RICHMOND, Ind., June 6, 2023 /PRNewswire/ — Richmond Mutual Bancorporation, Inc. 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…
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