Converse, Indiana – First Farmers Financial Corp. (OTCQX:FFMR), announced that at its July 14, 2020 board meeting, the Board of Directors approved a plan to repurchase up to $1 million in the Corporation’s outstanding common stock on the open market during the third quarter.
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 $2.1 billion financial holding company headquartered in Converse, Indiana. First Farmers Bank & Trust has 29 offices throughout Carroll, Cass, Clay, Grant, Hamilton, Howard, Huntington, Madison, Marshall, Miami, Starke, Sullivan, Tippecanoe, Tipton, Vigo and Wabash counties in Indiana and 6 offices in Coles, Edgar and Vermilion counties in Illinois. As of June 30, 2020, the Corporation had 7,099,551 common shares outstanding.