Business
Richmond Mutual Bancorporation, Inc. Announces Stock Repurchase Program
RICHMOND, Ind., July 8, 2020 /PRNewswire/ -- Richmond Mutual Bancorporation, Inc. (NASDAQ: RMBI) (the "Company"), the parent company of First Bank Richmond,
About this update from Richmond Mutual Bancorporation, Inc.
[{"type":"text","content":"RICHMOND, Ind., July 8, 2020 /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 stock repurchase program under which the Company may repurchase up to 676,331 shares or 5% 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\"). These shares will be purchased from time to time over a twelve-month period depending upon market conditions.\nThe 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.\nGarry Kleer, Chairman, President and Chief Executive Officer of the Company, indicated that the Board of Directors approved the repurchase program in view of the current price level of the Company's common stock and the strong capital position of the Company's subsidiary, First Bank Richmond. Mr. Kleer stated: \"We believe that the repurchase of our shares represents an attractive investment opportunity that will benefit the Company and our stockholders.\"\nThe 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.\nAbout Richmond Mutual Bancorporation, Inc.\nRichmond M...