The parent of First Bank Richmond in Wayne County has announced its members have approved a reorganization plan and stock offering. As part of the plan, First Mutual of Richmond Inc. will convert to Richmond Mutual Bancorporation Inc., which will begin trading on the Nasdaq Capital Market next month.
RMBI will serve as the stock holding company for First Bank Richmond. The plan will also establish the First Bank Richmond Community Foundation, to which the bank will contribute $6.25 million in cash and stock.
RMBI says it expects to complete the sale of more than 13 million shares of common stock at $10 per share for a gross total of more than $130 million. The reorganization and stock offering are expected to be complete July 1, pending the satisfaction of standard closing conditions.
The new organization expects to begin trading on the Nasdaq Capital Market under the ticker symbol RMBI on July 2.