Richmond Mutual Bancorp and Farmers Bancorp Announce Successful Merger Approval by Shareholders

Successful Merger Between Richmond Mutual Bancorporation and Farmers Bancorp

In a significant move in the financial sector, Richmond Mutual Bancorporation, Inc. (NASDAQ: RMBI) has received crucial shareholder approval for its merger with The Farmers Bancorp based in Frankfort, Indiana. This monumental vote was conducted during a special shareholders' meeting on May 26, 2026, where Farmers Bancorp shareholders expressed their overwhelming support for the merger agreement. Following closely behind, Richmond Mutual's annual shareholders' meeting on May 27 further solidified the path to consolidation by also approving the agreement and the issuance of shares involved.

The announcement was made public through a joint release from both companies, marking a notable milestone in their collaborative efforts to expand their financial services and strengthen their market positions.

Richmond Mutual Bancorporation confirmed that all necessary regulatory approvals have been secured, further ensuring a smooth transition into the merger. This includes the consolidation of Farmers Bancorp's bank subsidiary, The Farmers Bank, which will merge into Richmond Mutual's subsidiary, First Bank Richmond. The consummation of this merger is predicted to occur around the end of the second quarter of 2026, pending the fulfillment of standard closing conditions.

As a part of this merger, Farmers Bancorp shareholders will exchange their shares for 3.40 shares of Richmond Mutual common stock, creating a fixed exchange ratio that is expected to qualify as a tax-free exchange. This offers a beneficial avenue for Farmers Bancorp shareholders to capitalize on the merger, anticipating an increase in their investment value as the new merged entity begins operation.

Once finalized, the combined entity will continue trading on the Nasdaq Capital Market under the ticker symbol “RMBI.” The holding company will retain the name Richmond Mutual Bancorporation, Inc., while the bank resulting from the merger will be branded as First Bank Midwest. Interestingly, the administrative headquarters of Richmond Mutual will remain in Richmond, Indiana, while the operational headquarters for the new bank will be located in Frankfort, Indiana, ensuring a continued localized focus on their respective communities.

About Richmond Mutual Bancorporation

Richmond Mutual Bancorporation is a well-established financial institution based in Richmond, Indiana. It serves as the holding company for First Bank Richmond, focusing on community-oriented financial services. With eight branches located in various towns including Richmond, Centerville, and Cambridge City in Indiana, along with additional locations across Ohio, the company is well-positioned to serve local markets effectively.

About The Farmers Bancorp

Founded in 1876, The Farmers Bancorp is the financial holding entity for The Farmers Bank, a full-service financial institution in Clinton County, Indiana. It operates not only from its main office in Frankfort but also has branches across numerous locations, enhancing its reach and accessibility within the community.

The approval of this merger represents a significant trend in the financial industry, as companies look to consolidate resources for enhanced service delivery and market competitiveness. Stakeholders are optimistic about the potential benefits that will arise from this merger, which stands to offer an expanded range of services and improved financial stability.

This announcement reiterates the commitment both Richmond Mutual and The Farmers Bancorp have to fostering growth, customer service excellence, and community involvement. As the financial landscape evolves, mergers like this illustrate the need for adaptability and innovation within the banking sector.

As we move towards the merger's finalization, all eyes will remain on the upcoming strategies the combined entities will pursue to create further value for their customers and shareholders alike.