First Farmers Financial Corp. Announces Common Stock Buyback Program

Rhea-AI Summary

First Farmers Financial Corp. (OTCQX:FFMR) has announced a stock repurchase program totaling $8 million, marking the 19th consecutive quarterly buyback since 2017. The initiative aims to enhance shareholder value through strategic capital management. The program will leverage existing working capital and allows management discretion over timing, pricing, and purchase volumes, ensuring flexibility in response to market conditions. With a market capitalization of $2.5 billion and 7,013,363 shares outstanding as of March 31, 2022, the company continues to focus on growth and shareholder returns.

Positive

• Stock buyback of $8 million enhances shareholder value.
• Continues a strong history with 19 consecutive quarterly buyback programs.
• Management retains discretion to optimize purchases based on market conditions.

Negative

• None.

Converse, Indiana, April 20, 2022 (GLOBE NEWSWIRE) -- First Farmers Financial Corp. (OTCQX:FFMR), announced that the Board of Directors has approved a plan to repurchase up to $8 million in the Corporation’s outstanding common stock on the open market. This will be the 19^th consecutive quarterly repurchase program since 2017.

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 $2.5 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 March 31, 2022, the Corporation had 7,013,363 common shares outstanding.

FAQ

What is the stock repurchase program amount for First Farmers Financial Corp.?

The stock repurchase program is approved for up to $8 million.

How many consecutive quarterly buybacks has FFMR completed?

FFMR has completed 19 consecutive quarterly buybacks since 2017.

How will the stock buyback be funded?

The buyback will be funded from current available working capital.

What is the market capitalization of First Farmers Financial Corp.?

As of now, the market capitalization is $2.5 billion.