The Farmers Bank, Frankfort, and First Bank Richmond completed their merger to become First Bank Midwest, Frankfort, effective July 1. The all-stock transaction originally announced in November resulted in Richmond shareholders owning roughly 62% of the new company and Farmers shareholders owning 38 percent.
The new board will consist of six directors from Richmond Mutual and five from Farmers Bancorp. Key leadership will include:
- Chris Cook, president & CEO of Farmers, will serve as president & CEO of the new bank and president of its holding company.
- Paul Witte, president & COO of First Bank Richmond, will be Indiana market president of the new bank.
- Garry Kleer, chairman, president & CEO of Richmond’s holding company, will be chairman & CEO of the new holding company.
- Barbara Cutillo, chairman of Farmers, will serve as vice chair of the new holding company.
The combined company holds roughly $2.65 billion in total assets with a network of 26 full-service banking offices across Indiana and Ohio. Customer account conversion is anticipated on Nov. 9.
