First Farmers Financial Corp. Announces Common Stock Buyback Program

Rhea-AI Summary

First Farmers Financial Corp. (FFMR) announced a stock repurchase plan to buy back up to $2 million of its outstanding common stock. The initiative is aimed at enhancing shareholder value, with repurchases dependent on market conditions and company discretion. The plan will utilize current working capital and may be adjusted as needed. As of June 30, 2021, FFMR had 7,049,996 common shares outstanding, and the company operates as a financial holding entity with significant regional presence across Indiana and parts of Illinois.

Positive

• Approval of a $2 million stock repurchase plan to boost shareholder value.
• Repurchase program funded from existing working capital, implying financial stability.

Negative

• None.

Converse, IN, July 13, 2021 (GLOBE NEWSWIRE) -- First Farmers Financial Corp. (OTCQX:FFMR), announced that the Board of Directors has approved a plan to repurchase up to $2 million in the Corporation’s outstanding common stock on the open market.

The timing, price, and quantity of purchases under the stock repurchase plan will be at the discretion of management and may be discontinued, suspended, or restarted at any time.  The program will be funded from current available working capital.  The board feels the stock repurchase plan will provide capital management opportunities and add value for the Company’s shareholders depending upon market and business conditions.

First Farmers Financial Corp is a $2.3 billion financial holding company headquartered in Converse, Indiana.  First Farmers Bank & Trust has offices throughout Carroll, Cass, Clay, Grant, Hamilton, Howard, Huntington, Madison, Marshall, Miami, Starke, Sullivan, Tippecanoe, Tipton, Vigo and Wabash counties in Indiana and offices in Coles, Edgar and Vermilion counties in Illinois.  As of June 30, 2021, the Corporation had 7,049,996 common shares outstanding.

FAQ

What is the stock repurchase plan for FFMR?

First Farmers Financial Corp. has approved a plan to repurchase up to $2 million of its common stock to enhance shareholder value.

How will the stock buyback be funded?

The stock buyback will be funded from the corporation's current available working capital.

When was the stock repurchase plan announced for FFMR?

The stock repurchase plan was announced on July 13, 2021.

What is the current number of outstanding shares for FFMR?

As of June 30, 2021, First Farmers Financial Corp. had 7,049,996 common shares outstanding.