RICHMOND MUTUAL BANCORPORATION, INC. ANNOUNCES COMPLETION OF MERGER WITH THE FARMERS BANCORP, FRANKFORT, INDIANA

Rhea-AI Summary

Richmond Mutual Bancorporation (NASDAQ:RMBI) completed its previously announced merger with The Farmers Bancorp effective July 1, 2026. Each Farmers share was converted into the right to receive 3.40 RMBI shares, with cash for fractional shares, and about 6,254,357 new RMBI shares are expected to be issued.

The combined company keeps the Richmond Mutual Bancorporation name, trades as RMBI on Nasdaq, and all bank branches operate as First Bank Midwest, with corporate administrative headquarters in Richmond, Indiana, and bank headquarters in Frankfort, Indiana.

Positive

• Completion of merger with The Farmers Bancorp effective July 1, 2026
• Each Farmers share converted into 3.40 shares of Richmond common stock
• Approximately 6,254,357 Richmond shares to be issued to Farmers shareholders
• Combined bank operates under unified First Bank Midwest brand across all branches

Negative

• Issuance of approximately 6,254,357 new shares implies shareholder dilution

News Market Reaction – RMBI

-1.83%

-1.83% Session close to close

In the Jul 1 session, RMBI declined 1.83%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement confirms closing of the stock-for-stock merger and issuance of about 6.25 million ...

Analysis

This announcement confirms closing of the stock-for-stock merger and issuance of about 6.25 million new shares to Farmers holders. Investors may watch post-close integration, cost synergies, and capital levels as key factors for long-term value creation.

Key Figures

Exchange ratio: 3.40 shares Shares issued: 6,254,357 shares

2 metrics

Exchange ratio 3.40 shares Farmers share converted into Richmond common stock

Shares issued 6,254,357 shares Estimated Richmond common stock issued to Farmers shareholders

Previous Acquisition Reports

2 past events · Latest: May 27 (Positive)

Same Type Pattern 2 events

Date	Event	Sentiment	24h Move	Catalyst
May 27	Merger approvals	Positive	+0.8%	Shareholders and regulators approved the planned stock-for-stock merger structure.
Nov 12	Merger announcement	Positive	-2.7%	Announced transformational all-stock merger and pro forma accretion targets for both sides.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Acquisition-related headlines have produced mixed reactions, with one positive and one negative move and a slightly negative average impact.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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RICHMOND, Ind., July 1, 2026 /PRNewswire/ -- Richmond Mutual Bancorporation, Inc. (NASDAQ: RMBI) ('Richmond'), the holding company of First Bank Midwest (formerly First Bank Richmond), announced today that effective July 1, 2026 it has completed its previously announced merger with The Farmers Bancorp, Frankfort, Indiana ('Farmers').  As a result of the merger, each share of Farmers common stock outstanding immediately prior to the effective time of the merger was converted into the right to receive 3.40 shares of Richmond common stock.  Cash will be paid in lieu of fractional shares.  Richmond expects to issue approximately 6,254,357 shares of Richmond common stock to the shareholders of Farmers upon surrender of their outstanding shares.

'We are pleased to announce the completion of our merger with Farmers and can now officially welcome this talented group of bankers to the Richmond team,' said Garry D. Kleer, Chairman and Chief Executive Officer of Richmond. He continued, 'Today marks an important milestone for our organization, bringing together two institutions with strong community banking traditions, complementary markets, and a shared commitment to serving our customers. We look forward to building on the strengths of both organizations, creating additional opportunities for our employees, and delivering long-term value for our shareholders and the communities we serve.'

'While today marks the successful completion of the merger, our focus is squarely on the future,' said Christopher D. Cook, President of Richmond and President and Chief Executive Officer of First Bank Midwest. 'We are committed to ensuring a seamless transition for our customers, supporting our employees as we come together as one team, and building on the strong relationships that have been the foundation of both organizations. By combining our talents and resources, we are creating a community bank that is positioned to serve our markets with greater strength, expertise, and opportunity now and in the future.' 

