Richmond Mutual Bancorp and The Farmers Bancorp Reveal Merger Agreement
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 12 2025
0mins
Merger Announcement: Richmond Mutual Bancorporation and The Farmers Bancorp have agreed to merge in an all-stock transaction valued at approximately $82 million, with Farmers Bancorp shareholders receiving 3.40 shares of Richmond Mutual stock for each share they own.
Ownership Structure: Post-merger, Richmond Mutual shareholders will own about 62% of the combined entity, while Farmers Bancorp shareholders will hold approximately 38%. The new company will continue trading under the ticker "RMBI."
Leadership and Operations: The combined company will be led by Garry Kleer as Chair and Garry D. Kleer as CEO, with a Board of Directors comprising six members from Richmond Mutual and five from Farmers Bancorp.
Timeline and Approvals: The merger is expected to close in early Q2 2026, pending regulatory and shareholder approvals, with both companies' directors committed to voting in favor of the merger.
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About RMBI
Richmond Mutual Bancorporation, Inc. is a holding company for First Bank Midwest, an Indiana state-chartered commercial bank. The Company's principal business consists of attracting deposits from the general public, as well as brokered deposits, and investing those funds primarily in loans secured by commercial and multi-family real estate, first mortgages on owner-occupied, one- to four-family residences, a variety of consumer loans, direct financing leases and commercial and industrial loans. First Bank Midwest's branch locations include Cambridge City, Centerville, Fishers, Frankfort, Kirklin, Lebanon, Michigantown, Mulberry, Noblesville, Richmond, Rossville, Shelbyville, Sheridan, Tipton and Westfield, Indiana, and others. It also operates an equipment leasing business, focusing on direct financing leases for equipment integral to small and mid-sized business operations, including technology, medical, manufacturing, industrial, construction, and transportation equipment.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Richmond Mutual Bancorporation Completes Merger with Farmers Bancorp
- Merger Completion: Richmond Mutual Bancorporation successfully completed its merger with Farmers Bancorp on July 1, 2026, converting each share of Farmers common stock into 3.40 shares of Richmond common stock, with approximately 6.25 million shares expected to be issued to Farmers shareholders, enhancing the company's market position.
- Strategic Integration: This merger not only combines two institutions with strong community banking traditions but also enhances customer service capabilities through shared resources and complementary markets, thereby creating long-term value for shareholders and the communities served.
- Management Outlook: Richmond's CEO Garry D. Kleer stated that the merger marks an important milestone for the organization, with a future focus on seamless transitions and employee support to ensure the combined team can serve the market more robustly.
- Brand Continuity: The combined entity will operate under the name 'Richmond Mutual Bancorporation, Inc.' and continue trading on the Nasdaq Capital Market, while all branches will operate under the name 'First Bank Midwest', ensuring brand consistency and customer recognition.
See More
Richmond Mutual and Farmers Bancorp Merger Receives Shareholder Approval
- Merger Agreement Approved: Shareholders of Richmond Mutual and Farmers Bancorp approved the merger agreements at special meetings on May 26 and 27, 2026, respectively, marking a crucial step towards consolidation that is expected to enhance market competitiveness.
- Fixed Exchange Ratio: Farmers Bancorp shareholders will receive 3.40 shares of Richmond Mutual common stock for each share they own, a fixed exchange ratio that qualifies as a tax-free exchange, thereby increasing shareholder returns post-merger.
- Regulatory Approvals Secured: Richmond Mutual has received all necessary bank regulatory approvals, ensuring a smooth merger process, with the new bank to be named First Bank Midwest, further solidifying its market position in Indiana.
- New Headquarters Established: The combined company's headquarters will be located in Richmond, Indiana, while the new bank headquarters will be in Frankfort, optimizing resource allocation and enhancing operational efficiency to support future business expansion.
See More
Richmond Mutual and Farmers Bancorp Merger Receives Shareholder Approval
- Shareholder Approval: Richmond Mutual and Farmers Bancorp shareholders approved the merger agreements at special meetings on May 26 and 27, 2026, marking a significant milestone in the merger process that is expected to enhance market competitiveness.
- Transaction Details: Under the merger agreement, Farmers Bancorp shareholders will receive a fixed exchange ratio of 3.40 shares of Richmond Mutual common stock for each share they own, a tax-free exchange structure that is likely to attract more investor interest.
