Richmond Mutual Bancorporation announced that it has completed its previously announced merger with The Farmers Bancorp of Frankfort, Indiana. The merger became effective on July 1, 2026.
Richmond Mutual Bancorporation is the holding company of First Bank Midwest, formerly First Bank Richmond.
As a result of the merger, each share of Farmers common stock outstanding immediately before the effective time 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 Farmers shareholders upon surrender of their outstanding shares.
The combined company will operate under the name Richmond Mutual Bancorporation and continue trading on the Nasdaq Capital Market under the ticker symbol RMBI.
All branches of the combined bank will operate under the First Bank Midwest name.
The administrative headquarters of the combined company is located in Richmond, Indiana.
The administrative headquarters of the combined bank is located in Frankfort, Indiana.
Richmond Mutual said the merger brings together two institutions with community banking traditions, complementary markets, and a shared commitment to customers.
First Bank Midwest provides traditional financial and trust services through branches across Indiana and Ohio.
Its Indiana locations include Cambridge City, Centerville, Fishers, Frankfort, Kirklin, Lebanon, Michigantown, Mulberry, Noblesville, Richmond, Rossville, Shelbyville, Sheridan, Tipton, and Westfield.
Its Ohio locations include Columbus, Sidney, Piqua, and Troy.
KEY QUOTES:
“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. 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.”
Garry D. Kleer, Chairman and CEO of Richmond Mutual Bancorporation
“While today marks the successful completion of the merger, our focus is squarely on the future. 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.”
Christopher D. Cook, President of Richmond Mutual Bancorporation and President and CEO of First Bank Midwest
