Richmond Mutual Bancorporation Completes Farmers Bancorp Merger, Issues 6.25M New Shares
RMBI•Richmond Mutual Bancorporation completed its merger with The Farmers Bancorp, converting each Farmers share into 3.40 Richmond shares and issuing 6.25 million new shares. The combined bank will operate as First Bank Midwest with headquarters in Richmond and branch center in Frankfort, Indiana.
1. Merger Completion and Share Issuance
Effective July 1, 2026, Richmond Mutual Bancorporation finalized its merger with The Farmers Bancorp of Frankfort, Indiana. Each Farmers share was exchanged for 3.40 shares of Richmond common stock, resulting in approximately 6,254,357 new Richmond shares issued, with cash paid in lieu of fractional shares.
2. Combined Operating Structure
Post-merger, the holding company continues as Richmond Mutual Bancorporation, trading on the Nasdaq Capital Market. All former Farmers branches and Richmond locations will operate under the First Bank Midwest name, with company headquarters in Richmond, Indiana, and bank administrative headquarters in Frankfort, Indiana.
3. Strategic Objectives and Integration
The merger blends complementary community banking markets across Indiana and Ohio to expand customer reach and service capabilities. Leadership emphasizes a seamless integration focused on cost synergies, enhanced product offerings and long-term shareholder value creation.