- Regulatory Approvals Secured: Richmond Mutual has obtained all necessary bank regulatory approvals, ensuring a smooth merger process, with the new bank to be named “First Bank Midwest,” further enhancing brand influence in the market.
- Future Outlook: The merger is expected to be completed by the end of the second quarter of 2026, with the new administrative headquarters located in Richmond, Indiana, and the combination of resources and networks is anticipated to drive business growth and market expansion.
See More
Richmond Mutual Bancorporation Declares Cash Dividend
- Cash Dividend Announcement: Richmond Mutual Bancorporation's Board of Directors has declared a cash dividend of $0.15 per share, payable on June 17, 2026, reflecting the company's stability and commitment to shareholder returns in the current economic environment.
- Record Date for Shareholders: The record date for this dividend is set for June 3, 2026, ensuring that shareholders holding stock before this date will receive the dividend, thereby enhancing the attractiveness of the company's stock to investors.
- Community Bank Background: As the holding company for First Bank Richmond, Richmond Mutual Bancorporation focuses on providing traditional financial and trust services through its 14 locations across Indiana and Ohio, highlighting its significant role in the local economy.
- Strategic Development Focus: By maintaining a consistent cash dividend policy, Richmond Mutual Bancorporation not only boosts shareholder confidence but also has the potential to attract more investors interested in its long-term growth prospects within the community banking sector.
See More
Richmond Mutual Bancorporation Declares Cash Dividend
- Cash Dividend Announcement: Richmond Mutual Bancorporation's Board of Directors has declared a cash dividend of $0.15 per share, payable on June 17, 2026, reflecting the company's commitment to shareholder returns.
- Record Date for Shareholders: The record date for this dividend is June 3, 2026, ensuring that shareholders holding stock before this date will receive the dividend, which enhances investor confidence.
- Company Background: Richmond Mutual Bancorporation, headquartered in Richmond, Indiana, is the holding company for First Bank Richmond, offering traditional financial and trust services across its community-oriented branches in Indiana and Ohio.
- Community Service Network: The bank operates 14 branches in Richmond, Centerville, Cambridge City, and Shelbyville in Indiana, as well as in Sidney, Piqua, Troy, and Columbus in Ohio, further solidifying its position in the local financial services market.
See More
Richmond Mutual Reports Q1 Earnings and Merger Update
- Earnings Highlights: Richmond Mutual's Q1 GAAP EPS stands at $0.28 with revenues of $12.7 million, reflecting a 10.4% year-over-year increase, which underscores the company's resilience and stability in the market, boosting investor confidence.
- Merger Impact: The merger with Farmers Bancorp is expected to enhance Richmond Mutual's market position, driving future growth potential and creating higher returns for shareholders, reflecting the company's commitment to strategic expansion.
- Rating Upgrade: Analysts have assigned a 'Buy' rating to Richmond Mutual based on its strong operational performance and merger prospects, indicating optimistic expectations for its future performance, which may attract more investor interest.
- Dividend Performance: Richmond Mutual's robust dividend performance demonstrates the company's commitment to providing stable returns to shareholders while achieving profit growth, further solidifying its competitive edge in the industry.
See More
Richmond Mutual Bancorporation Completes Merger with Farmers Bancorp
- Merger Completion: Richmond Mutual Bancorporation successfully completed its merger with Farmers Bancorp on July 1, 2026, converting each share of Farmers common stock into 3.40 shares of Richmond common stock, with approximately 6.25 million shares expected to be issued to Farmers shareholders, enhancing the company's market position.
- Strategic Integration: This merger not only combines two institutions with strong community banking traditions but also enhances customer service capabilities through shared resources and complementary markets, thereby creating long-term value for shareholders and the communities served.
- Management Outlook: Richmond's CEO Garry D. Kleer stated that the merger marks an important milestone for the organization, with a future focus on seamless transitions and employee support to ensure the combined team can serve the market more robustly.
- Brand Continuity: The combined entity will operate under the name 'Richmond Mutual Bancorporation, Inc.' and continue trading on the Nasdaq Capital Market, while all branches will operate under the name 'First Bank Midwest', ensuring brand consistency and customer recognition.
See More
Richmond Mutual and Farmers Bancorp Merger Receives Shareholder Approval
- Merger Agreement Approved: Shareholders of Richmond Mutual and Farmers Bancorp approved the merger agreements at special meetings on May 26 and 27, 2026, respectively, marking a crucial step towards consolidation that is expected to enhance market competitiveness.
