RICHMOND, Ind., June 6, 2023
/PRNewswire/ -- Richmond Mutual Bancorporation, Inc. (NASDAQ:
RMBI) (the "Company"), the parent holding company of First Bank
Richmond, today announced that its Board of Directors approved an
amendment to the Company's existing stock repurchase program by
authorizing the purchase of up to 321,386 shares of the Company's
issued and outstanding common stock in addition to the remaining
827,554 shares available for repurchase under the existing program
as of June 06, 2023, and extending
the stock repurchase program's expiration date to June 06, 2024. Since the stock repurchase
program's inception through June 06,
2023, the Company has repurchased 357,095 shares at an
aggregate cost of $4.0 million.
Garry Kleer, the Company's
Chairman, President and Chief Executive Officer, commented, "The
additional shares added to and extension of our existing stock
repurchase program demonstrates the confidence that the Board,
management, and I have in the future of the Company in light of
what we believe to be the undervalued price of our common
stock. While the banking sector is experiencing some turmoil
and uncertainty, the Company's financial condition and operations
remain solid given our strong liquidity and capital, our
community-based deposit franchise and our high-quality loan and
lease portfolio."
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 any 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 the Company
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" as defined in the Private
Securities Litigation Reform Act of 1995, 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
statements involve certain risks and uncertainties that may cause
actual results to differ materially from expectations as of the
date of this release. These risks include significant changes in
the price and availability of the Company's stock, general economic
conditions, as well as those within our industry, and numerous
other factors identified in the Company's latest annual Report on
Form 10-K and Quarterly Reports on Form 10-Q and other reports
filed with or furnished to the Securities and Exchange Commission –
which are available
at www.firstbankrichmond.com in the
"Investor Relations" section and on the SEC's website
at www.sec.gov.
The Company does not undertake - and specifically declines
any obligation - to publicly release the result of any revisions
which may be made to any forward-looking statements to reflect
events or circumstances after the date of such statements or to
reflect the occurrence of anticipated or unanticipated
events.
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SOURCE Richmond Mutual Bancorporation, Inc.