FRANKFORT, Ind. Shareholders of Farmers Bankcorp voted overwhelmingly Tuesday to approve a merger with Richmond Mutual Bank Corporation, a deal that will reshape one of Clinton County’s oldest financial institutions into a new entity called First Bank Midwest while keeping its headquarters in Frankfort.
The Vote
The special stockholders meeting, held Tuesday May 26th at 51 West in Frankfort, drew shareholders or proxies representing 79.78 percent of all outstanding shares — a total of 1,461,029 of the 1,830,312 shares eligible to vote. When ballots were counted, 1,238,116 shares, or approximately 67.65 percent of all outstanding shares, were cast in favor of the agreement and plan of merger dated November 11, 2025.
Chris Cook, president and CEO of Farmers Bankcorp, said the margin of approval was a clear signal from the bank’s ownership.
“The vote was not even close — it was quite overwhelming,” Cook said after the meeting adjourned. “About 85 percent of those who voted voted for the deal. That made us feel good that it was that wide a margin, and we were very pleased with that.”
What the Deal Means
The merger agreement calls for Farmers Bankcorp to merge into Richmond Mutual Bank Corporation, with Richmond Mutual as the surviving holding company. Immediately following that step, Farmers Bank will merge into First Bank Richmond — a wholly owned subsidiary of Richmond Mutual — which will then be renamed First Bank Midwest.
Under the exchange terms, shareholders of Farmers Bank Corp common stock will receive 3.4 shares of Richmond Mutual common stock for each share of Farmers Bank Corp they hold. Cash will be paid in lieu of any fractional shares. Richmond Mutual trades on public markets under the ticker symbol RMBI, which will become the ticker for the combined organization once the transaction closes.
Cook confirmed the closing target remains July 1, 2026.
“As customers, you should not see any change on July 1st other than maybe signage changing,” Cook told shareholders assembled at the meeting. “Your accounts, everything is business as usual.”
A more substantive transition — a full customer account conversion — is scheduled for November 9, 2026. Bank officials urged customers to ensure the bank has their email address on file so they can receive timely communications about that process. Cook also addressed one of the most common questions the bank has fielded since the merger was announced.
“You can still write checks — even after November 9th, you’ll still be able to use those checks,” he said. “That’s been the biggest question, so I want to make sure everybody’s aware.”
A New Name, a Familiar Logo
The combined name and logo of the new institution were publicly announced on May 5, 2026. The First Bank Midwest branding is designed to honor both legacy organizations: “First Bank” references First Bank Richmond, while “Midwest” was chosen to reflect the shared values of agricultural communities across Indiana and Ohio.
“If you look at Midwest values, you look at farmers — there’s a cohesiveness there in terms of work ethic and what Midwest stands for and what farmers stand for,” Cook said. “The logo looks very similar to the current Farmers Bank logo, again as a shout-out to the Farmers Bank and its legacy.”
The geographic footprint of the new bank will stretch from Frankfort, Indiana, to Columbus, Ohio, giving both institutions expanded market reach.
Cook characterized the deal not as an ending but as a new chapter.
“We don’t see this as a finality of any sort,” he said. “This is a beginning and a continuation of the Farmers Bank, just in a little bit of a different way going forward. The bank will still be headquartered here, and so we’re excited about the new opportunities this will provide for all of our stakeholders.”
Community Roots Drive the Decision
Barbara Cutillo, chairman of the Farmers Bankcorp board of directors, will move to the vice chair position on the combined company’s board. She said the driving logic behind the merger is straightforward in a rapidly changing banking environment.
“In today’s banking environment, it is more and more costly to continue to operate,” Cotillo said. “There’s a lot of headwinds — we need better technology, better systems and support. With a larger bank, we can all operate under one system versus having to continue to invest individually. It’s economies of scale.”
At the same time, Cutillo emphasized that growth would not come at the expense of the community bank identity both institutions have cultivated over more than a century.
“We don’t want to let the size get in the way of the service,” she said. “We are still a community bank, which means customers, shareholders, and employees — all three together.”
Cutillo said customers can expect expanded product offerings as the combined bank gains scale, particularly in fraud protection and digital security tools.
“With all kinds of new technology, there’s also new fraudsters out there,” she said. “We want to make sure that people are confident and we have all the right tools to make sure that their money is safe and able to grow.”
She also pointed to specific geographic growth opportunities, naming communities such as Tipton and the northern Indianapolis suburbs, as well as Columbus, Ohio, as markets the combined bank is positioned to serve.
Officers See Opportunity in the Combination
Carroll Valentino, who serves as Chief Operations Officer of Farmers Bank, will carry that title forward into First Bank Midwest. She said her interactions with management at First Bank Richmond gave her confidence the two organizations share a common philosophy.
“I think it’s a great opportunity for both banks to be able to continue their legacy,” Valentino said. “I’ve seen in all my interactions with the management over at First Bank Richmond that they do have a commitment to their community very similar to ours here in Clinton County.”
Valentino said Frankfort will remain her home base, and she pledged that the bank’s community involvement would not diminish after the merger closes. She cited the bank’s upcoming 150th anniversary celebration and recurring community shred days — offered at some branch locations twice per year — as examples of that ongoing commitment.
“We’re still committed to things like our 150th anniversary and celebrating with the community here in Frankfort — and that’ll be open to the public,” Valentino said.
Board Transitions and a Retirement
Cook took time at the close of the meeting to outline how the Farmers Bank Corp board of directors will transition into the new structure. Four current directors — Cook himself, Cutillo, Tom Crawford (first elected in 2005), James J. Moore (2014), and Dan Larman (2018) — will serve on the First Bank Midwest and Richmond Mutual Bank Corporation boards.
Four additional directors — Ed Sahm (since 2011), Greg Cagnassola (since 2008), Kyle DeFur (since 2021), and Matt Jackson (since 2024) — will move to a local advisory board for the bank’s central Indiana presence, providing continued regional oversight.
Cook also recognized Brad Cunningham, the bank’s secretary, who is retiring July 1 after 30 years with Farmers Bank and more than 40 years in Clinton County banking. Cunningham will join the central Indiana advisory board following his retirement.
“Brad and others, especially at the time of Karen Miller’s passing, really did a lot to make the bank continue to operate and run,” Cook said. “Brad was instrumental during that time. Brad, thank you and congratulations.”
Celebrating 150 Years
As the formal meeting concluded, Cook invited all community members to a 150th anniversary celebration — or as he put it, a “susquincentennial soirée” — scheduled for June 17, 2026, from 6 to 8 p.m. in the bank’s Frankfort headquarters lobby. The event will feature light refreshments, music, and historical presentations honoring the bank’s century and a half of service to Clinton County.
“We want to honor the Frankfort community for all that it has done for the Farmers Bank and will continue to do,” Cook said. “Everybody is invited.”
Farmers Bank was founded in 1876. First Bank Richmond, its merger partner, will mark its own 140th anniversary in 2027. Together, the two institutions will commemorate their individual milestones while establishing July 1 as First Bank Midwest’s founding date going forward.
“Rooted in tradition, growing toward the future,” Cook said, quoting the merger’s official tagline. “How we have done business for that time is not going to change. We’re going to honor our shared values and history, and we’re going to build something even greater — for our customers, our employees, our shareholders, and our communities.”
