First Farmers board decides to repurchase up to 7,000 shares

First Farmers Financial Corp. announced that at its Oct. 10 board meeting the board of directors approved a plan to repurchase, on the open market, up to 7,000 shares of the corporation’s outstanding common stock.

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 depending on the facts and circumstances.

The program will be funded from current available working capital. 

First Farmer’s management says the stock repurchase plan, depending upon market and business conditions, will provide capital management opportunities and add value for the company’s shareholders.

First Farmers Financial Corp. is a $1.65 billion financial holding company headquartered in Converse. 

First Farmers Bank & Trust has 27 offices throughout Carroll, Cass, Clay, Grant, Hamilton, Howard, Huntington, Madison, Marshall, Miami, Starke, Sullivan, Tipton, Vigo and Wabash counties in Indiana and seven offices in Coles, Edgar and Vermilion counties in Illinois. 

As of Oct. 9, the corporation had 3,586,578 common shares outstanding.