RICHMOND, Ind., May 19, 2021 /PRNewswire/ -- Richmond Mutual
Bancorporation, Inc. (NASDAQ: RMBI) (the "Company"), the parent
company of First Bank Richmond, today announced that its Board of
Directors (the "Board") approved a third stock repurchase program
under which the Company may repurchase up to 1,263,841 shares or
approximately 10% of its outstanding shares through open market
purchases, privately-negotiated transactions, or otherwise in
compliance with Rule 10b-18 under the
Securities Exchange Act of 1934, as amended (the "Exchange Act").
The third stock repurchase program will commence upon completion of
the prior stock repurchase program, with shares to be purchased
from time to time over a twelve-month period, depending upon market
conditions. To date, the Company has repurchased 423,944 of
the 664,969 shares of Company common stock authorized for
repurchase pursuant to its previously announced stock repurchase
program, with the remaining shares expected to be repurchased in
the near future.
The Board also authorized management to enter into a trading
plan with Keefe, Bruyette & Woods, Inc. in accordance with
Rule 10b5-1 of the Exchange Act, to facilitate repurchases of
its common stock pursuant to the above mentioned stock repurchase
program (the "Rule 10b5-1 plan"). The Rule 10b5-1 plan
allows the Company to repurchase shares at times when they might
otherwise be prevented from doing so by securities laws or because
of self-imposed trading blackout periods. Under the
Rule 10b5-1 plan, Keefe, Bruyette & Woods, Inc. will have
the authority, subject to the prices, terms and limitations set
forth in the Rule 10b5-1 plan, including compliance with
Rule 10b-18 of the Exchange Act, to repurchase shares on the
Company's behalf.
The actual timing, number and value of shares repurchased under
the stock repurchase program will depend on a number of factors,
including constraints specified in the Rule 10b5-1 plan, price,
general business and market conditions, and alternative investment
opportunities. The share repurchase program does not obligate
the Company to acquire any specific number of shares in any period,
and may be expanded, extended, modified or discontinued at any
time.
About Richmond Mutual Bancorporation, Inc.
Richmond Mutual Bancorporation, Inc., headquartered in
Richmond, Indiana, is the holding
company for First Bank Richmond, a community-oriented financial
institution offering traditional financial and trust services
within its local communities through its eight locations in
Richmond, Centerville, Cambridge City and Shelbyville, Indiana, its five locations in
Sidney, Piqua and Troy,
Ohio and its loan production office in Columbus, Ohio.
Forward-Looking Statements
This press release includes certain statements that may
constitute "forward-looking statements" for purposes of the federal
securities laws, including information regarding purchases by the
Company of its common stock pursuant to any Rule 10b5-1 trading
plans or otherwise. Forward-looking statements include, but
are not limited to, statements that refer to projections, forecasts
or other characterizations of future events or circumstances,
including any underlying assumptions. The words or phrases "may,"
"believe," "will," "will likely result," "are expected to," "will
continue," "is anticipated," "estimate," "project," "plans,"
"potential," or similar expressions are intended to identify
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, but the absence of these
words does not mean that a statement is not forward-looking.
By their nature, forward-looking information and statements are
subject to risks, uncertainties, and contingencies, including
changes in price and volume and the volatility of the Company's
common stock; adverse developments affecting either or both of
prices and trading of exchange-traded securities, including
securities listed on the Nasdaq Stock Market; and unexpected or
otherwise unplanned or alternative requirements with respect to the
capital investments of the Company. The Company does not undertake
to update any forward-looking statements or information, including
those contained in this report.
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SOURCE Richmond Mutual Bancorporation, Inc.