Converse, Indiana (May 10, 2018) –First Farmers Financial Corp (OTCQX-Banks: FFMR) (the “Company”) the parent company of First Farmers Bank & Trust, announced the following results for ballot measures voted upon at its annual stockholder meeting held on May 8, 2018:
- The re-election of Director-nominees Dr. Freddie Barnard, John P. O’Donnell and Christopher J. Norris to three-year terms;
- Approval of the proposed amendment to the Articles of Incorporation to increase the number of authorized shares of Common Stock from 5,000,000 to 10,000,000;
- Approval of the proposed amendment to Article IX, Section 1, of the Articles of Incorporation providing that amendment or repeal of the Articles of Incorporation require the shareholder vote specified in the Indiana Business Corporation Law.
Following the annual stockholders meeting the Board of Directors declared a two-for-one stock split of its common stock. The two-for-one stock split is payable June 15, 2018, to its common stockholders of record at the close of business on June 8, 2018. The additional shares will be distributed by the Company’s transfer agent, Computershare.
The Company currently has 3,582,467 shares of common stock outstanding. After the stock split, the number of shares of common stock outstanding will increase to 7,164,934.
“First Farmers Financial Corp has generated increased value for shareholders through consistent execution of our strategic plan, quarterly cash dividends and stock price appreciation,” said President and Chief Executive Officer, Gene E. Miles. “We expect this two-for-one stock split will make our company more attractive to a broader range of investors and possibly increase liquidity in the trading of shares.”
First Farmers Financial Corp (OTCQX-Banks: FFMR) is the parent company of First Farmers Bank & Trust. First Farmers Financial Corp is a $1.7 billion financial holding company headquartered in Converse, Indiana. First Farmers Bank & Trust has 28 offices throughout Carroll, Cass, Clay, Grant, Hamilton, Howard, Huntington, Madison, Marshall, Miami, Starke, Sullivan, Tippecanoe, Tipton, Vermillion, Vigo and Wabash counties in Indiana and 7 offices in Coles, Edgar and Vermilion counties in Illinois.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include, without limitation, the Company’s ability to effectively execute its business plans; changes in general economic and financial market conditions; changes in interest rates; changes in the competitive environment; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; losses, customer bankruptcy, claims and assessments; changes in banking regulations or other regulatory or legislative requirements affecting the Company’s business; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies. We do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events.