,013 158,321 817,205
--------------- --------------- ---------------- --------------
Deductions:
Employee benefits and withdrawals 25,219 11,307 148,636 1,925
Trustee fees 6,113 3,099 1,255 2,394
Transfers to other funds 11,555 83,278 58,661 -0-
--------------- --------------- --------------- --------------
Total deductions 42,887 97,684 208,552 4,319
--------------- --------------- ---------------- --------------
Net additions (deductions) 1,534,422 782,329 (50,231) 812,886
Net assets available for benefits at
beginning 2,344,657 1,099,841 546,400 7,518
--------------- --------------- ---------------- --------------
Net assets available for benefits at end $ 3,879,079 $ 1,882,170 $ 496,169 $ 820,404
=============== =============== ================ ==============
</TABLE>
<TABLE>
<CAPTION>
Self-
Managed 1993
Fund Total
-------------- --------------
<S> <C> <C>
Additions:
Contributions:
Employer $ -0- $ 504,021
Employee -0- 254,067
Rollover -0- 8,296
Interest and dividends -0- 138,655
Net appreciation in fair value of
investments -0- 441,309
Transfers from other funds -0- 684,133
Transfers from merger of plans -0- 1,402,367
-------------- --------------
Total additions -0- 3,432,848
-------------- --------------
Deductions:
Employee benefits and withdrawals 8,296 195,383
Trustee fees -0- 12,861
Transfers to other funds 530,639 684,133
-------------- --------------
Total deductions 538,935 892,377
-------------- --------------
Net additions (deductions) (538,935) 2,540,471
Net assets available for benefits at
beginning 538,935 4,537,351
-------------- --------------
Net assets available for benefits at end $ -0- $ 7,077,822
============== ==============
</TABLE>
See accompanying notes to financial statements.
<PAGE> 10
-6-
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
----------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Method of Accounting
The financial records of F&M Employees' Retirement and Savings Plan and Trust
(the "Plan") are maintained on the accrual basis of accounting in accordance
with generally accepted accounting principles.
Investment Valuation
Investments are stated at fair value. Common stocks including F&M
Bancorporation, Inc. common stock and government obligations are valued at the
last reported bid price. Mutual funds are carried at current value which
represents the quoted market values of the underlying investments. Guaranteed
interest contracts are stated at contract value which represents contributions,
plus interest, less administrative expenses. Short-term securities are carried
at cost which approximates fair value. For investments in securities which do
not have an established market, the trustee of the Plan establishes a fair
value.
Unrealized appreciation or depreciation is reflected for the year in the
statement of changes in net assets available for benefits. Gains or losses on
security transactions are recorded as the difference between proceeds received
and the carrying value of the investments. Interest income is recognized on
the accrual method, and dividend income is recorded on the ex-dividend date.
NOTE 2 - PLAN DESCRIPTION
The following description of F&M Employees' Retirement and Savings Plan and
Trust provides only general information. Participants should refer to the Plan
Agreement for a more complete description of the Plan's provisions.
General
The Plan is a defined contribution plan covering substantially all full-time
employees of F&M Bancorporation, Inc. and its various subsidiaries who have
completed 1,000 hours within the plan year. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974. The Plan is
administered at the direction of a committee consisting of three individuals
appointed by the Board of Directors of F&M Bancorporation, Inc.
Employer Contributions
The employer's annual contribution is discretionary and is determined by the
Board of Directors of F&M Bancorporation, Inc.
<PAGE> 11
-7-
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
----------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
NOTE 2 - PLAN DESCRIPTION (CONTINUED)
Employee Contributions
Participants may elect to have a portion of their annual compensation
contributed on their behalf. Amounts contributed are deducted from gross wages
for each payroll period and deposited with the trustees.
Employer Matching
The employer makes a discretionary matching contribution based on employee
salary deferral contributions up to the first 6% of employee compensation.
Participant Accounts
Each participant's account is credited with the contributions which are defined
above, plan earnings (allocated based on adjusted beginning of year account
balances), and forfeitures of terminated participants' nonvested accounts.
The Plan allows participants to select their investment options from one or
more of the following eight funds:
First Bank N.A. Funds:
Balanced Fund - invested primarily in fixed income investments and common
stocks.
Equity Index Fund - invested primarily in common stocks and similar equity
investments.
Money Market Fund - invested primarily in guaranteed income contracts,
government securities, and other fixed income securities.
SBS Trust Company:
International Equity Fund - invested primarily in a diversified portfolio of
international equities as evidenced by American Depository Receipts (ADRs).
ADRs trade as U.S. share equivalents backed by specific shares of the
underlying foreign security.
