RICHMOND, Ind., July 21,
2022 /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 fourth stock repurchase program under which the
Company may repurchase up to 1,184,649 shares or approximately 10%
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. A total of 817,984 shares
were purchased during the previous repurchase program that ended on
July 7, 2022.
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 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.
About Richmond Mutual
Bancorporation, Inc.
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" for purposes of the federal
securities laws, 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 information and statements are
subject to risks, uncertainties, and contingencies, including
changes in price and volume and the volatility of the Company's
common stock; adverse developments affecting either or both of
prices and trading of exchange-traded securities, including
securities listed on the Nasdaq Stock Market; and unexpected or
otherwise unplanned or alternative requirements with respect to the
capital investments of the Company. The Company does not undertake
to update any forward-looking statements or information, including
those contained in this report.
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SOURCE Richmond Mutual Bancorporation, Inc.