Richmond Mutual Bancorporation Completes Merger with The Farmers Bancorp in Indiana

Richmond Mutual Bancorporation Completes Merger with The Farmers Bancorp

On July 1, 2026, Richmond Mutual Bancorporation, Inc. (NASDAQ: RMBI), the holding entity of First Bank Midwest, announced the successful completion of its merger with The Farmers Bancorp from Frankfort, Indiana. This strategic integration aims to reinforce both institutions' commitment to community banking and enhance the range of services provided to clients.

The merger conditions specified that each outstanding share of Farmers’ common stock would be converted at a ratio of 3.40 shares of Richmond common stock. In cases where shareholders held fractional shares, they would receive cash.

The expectation is that approximately 6,254,357 shares of Richmond's common stock will be issued to Farmers’ shareholders upon the surrender of their stocks. Garry D. Kleer, Chairman and CEO of Richmond, expressed profound satisfaction in officially welcoming the Farmers' talented staff to the Richmond team.

Kleer remarked, "This merger signifies a significant milestone for our organization, aligning two institutions rich in community banking traditions. Together, we are positioned to drive value for our shareholders and the communities we serve."

Christopher D. Cook, President of Richmond and CEO of First Bank Midwest, the combined entity’s operational arm, emphasized a forward-looking approach post-merger. He stated, "While today marks our successful merger completion, our focus is directed towards the future. We aim to ensure seamless transitions for our clients and foster solid relationships that have been the cornerstone of both banks. Our combined efforts will enhance our capacity to provide exceptional community banking services."

The newly formed organization will operate under the name Richmond Mutual Bancorporation, Inc. and continue trading on the Nasdaq Capital Market with the ticker symbol 'RMBI.' All branches will operate as 'First Bank Midwest.' Richmond, Indiana will serve as the administrative headquarters, while Frankfort, Indiana will house the bank's operational center.

With roots established deeply in local communities, Richmond Mutual Bancorporation seeks to combine resources and strengths following this merger. Customers can expect to benefit from a broadened product selection and enhanced service quality as the two entities collaborate and build on their shared commitments to financial services. Rich with tradition and community focus, the merger aims to create a more formidable institution in the banking landscape, ensuring they meet expectations for accessibility and customer care effectively.

In the wake of this merger, Richmond Mutual endorses the utmost importance of sustained communication with their stakeholders, particularly focusing on informing them about immediate next steps and the expected integration process. Both companies will aim for a harmonious merging of their corporate cultures and client services. This is along with several opportunities expected to arise for employees through this expanded network, showing a robust commitment to workforce development.

Furthermore, Richmond intends to release regular updates to ensure that their customers are informed and fully aware of any changes impacting their banking experience. The aim is to maintain a high level of trust and transparency, reassuring customers during this transitional phase.

Richmond Mutual Bancorporation remains regarded as a community-oriented financial institution, providing a plethora of traditional financial services alongside trust options across various locations in Indiana. As they combine forces with The Farmers Bancorp, the institution is set to ensure that their growth trajectory continues on a firm foundation built on community and service excellence. Shareholders and customers alike can anticipate the upcoming opportunities as this new chapter unfolds for both organizations.

As Richmond moves forward, they remain cautiously optimistic, keeping an eye on market trends and potential challenges that may arise as they integrate their operations fully. Having successfully concluded numerous mergers in the past, the Richmond leadership is equipped with experience in nurturing such corporate relationships while always aiming at improving community value over the long term.