Richmond Mutual Bancorporation Business Summary

Richmond Mutual Bancorporation, Inc. (RMBI) operates as the holding company for First Bank Richmond, a community-oriented financial institution that generates revenue primarily through net interest income derived from a diversified loan portfolio, including residential mortgages, commercial real estate, and construction loans. The company’s business model centers on traditional retail and commercial banking services, supplemented by non-interest income from wealth management, brokerage services, and deposit fees across its network in Indiana and Ohio. As of February 2026, RMBI is in the final stages of a transformational merger with Farmers Bancorp, a strategic move expected to scale its total assets to approximately $2.6 billion and expand its reach to 24 branches. RMBI competes in the regional Midwestern market against peers such as Merchants Bancorp, German American Bancorp, First Financial Bancorp, and Horizon Bancorp, distinguishing itself through a high-touch, relationship-based lending model and localized credit expertise. The executive leadership is led by Garry D. Kleer, who serves as Chairman and CEO and has been a driving force within the organization since 1994. He is supported by Bradley M. Glover, who serves as Senior Vice President and Chief Financial Officer, and Paul J. Witte, the President and Chief Operating Officer of First Bank Richmond. In anticipation of the 2026 merger closing, the leadership structure is expanding to include Chris D. Cook as President of the combined entity. The company’s governance is overseen by a board of directors that includes Lead Independent Director Lindley Mann and Vice Chair-elect Barbara A. Cutillo. Publicly traded on the NASDAQ, RMBI maintains a stable institutional investor base featuring prominent asset managers such as BlackRock and Vanguard, underscoring its reputation for disciplined capital management and steady regional growth.