Richmond Mutual Bancorporation, Inc. and The Farmers Bancorp, Frankfort, Indiana, jointly announced that they each received the necessary shareholder approval for the consummation of their planned merger.
Farmers Bancorp's shareholders approved the merger agreement and related transactions at its special meeting of shareholders held on Tuesday. Richmond Mutual's shareholders approved the merger agreement and the issuance of its shares in the transaction at its annual meeting of shareholders held on Wednesday.
Richmond Mutual previously announced the receipt of all required bank regulatory approvals for the merger of Richmond Mutual and Farmers Bancorp, as well as the merger of Farmers Bancorp's bank subsidiary, The Farmers Bank, into Richmond Mutual's bank subsidiary, First Bank Richmond. The transaction is expected to be completed on or around the end of the second quarter of 2026, subject to satisfaction of customary closing conditions.
Upon completion of the merger, Farmers Bancorp shareholders will be entitled to receive 3.40 shares of Richmond Mutual common stock for each share of Farmers Bancorp common stock they own. The exchange ratio is fixed, and the transaction is expected to qualify as a tax-free exchange for Farmers Bancorp's shareholders.
The combined company will continue to trade on the Nasdaq Capital Market under the ticker symbol "RMBI."
The holding company will operate under the name "Richmond Mutual Bancorporation, Inc.," and the combined bank will operate under the new name "First Bank Midwest."
The administrative headquarters of the combined company will be located in Richmond, Indiana, and the administrative headquarters of the combined bank will be located in Frankfort, Indiana.
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