After four decades in the banking industry long time Chairman and Chief Executive Officer Calvin H. Spindor has announced his retirement from Farmers & Merchants Bank and its holding company, F&M Bancshares. 

The transition is underway and Spindor will officially step down in September.

Joe Bob Huddleston has been elected president and a director of the bank and holding company. He will become the chief executive officer of both upon Spindor’s official retirement. Spindor will continue serving as board chairman.

Huddleston has 35 years lending and related credit management experience. He has served as loan officer, vice president, regional vice president and senior vice president-capital markets of AgTexas.

A De Leon native, Huddleston was an honor graduate of Tarleton State University with a BBA in business administration. He currently serves on the Texas Health Resources Hospital board in Stephenville and has served as president of Tarleton’s Texan Club, Advisory Board Tarleton College of Business, President Stephenville Optimist Club, and two terms as director of the Stephenville Chamber of Commerce.