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 of its common stock on the open market. This initiative, approved by the Board of Directors, aims to enhance shareholder value through capital management based on market and business conditions. The buyback will utilize available working capital with management retaining discretion over the timing, price, and quantity of purchases. The corporation has 7,038,371 shares outstanding and operates as a $2.3 billion financial holding company.

Positive

• Board approved a stock repurchase plan worth $2 million to enhance shareholder value.
• Repurchase program funded from available working capital, indicating financial stability.
• First Farmers Financial Corp operates a substantial $2.3 billion financial holding company.

Negative

• None.

Converse, Indiana, Oct. 19, 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 September 30, 2021, the Corporation had 7,038,371 common shares outstanding.

FAQ

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

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

How much does First Farmers Financial Corp plan to spend on stock buybacks?

The company plans to spend up to $2 million on its stock repurchase program.

What is the current number of shares outstanding for FFMR?

As of September 30, 2021, First Farmers Financial Corp had 7,038,371 common shares outstanding.

When will the stock repurchase program commence?

The timing of the stock repurchase program is at the discretion of management and may start, stop, or suspend at any time based on market conditions.