- Fixed Exchange Ratio: Farmers Bancorp shareholders will receive 3.40 shares of Richmond Mutual common stock for each share they own, a fixed exchange ratio that qualifies as a tax-free exchange, thereby increasing shareholder returns post-merger.
- Regulatory Approvals Secured: Richmond Mutual has received all necessary bank regulatory approvals, ensuring a smooth merger process, with the new bank to be named First Bank Midwest, further solidifying its market position in Indiana.
- New Headquarters Established: The combined company's headquarters will be located in Richmond, Indiana, while the new bank headquarters will be in Frankfort, optimizing resource allocation and enhancing operational efficiency to support future business expansion.
See More
Richmond Mutual and Farmers Bancorp Merger Receives Shareholder Approval
- Shareholder Approval: Richmond Mutual and Farmers Bancorp shareholders approved the merger agreements at special meetings on May 26 and 27, 2026, marking a significant milestone in the merger process that is expected to enhance market competitiveness.
- Transaction Details: Under the merger agreement, Farmers Bancorp shareholders will receive a fixed exchange ratio of 3.40 shares of Richmond Mutual common stock for each share they own, a tax-free exchange structure that is likely to attract more investor interest.
- Regulatory Approvals Secured: Richmond Mutual has obtained all necessary bank regulatory approvals, ensuring a smooth merger process, with the new bank to be named “First Bank Midwest,” further enhancing brand influence in the market.
- Future Outlook: The merger is expected to be completed by the end of the second quarter of 2026, with the new administrative headquarters located in Richmond, Indiana, and the combination of resources and networks is anticipated to drive business growth and market expansion.
See More
Richmond Mutual Bancorporation Declares Cash Dividend
- Cash Dividend Announcement: Richmond Mutual Bancorporation's Board of Directors has declared a cash dividend of $0.15 per share, payable on June 17, 2026, reflecting the company's stability and commitment to shareholder returns in the current economic environment.
- Record Date for Shareholders: The record date for this dividend is set for June 3, 2026, ensuring that shareholders holding stock before this date will receive the dividend, thereby enhancing the attractiveness of the company's stock to investors.
- Community Bank Background: As the holding company for First Bank Richmond, Richmond Mutual Bancorporation focuses on providing traditional financial and trust services through its 14 locations across Indiana and Ohio, highlighting its significant role in the local economy.
- Strategic Development Focus: By maintaining a consistent cash dividend policy, Richmond Mutual Bancorporation not only boosts shareholder confidence but also has the potential to attract more investors interested in its long-term growth prospects within the community banking sector.
See More
Richmond Mutual Bancorporation Declares Cash Dividend
- Cash Dividend Announcement: Richmond Mutual Bancorporation's Board of Directors has declared a cash dividend of $0.15 per share, payable on June 17, 2026, reflecting the company's commitment to shareholder returns.
- Record Date for Shareholders: The record date for this dividend is June 3, 2026, ensuring that shareholders holding stock before this date will receive the dividend, which enhances investor confidence.
- Company Background: Richmond Mutual Bancorporation, headquartered in Richmond, Indiana, is the holding company for First Bank Richmond, offering traditional financial and trust services across its community-oriented branches in Indiana and Ohio.
- Community Service Network: The bank operates 14 branches in Richmond, Centerville, Cambridge City, and Shelbyville in Indiana, as well as in Sidney, Piqua, Troy, and Columbus in Ohio, further solidifying its position in the local financial services market.
See More
Richmond Mutual Reports Q1 Earnings and Merger Update
- Earnings Highlights: Richmond Mutual's Q1 GAAP EPS stands at $0.28 with revenues of $12.7 million, reflecting a 10.4% year-over-year increase, which underscores the company's resilience and stability in the market, boosting investor confidence.
- Merger Impact: The merger with Farmers Bancorp is expected to enhance Richmond Mutual's market position, driving future growth potential and creating higher returns for shareholders, reflecting the company's commitment to strategic expansion.
- Rating Upgrade: Analysts have assigned a 'Buy' rating to Richmond Mutual based on its strong operational performance and merger prospects, indicating optimistic expectations for its future performance, which may attract more investor interest.
- Dividend Performance: Richmond Mutual's robust dividend performance demonstrates the company's commitment to providing stable returns to shareholders while achieving profit growth, further solidifying its competitive edge in the industry.
See More
