The board of directors for First Farmers Financial Corp. in Converse has approved a plan to repurchase up to 7,000 shares of outstanding stock. The parent of First Farmers Bank & Trust says the plan will provide capital management opportunities and add shareholder value.
In a news release Monday, First Farmers said "the timing, price and quantity of purchases under the stock repurchase plan will be at the discretion of management and the plan may be discontinued, suspended or restarted at any time." The bank says it will use current available working capital to fund the repurchase plan.
First Farmers Bank & Trust has 27 offices throughout Indiana and seven in Illinois. The bank says, as of October 9, it had more than 3.5 million outstanding shares of common stock.