EXHIBIT 99.1

                           FARMERS & MERCHANTS BANCORP
                 ANNOUNCES INCREASE IN STOCK REPURCHASE PROGRAM


The  Board of Directors of Farmers & Merchants Bancorp has approved a resolution
increasing  the  funds  available  for  the  Company's Stock Repurchase Program.

The  Board  of Directors originally approved a $10 million Repurchase Program in
May  2004.  As  of  April  30, 2006 the Company had repurchased $7.87 million of
stock  under  the  Repurchase Program.  The Board unanimously approved expanding
the Repurchase Program to allow for the repurchase of up to $15 million of stock
between  May  1,  2006  and  April  30,  2009.

The  Board approved this increase in the Repurchase Program because it continues
to  believe  that the Company has more capital than it needs to meet present and
anticipated  regulatory guidelines to be classified as "well capitalized." While
the  Board  continues to believe that the Repurchase Program will not impede the
Company  from  paying  cash  dividends  at annual rates comparable to the recent
past,  no  assurance  can  be  given  as  to  future  dividend  levels.

Repurchases  will  continue  to  be  made  on the open market or through private
transactions. The Repurchase Program also requires that no purchases may be made
if  the  Company  would  not remain "well-capitalized" after the repurchase. All
shares  repurchased  under the Repurchase Program have been and will continue to
be  retired.

Kent  Steinwert,  President  and  C.E.O.  commented,  "Since Farmers & Merchants
Bancorp  stock  is not traded on any stock exchange, and since many shareholders
are  local  residents  who hold their shares in certificate form, the Company is
willing  to purchase shares directly in private transactions. Interested sellers
may  contact  Stephen  W.  Haley,  Chief  Financial  Officer,  at 209-367-2411."

Regarding open market transactions, Steinwert indicated that the Company's stock
(symbol:  FMCB.OB) is traded through the OTC Bulletin Board. Historically, these
transactions  have  been  limited  both  in  frequency  and  dollar  amount.
Periodically,  the  Company  will  place  a  bid  with  a  broker  to  purchase



shares  on  the Company's behalf in the over the counter market. All open market
purchases by the Company will be made at prices that do not exceed the higher of
the  last  independent  transaction  price  or the last independent bid. In open
market  transactions,  a selling shareholder will be responsible for any fees or
charges  of  his  or  her  broker.

Steinwert was careful to emphasize, "Any shareholder who is planning to sell all
or  a  portion  of  their  shares  should obtain as much information as possible
concerning  recent prices for other transactions.  Information is available from
brokers,  on the internet and, as it relates to private transactions, from Steve
Haley.  However,  the  Company can not guarantee the accuracy of any information
obtained  from  third  parties."

Farmers & Merchants Bancorp is the parent of Farmers & Merchants Bank of Central
California,  also  known as F&M Bank. Founded in 1916, the institution is a full
service community bank with over $1.3 billion in assets. F&M Bank proudly serves
California's Great Central Valley through 19 branch offices conveniently located
from  Sacramento  to  Turlock.