Flexible Growth Balanced Fund - invested primarily in a diversified
portfolio of growth stocks, bonds with varying maturities up to 30 years,
and cash equivalents.
Defensive Balanced Fund - invested primarily in long-term bonds, cash
equivalents, and equity investments.
<PAGE> 12
-8-
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
----------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
NOTE 2 - PLAN DESCRIPTION (CONTINUED)
GIC Income Fund - invested primarily in contracts (including guaranteed
investment contracts [GICs], alternative synthetic GIC contracts, and bank
investment contracts [BICs]) issued by high quality companies and banks and
in cash equivalents.
Small-Cap Equity Fund - invested primarily in growth stocks of companies of
varying size and in cash equivalents.
On December 30, 1994, a majority of assets were transferred from First Bank
N.A. to SBS Trust Company. As a result, assets were invested in the Smith
Barney Trust Company Reserve Deposit Account until the first week of 1995 when
the assets were invested in mutual funds following the investment objectives as
stated above.
Employer Stock Account:
The employer's matching contributions are deposited into the employer stock
account. These are then used to purchase F&M Bancorporation, Inc. common
stock. This account also carries some balances in interest-bearing mutual
funds.
Vesting
The employer discretionary contribution portion of each participant's account
balance becomes 100% vested after five years of credited service. The
employees' salary deferral contribution and the employer matching contribution
portion of each participant's account balance is 100% vested immediately.
Plan Benefits
Plan benefits are available at normal retirement (age 63), deferred retirement,
early withdrawal, disability retirement, death, or termination of employment
with vested interests.
Participants may elect to receive benefit payments in the form of a lump-sum
distribution or in installments.
Plan Expenses
Investment advisory fees charged by the trustees are paid out of plan assets.
Administrative expenses and fidelity insurance premiums are paid by F&M
Bancorporation, Inc., the Plan's sponsor.
Plan Termination
The employer intends to continue the Plan indefinitely; however, the employer
reserves the right to terminate the Plan at any time. In the event of
termination, all amounts credited to participants' accounts will be distributed
to participants in accordance with the Plan's provisions.
<PAGE> 13
-9-
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
----------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
NOTE 3 - INVESTMENTS
A summary of investments at December 31 follows:
<TABLE>
<CAPTION>
Investments at Fair Value as
Determined by Quoted Market Price 1994 1993
--------------------------------- ---- ----
<S> <C> <C>
Common stock $ 898,568 $ 687,221
Insurance contracts 195,135 195,135
Mutual funds 6,956,349 5,660,336
Money market funds 198,009 21,128
--------------- ----------------
Totals $ 8,248,061 $ 6,563,820
=============== ================
</TABLE>
During 1994 and 1993, the Plan's investments (including investments bought or
sold during the year as well as those held at year end) depreciated $16,177 and
appreciated $441,309, respectively, as follows:
Net Appreciation (Depreciation) in Fair Value
<TABLE>
<CAPTION>
Investments at Fair Value as
Determined by Quoted Market Price 1994 1993
--------------------------------- ---- ----
<S> <C> <C>
Common stock $ 93,116 $ 156,582
Mutual funds (109,293) 284,727
--------------- ----------------
Net appreciation (depreciation) $ (16,177) $ 441,309
=============== ================
</TABLE>
The following is a schedule of investments as of December 31, 1994 and 1993,
that individually represent 5% or more of the Plan's net assets:
<TABLE>
<CAPTION>
1994 1993
----------------------------------- -------------------------------------
Asset Percent of Asset Percent of
Fair Values Net Assets Fair Values Net Assets
--------------- ----------- -------------- ---------------
<S> <C> <C> <C> <C>
First American Asset
Allocation Fund $ -0- .0 $ 3,623,492 51.2
First American Equity Index
Fund -0- .0 1,771,320 25.0
F&M Bancorporation, Inc.
Common Stock 898,568 10.2 687,221 9.7
Smith Barney Trust Company,
Reserve Deposit Account 6,999,047 79.8 -0- .0
</TABLE>
<PAGE> 14
-10-
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
----------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
NOTE 4 - BENEFITS PAYABLE
As of December 31, 1994 and 1993, net assets available for plan benefits
include vested balances for terminated and retired participants of
approximately $815,000 and $66,000, respectively. These benefits payable are
not reported in Form 5500.
NOTE 5 - TRANSACTIONS WITH PARTIES-IN-INTEREST
F&M Bancorporation, Inc. and its subsidiaries serve as sponsors of the Plan.
