Form 8-K
8-K — Richmond Mutual Bancorporation, Inc.
Accession: 0001104659-26-079701
Filed: 2026-07-01
Period: 2026-07-01
CIK: 0001767837
SIC: 6022 (STATE COMMERCIAL BANKS)
Item: Completion of Acquisition or Disposition of Assets
Item: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
Item: Other Events
Item: Financial Statements and Exhibits
Documents
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EX-99.1 — EXHIBIT 99.1 (tm2619360d1_ex99-1.htm)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of
earliest event reported): July 1, 2026
Richmond Mutual Bancorporation, Inc.
(Exact name of registrant as specified in its
charter)
Maryland
001-38956
36-4926041
(State or other jurisdiction
of
incorporation)
(Commission File No.)
(IRS Employer Identification
No.)
31 North
9th Street, Richmond, Indiana
47374
(Address of principal executive
offices)
(Zip Code)
Registrant's telephone number, including area
code: (765) 962-2581
(Former name or former address, if changed since
last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which
registered
Common Stock, par value $0.01 per share
RMBI
The NASDAQ Stock Market LLC
Indicated by
check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2
of the Securities Exchange Act of 1934.
Emerging growth company ¨
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ¨
ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION
OF ASSETS
Effective July 1, 2026,
Richmond Mutual Bancorporation, Inc. (‘Richmond’), the holding company of First Bank Midwest (formerly First Bank Richmond),
completed its previously announced merger with The Farmers Bancorp, Frankfort, Indiana (‘Farmers’), the holding company
of The Farmers Bank, pursuant to the Agreement and Plan of Merger, dated November 11, 2025 (the ‘Merger Agreement’).
Under the terms of the Merger Agreement, Farmers merged with and into Richmond (the ‘Merger’), with Richmond as the surviving
corporation. Immediately following the Merger, The Farmers Bank merged with and into First Bank Richmond (the ‘Bank Merger’).
In connection with the Bank Merger, First Bank Richmond was renamed First Bank Midwest and continued as the surviving bank.
Each share of common stock
of Farmers outstanding immediately prior to the effective time of the Merger (the ‘Effective Time’) converted into the right
to receive 3.40 shares of Richmond common stock, par value $0.01 per share (‘Richmond Common Stock’) (together with cash,
without interest, in lieu of any fractional shares, collectively, the ‘Merger Consideration’), based on an exchange ratio
of 3.40 (the ‘Exchange Ratio’).
At the Effective Time: (i) each
unvested restricted stock unit award of Farmers automatically vested, and the underlying shares became outstanding and entitled to receive
the Merger Consideration, less applicable tax withholding; and (ii) each unvested performance share award of Farmers was terminated
and settled in cash based on the target award levels immediately prior to the Effective Time.
As a result of the Merger,
at the Effective Time, Richmond issued a total of 6,254,357 shares of Richmond Common Stock, before giving effect to cash paid in lieu
of fractional shares.
The
foregoing description of the Merger and the Merger Agreement does not purport to be complete and is qualified in its entirety by reference
to the full text of the Merger Agreement, included as Exhibit 2.1 to the Current Report on Form 8-K that Richmond filed on
November 12, 2025, and incorporated herein by reference. The issuance of shares of Richmond common stock in connection with
the Merger was registered under the Securities Act of 1933, as amended, pursuant to a registration statement on Form S-4 (File No. 333-294527)
filed by Richmond with the Securities and Exchange Commission (the ‘SEC’) and declared effective on April 3, 2026 (the
‘Registration Statement’). The joint proxy statement/prospectus included in the Registration Statement (the ‘Joint
Proxy Statement/Prospectus’) contains additional information about the Merger Agreement and the transactions contemplated thereby.
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION
OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
Increase in Size of Board; Appointment of
New Directors
At
the Effective Time, pursuant to the Merger Agreement, the boards of directors of Richmond and First Bank Midwest were expanded from six
to eleven directors. The expanded boards consist of the six directors serving on the boards of Richmond and First Bank Richmond immediately
prior to the Effective Time and five former directors of Farmers and The Farmers Bank immediately prior to the Effective Time. As previously
disclosed, the five directors previously designated by Richmond and Farmers pursuant to the Merger Agreement, each of whom previously
served as a director of Farmers and The Farmers Bank and was appointed to the boards of directors of Richmond and First Bank Midwest,
effective as of the Effective Time, are as follows: Christopher D. Cook (Class I), James D. Moore (Class I), Barbara
A. Cutillo (Class II), Thomas D. Crawford (Class II) and Daniel J. Lahrman (Class III), all former directors of Farmers
(each, a ‘New Director’ and, collectively, the ‘New Directors’). Information regarding the New Directors required
by Item 5.02(d), including their business experience and certain relationships and transactions, is incorporated herein by reference
to the section entitled ‘Governance of the Combined Company and Combined Bank After the Merger’ and ‘Information Regarding
Certain Directors and Executive Officers of Farmers Bancorp’ in the Joint Proxy Statement/Prospectus. The Board committees to which
each of the new directors will be appointed have not yet been determined.
