First Farmers Financial Corp. Announces Common Stock Buyback Program

Rhea-AI Summary

First Farmers Financial Corp (OTCQX:FFMR) has announced a stock repurchase program allowing the buyback of up to $2 million in common stock. This marks the 14th buyback since October 2017, reflecting ongoing capital management efforts. The decision is based on market conditions and will be funded from available working capital. As of March 31, 2021, FFMR had 7,079,351 shares outstanding. The program can be adjusted or suspended at management's discretion to align with the company's financial strategy.

Positive

• Repurchase plan of up to $2 million indicating strong capital management
• 14th stock buyback reflects ongoing commitment to enhancing shareholder value
• Potential for improved EPS and shareholder returns

Negative

• None.

14th Corporate Stock Buyback since October 2017

Converse, Indiana, April 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. This announcement represents the 14th Corporate Stock Buyback initiated since October 2017 

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 March 31, 2021, the Corporation had 7,079,351 common shares outstanding.

FAQ

What is the stock buyback amount approved by First Farmers Financial Corp?

First Farmers Financial Corp has approved a stock buyback of up to $2 million.

How many stock buybacks has First Farmers Financial Corp conducted since 2017?

The company has conducted 14 stock buybacks since October 2017.

What is the purpose of the stock repurchase plan for FFMR?

The purpose of the stock repurchase plan is to provide capital management opportunities and enhance shareholder value.

When did First Farmers Financial Corp announce the latest stock buyback plan?

The latest stock buyback plan was announced on April 13, 2021.

How many shares does First Farmers Financial Corp have outstanding as of March 31, 2021?

As of March 31, 2021, First Farmers Financial Corp had 7,079,351 common shares outstanding.