Converse, Indiana, April 20, 2022 (GLOBE NEWSWIRE) — First Farmers Financial Corp. (OTCQX: FFMR), announced that the board of directors had approved a plan to repurchase up to $8 million of the company’s outstanding common stock at market opening. It will be the 19thand consecutive quarterly buyback program since 2017.
The timing, price and quantity of purchases under the share buyback plan will be at the discretion of management and may be halted, suspended or restarted at any time. The program will be financed from the working capital currently available. The Board of Directors believes that the share repurchase plan will provide capital management opportunities and add value to the Company’s shareholders depending on market and business conditions.
First Farmers Financial Corp is a $2.5 billion financial holding company headquartered in Converse, Indiana. First Farmers Bank & Trust has offices in 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, 2022, the Company had 7,013,363 common shares outstanding.