Each of the non-employee
New Directors will be entitled to the same general compensation arrangement as is provided to the other non-employee directors of
Richmond and First Bank Midwest. A description of this arrangement is contained under the heading ‘Director Compensation’
in Part III of Richmond’s Annual Report on Form 10-K filed with the SEC on March 23, 2026, and is incorporated herein
by reference.
Other than as described
above and in the Joint Proxy Statement/Prospectus, there are no arrangements or understandings between any of the new directors and any
other person pursuant to which any of the New Directors have been designated to serve on the Richmond and First Bank Midwest boards.
Additionally, there are no transactions, and there are no currently proposed transactions, between Richmond and any of the New Directors
that would require disclosure under Item 404(a) of Regulation S-K.
Appointment of Vice
Chairman
As previously disclosed,
effective as of the Effective Time, Barbara A. Cutillo, the former chairman of the Farmers board of directors, was appointed as Vice
Chair of the Richmond and First Bank Midwest boards. Garry D. Kleer will continue to serve as Chairman of both the Richmond and First
Bank Midwest boards.
Officer Appointments and
Compensatory Arrangements
As previously disclosed,
pursuant to the Merger Agreement and effective as of the Effective Time, Garry D. Kleer ceased serving as President of Richmond and Chief
Executive Officer of First Bank Richmond and continues to serve as Chairman and Chief Executive Officer of Richmond. Christopher D. Cook,
the former President and Chief Executive Officer of Farmers, was appointed President of Richmond and President and Chief Executive Officer
of First Bank Midwest. Paul J. Witte ceased serving as President and Chief Operating Officer of First Bank Richmond and was appointed
Indiana Market President of First Bank Midwest. Carroll A. Valentino, the former Chief Operations Officer of Farmers, was appointed Chief
Operations Officer of First Bank Midwest. Chad L. Kozuch, the former Chief Financial Officer of Farmers, was appointed Chief Risk Officer
of First Bank Midwest.
In connection with their
appointments, Mr. Cook, Ms. Valentino and Mr. Kozuch entered into change in control agreements with Richmond and First
Bank Midwest and became eligible to participate in employee benefit, incentive compensation, equity compensation and other compensation
arrangements generally available to similarly situated executive officers. The change in control agreements generally provide for severance
and other benefits upon certain qualifying terminations of employment occurring in connection with or following a change in control,
subject to the terms and conditions set forth therein. The foregoing description of the change in control agreements is qualified in
its entirety by reference to the forms of agreement filed as Exhibits 10.1 and 10.2 to Richmond's Registration Statement on Form S-4
(File No. 333-294527), which are incorporated herein by reference. Additional information regarding compensatory arrangements involving
certain executive officers in connection with the Merger is contained under the heading ‘Interests of Certain Persons in the Merger’
in the Joint Proxy Statement/Prospectus and is incorporated herein by reference.
ITEM 8.01 OTHER EVENTS
On July 1, 2026, Richmond
issued a press release announcing the completion of the Merger. A copy of the press release is attached hereto as Exhibit 99.1 and
is incorporated herein by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(a) The financial statements of the business acquired will be filed
by amendment to this Current Report on Form 8-K (this ‘Report’) no later than 71 days following the date that this Report
is required to be filed.
(b) The pro forma financial information required by Item 9.01(b) of
Form 8-K will be filed by amendment no later than 71 calendar days after the date this Current Report on Form 8-K is required
to be filed.
(c) Not applicable.
(d) The following exhibits are included with this Report:
Exhibit No.