The combined company operates under the name 'Richmond Mutual Bancorporation, Inc.,' and continues to trade on the Nasdaq Capital Market under the ticker symbol 'RMBI.' All branches of the combined bank will operate under the name 'First Bank Midwest.' The administrative headquarters of the combined company is located in Richmond, Indiana, and the administrative headquarters of the combined bank is located in Frankfort, Indiana.

About Richmond Mutual Bancorporation, Inc.
Richmond Mutual Bancorporation, Inc., headquartered in Richmond, Indiana, is the holding company for First Bank Midwest, a community-oriented financial institution offering traditional financial and trust services within its local communities through its branch locations in  Cambridge City, Centerville, Fishers, Frankfort, Kirklin, Lebanon, Michigantown, Mulberry, Noblesville, Richmond, Rossville, Shelbyville, Sheridan, Tipton and Westfield, Indiana, and its locations in Columbus, Sidney, Piqua and Troy, Ohio. 

Cautionary Statement Regarding Forward-Looking Information
This news release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. When used in this communication and in other documents filed with or furnished to the SEC, in press releases or other public shareholder communications, or in oral statements made with the approval of an authorized executive officer, words or phrases such as 'may,' 'believe,' 'will,' 'will likely result,' 'are expected to,' 'will continue,' 'is anticipated,' 'estimate,' 'project,' 'plans,' 'potential,' 'expect,' 'intend,' 'forecast,' 'outlook,' or similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Investors and security holders are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date such statements are made. These statements may relate to future financial performance, strategic plans and objectives, revenue or earnings projections, or other financial matters. By their nature, these statements are subject to numerous uncertainties that could cause actual results to differ materially from those expressed or implied in the statements. For a discussion of factors that could cause actual results to differ materially, please refer to the joint proxy statement/prospectus filed by Richmond Mutual with the Securities and Exchange Commission in connection with proposed merger. Additional factors can be found in Richmond Mutual's Annual Report on Form 10-K for the year ended December 31, 2025, and in other documents Richmond Mutual files with the SEC, all of which are available on the SEC's website at www.sec.gov.

Richmond Mutual undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

 

View original content:https://www.prnewswire.com/news-releases/richmond-mutual-bancorporation-inc-announces-completion-of-merger-with-the-farmers-bancorp-frankfort-indiana-302815369.html

SOURCE Richmond Mutual Bancorporation, Inc.

FAQ

What did Richmond Mutual Bancorporation (NASDAQ:RMBI) announce on July 1, 2026?

Richmond Mutual Bancorporation announced it completed its previously announced merger with The Farmers Bancorp effective July 1, 2026. According to Richmond, the combined company retains the Richmond Mutual Bancorporation name and continues trading on the Nasdaq Capital Market under the ticker symbol RMBI.

What is the share exchange ratio for The Farmers Bancorp merger with RMBI?

Each share of The Farmers Bancorp common stock is being converted into the right to receive 3.40 shares of Richmond Mutual Bancorporation common stock. According to Richmond, cash will be paid in lieu of any fractional shares resulting from the merger exchange ratio.

How many new RMBI shares will be issued in the Farmers merger?

Richmond Mutual Bancorporation expects to issue approximately 6,254,357 shares of its common stock to Farmers shareholders. According to Richmond, these shares will be delivered upon surrender of outstanding Farmers shares, with cash paid instead of any resulting fractional share amounts.

How does the Farmers merger affect Richmond Mutual Bancorporation’s banking brand?

Following the merger, all branches of the combined bank will operate under the First Bank Midwest name. According to Richmond, the holding company name remains Richmond Mutual Bancorporation, while the unified community bank brand will be used across its Indiana and Ohio branch network.

Where are the headquarters of the combined Richmond Mutual Bancorporation and First Bank Midwest?

The combined holding company’s administrative headquarters are in Richmond, Indiana, while the bank’s administrative headquarters are in Frankfort, Indiana. According to Richmond, First Bank Midwest serves communities across multiple Indiana cities and several locations in Ohio under the combined structure.

What does the RMBI–Farmers merger mean for First Bank Midwest customers?

The merger creates a combined community bank operating under the First Bank Midwest name across all branches. According to Richmond, the company aims to ensure a seamless transition for customers while leveraging combined talent and resources to serve its markets with greater strength and expertise.