First Farmers Financial Corp. Announces Common Stock Buyback Program

Rhea-AI Summary

First Farmers Financial Corp. (OTCQX:FFMR) announced a plan to repurchase up to $2 million in its common stock. The Board of Directors believes this buyback will enhance shareholder value while managing capital effectively. The timing and method of repurchases will be determined by management, allowing flexibility based on market conditions. Currently, First Farmers Financial Corp. has approximately 7 million common shares outstanding and operates as a $2.5 billion financial holding company with locations across Indiana and parts of Illinois.

Positive

• Authorized a stock repurchase program worth $2 million to potentially enhance shareholder value.
• Flexibility in timing and method of stock buyback allows for strategic capital management.

Negative

• None.

Converse, Indiana, Feb. 14, 2022 (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 $2.5 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 January 31, 2022, the Corporation had 7,008,730 common shares outstanding.

FAQ

What is the purpose of First Farmers Financial Corp's stock repurchase plan?

The stock repurchase plan aims to enhance shareholder value and provide capital management opportunities.

How much stock is First Farmers Financial Corp planning to buy back?

The company plans to repurchase up to $2 million of its common stock.

When was the stock repurchase program announced?

The stock repurchase program was announced on February 14, 2022.

What is the current number of outstanding shares for First Farmers Financial Corp?

As of January 31, 2022, there are approximately 7,008,730 common shares outstanding.

How will the stock repurchases be funded?

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