Description
2.1
Agreement and Plan of Merger dated November 11,
2025 (filed as Exhibit 2.1 to Richmond’s Current Report on Form 8-K filed on November 12, 2025 and
incorporated herein by reference)
99.1
Press release dated July 1, 2026
104.0
Cover Page Interactive Data File (embedded within
the Inline XBRL document)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
RICHMOND MUTUAL BANCORPORATION
Date: July 1, 2026
By:
/s/Christopher D. Cook
Christopher D. Cook, President
EX-99.1 — EXHIBIT 99.1
EX-99.1
Filename: tm2619360d1_ex99-1.htm · Sequence: 2
Exhibit 99.1
RICHMOND MUTUAL BANCORPORATION, INC. ANNOUNCES
COMPLETION
OF MERGER WITH THE FARMERS BANCORP, FRANKFORT, INDIANA
RICHMOND, IN, July 1, 2026 /PRNewswire/ -- Richmond
Mutual Bancorporation, Inc. (NASDAQ: RMBI) (‘Richmond’), the holding company of First Bank Midwest (formerly First Bank
Richmond), announced today that effective July 1, 2026 it has completed its previously announced merger with The Farmers Bancorp,
Frankfort, Indiana (‘Farmers’). As a result of the merger, each share of Farmers common stock outstanding immediately
prior to the effective time of the merger was converted into the right to receive 3.40 shares of Richmond common stock. Cash will be
paid in lieu of fractional shares. Richmond expects to issue approximately 6,254,357 shares of Richmond common stock to the shareholders
of Farmers upon surrender of their outstanding shares.
‘We are pleased to announce the completion of our merger with
Farmers and can now officially welcome this talented group of bankers to the Richmond team,’ said Garry D. Kleer, Chairman and
Chief Executive Officer of Richmond. He continued, ‘Today marks an important milestone for our organization, bringing together
two institutions with strong community banking traditions, complementary markets, and a shared commitment to serving our customers. We
look forward to building on the strengths of both organizations, creating additional opportunities for our employees, and delivering
long-term value for our shareholders and the communities we serve.’
‘While today marks the successful completion of the merger,
our focus is squarely on the future,’ said Christopher D. Cook, President of Richmond and President and Chief Executive Officer
of First Bank Midwest. ‘We are committed to ensuring a seamless transition for our customers, supporting our employees as we come
together as one team, and building on the strong relationships that have been the foundation of both organizations. By combining our
talents and resources, we are creating a community bank that is positioned to serve our markets with greater strength, expertise, and
opportunity now and in the future.’
The combined
company operates under the name ‘Richmond Mutual Bancorporation, Inc.,’ and continues to trade on the Nasdaq Capital
Market under the ticker symbol ‘RMBI.’ All branches of the combined bank will operate under the name ‘First Bank Midwest.’
The administrative headquarters of the combined company is located in Richmond, Indiana, and the administrative headquarters of
the combined bank is located in Frankfort, Indiana.
About Richmond Mutual Bancorporation, Inc.
Richmond Mutual Bancorporation, Inc., headquartered in Richmond, Indiana,
is the holding company for First Bank Midwest, a community-oriented financial institution offering traditional financial and trust services
within its local communities through its branch locations in Cambridge City, Centerville, Fishers, Frankfort, Kirklin, Lebanon,
Michigantown, Mulberry, Noblesville, Richmond, Rossville, Shelbyville, Sheridan, Tipton and Westfield, Indiana, and its locations
in Columbus, Sidney, Piqua and Troy, Ohio.
Cautionary Statement Regarding Forward-Looking Information
This news release contains “forward-looking statements”
as defined in the Private Securities Litigation Reform Act of 1995. When used in this communication and in other documents filed with
or furnished to the SEC, in press releases or other public shareholder communications, or in oral statements made with the approval of
an authorized executive officer, words or phrases such as ‘may,’ ‘believe,’ ‘will,’ ‘will likely
result,’ ‘are expected to,’ ‘will continue,’ ‘is anticipated,’ ‘estimate,’ ‘project,’
‘plans,’ ‘potential,’ ‘expect,’ ‘intend,’ ‘forecast,’ ‘outlook,’
or similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform
Act of 1995. Investors and security holders are cautioned not to place undue reliance on any forward-looking statements, which speak
only as of the date such statements are made. These statements may relate to future financial performance, strategic plans and objectives,
revenue or earnings projections, or other financial matters. By their nature, these statements are subject to numerous uncertainties
that could cause actual results to differ materially from those expressed or implied in the statements. For a discussion of factors that
could cause actual results to differ materially, please refer to the joint proxy statement/prospectus filed by Richmond Mutual with the
Securities and Exchange Commission in connection with proposed merger. Additional factors can be found in Richmond Mutual's Annual Report
on Form 10-K for the year ended December 31, 2025, and in other documents Richmond Mutual files with the SEC, all of which
are available on the SEC's website at www.sec.gov.
Richmond Mutual undertakes no obligation to update any forward-looking
statement, whether as a result of new information, future events, or otherwise, except as required by law.
For further information:
CONTACTS: Garry D. Kleer, Chairman and Chief Executive Officer, (765)
962-2581; Christopher D. Cook, President, (765) 654-8731; and Bradley M. Glover, SVP/Chief Financial Officer, (765) 962-2581
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