The Plan had the following transactions with these parties-in-interest:
1994
- Received 2,092 shares of F&M Bancorporation, Inc. common stock valued at
$41,317 as a matching contribution
- Recognized dividend income totaling $18,880 from F&M Bancorporation, Inc.
common stock
1993
- Received 17,398 shares of F&M Bancorporation, Inc. common stock as a
result of a stock split
- Recognized dividend income totaling $9,444 from F&M Bancorporation, Inc.
common stock
NOTE 6 - INFORMATION CERTIFIED BY PLAN TRUSTEES
Information included in the accompanying financial statements relating to
investments and income derived therefrom and all of the information in the
supplemental schedules were prepared or derived from information prepared by
First Bank N.A. and SBS Trust Company, the trustees of the Plan, and furnished
to the plan administrator. The plan administrator has obtained a certification
from the trustees that such information is complete and accurate.
NOTE 7 - RECONCILIATION TO FORM 5500
There are account classification differences between these accompanying
financial statements and Items 31 and 32 of Form 5500, which were prepared by
the trustees. These financial statements balance in total with the Form 5500.
<PAGE> 15
-11-
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
----------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
NOTE 8 - TAX-EXEMPT STATUS OF THE PLAN
On March 6, 1995, the Internal Revenue Service declared that the Plan is
qualified pursuant to Section 401 of the Internal Revenue Code. Plan
management believes any amendments and events since the effective date of the
last Internal Revenue Service determination letter do not affect the qualified
status of the Plan. Accordingly, the Plan is exempt from federal and state
income taxes under current provisions of their respective laws.
<TABLE>
<CAPTION>
Cost Current Value
-------- --------------
<S> <C>
$ 155,311 $ 155,311
195,135 195,135
649,111 898,568
6,999,047 6,999,047
------------- ---------------
$ 7,998,604 $ 8,248,061
============= ===============
</TABLE>
See Independent Auditor's Report.
<PAGE> 16
S U P P L E M E N T A L S C H E D U L E S
<PAGE> 17
-12-
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
Plan's EIN #39-1365327 Plan #002
________________________________________________________________________________
SCHEDULE 1 - ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1994
________________________________________________________________________________
<TABLE>
<CAPTION>
<S> <C>
Identity of Issue, Borrower, Description of Investment
Including Maturity Date,
Lessor, or Similar Party Rate of Interest, Collateral,
Par or Maturity Value
First American Institutional Money Fund 155,311 units - First
American Institutional Money Fund
Travelers Insurance Company 195,135 units - Annuity
Contract
F&M Bancorporation, Inc. 40,844 shares - Common Stock
SBS Trust Company 6,999,047 units - Reserve
Deposit Account
</TABLE>
<PAGE> 18
-13-
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
Plan's EIN #39-1365327 Plan #002
----------------------------------------------------
SCHEDULE 2 - ITEM 27d - SCHEDULE OF REPORTABLE (5%) TRANSACTIONS
Year Ended December 31, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Identity of Purchase Selling Lease
Party Involved Description of Asset Price Price Rental
- -------------- -------------------------------------------------------------------- -------------- ---------- --------
<S> <C> <C> <C> <C>
First Bank 7,171,030 units - First American Institutional Money Fund $ 7,171,030 $ -0- $ -0-
First Bank 7,036,847 units - First American Institutional Money Fund -0- 7,036,847 -0-
First Bank 62,109.63 units - First American Asset Allocation Fund 635,036 -0- -0-
First Bank 411,303.25 units - First American Asset Allocation Fund -0- 4,150,428 -0-
First Bank 192,393 units - First American Equity Index Fund -0- 2,031,599 -0-
SBS Trust Fund 6,999,047 units - Reserve Deposit Account 6,999,047 -0- -0-
</TABLE>
<TABLE>
<CAPTION>
Expense Current Value
Incurred of Asset on
Identity of With Cost Transaction Net Gain
Party Involved Description of Asset Transaction of Asset Date or (Loss)
- -------------- ---------------------------------------------------------- ----------- ----------- ------------- ---------
<S> <C> <C> <C> <C> <C>
First Bank 7,171,030 units - First American Institutional Money Fund $ -0- $ 7,171,030 $ 7,171,030 $ -0-
First Bank 7,036,847 units - First American Institutional Money Fund -0- 7,036,847 7,036,847 -0-
First Bank 62,109.63 units - First American Asset Allocation Fund -0- $ 635,036 635,036 -0-
First Bank 411,303.25 units - First American Asset Allocation Fund -0- 4,195,778 4,150,428 (45,350)
First Bank 192,393 units - First American Equity Index Fund -0- 1,968,299 2,031,599 63,300
SBS Trust Fund 6,999,047 units - Reserve Deposit Account -0- -0- 6,999,047 -0-
</TABLE>
See Independent Auditor's Report.
