Richmond Mutual BanCorp Inc., holding company of First Bank Richmond, announced Nov. 12 that it would merge with Farmers Bancorp., holding company of The Farmers Bank, Frankfort.
The all-stock transaction valued at $82 million will result in the creation of a new financial institution. A name for the new institution was not announced at the time, but the holding company will be called Richmond Mutual Bancorp and will continue trading on the Nasdaq Capital Market with ticker symbol RMBI and the bank’s administrative headquarters will be in downtown Frankfort.
Farmers’ shareholders will receive 3.40 Richmond shares for each share they own. Post-merger, Richmond shareholders will hold roughly 62% of the new company and Farmers shareholders will hold 38 percent. The deal is expected to close in the second quarter of 2026.
The combined institution will hold roughly $2.65 billion in total assets with a network of 24 branches across central and east-central Indiana, as well as western and central Ohio.
| BANK LEADER | CURRENT POSITION | NEW POSITION |
|---|---|---|
| Chris Cook | President & CEO, Farmers Bancorp | President of new holding company and President & CEO of new bank |
| Barbara Cutillo | Chairman, Farmers Bancorp | Vice Chairman of new holding company |
| William Daily Jr. | Ohio Market President, Mutual Federal (a division of First Bank Richmond) | Ohio Market President of new bank |
| Bradley Glover | CFO, Richmond Mutual | CFO of new holding company and new bank |
| Garry Kleer | Chairman, President & CEO, Richmond Mutual | Chairman & CEO of new holding company |
| Chad Kozuch | CFO, Farmers Bankcorp | Chief Risk Officer of new bank |
| Carroll Valentino | COO, Farmers Bancorp | COO of new bank |
| Paul Witte | President & COO, First Bank Richmond | Indiana Market President of new bank |
The board of the combined institution will consist of six directors from Richmond Mutual and five from Farmers Bancorp.
