First Farmers to repurchase outstanding stock

First Farmers Financial Corp., the parent company of First Farmers Bank & Trust Co., announced that at its Oct. 8, board meeting, the board of directors approved a plan to repurchase up to $2 million in the corporation’s outstanding common stock on the open market during the fourth quarter.

The timing, price and quantity of purchases under the stock repurchase plan will be at the discretion of management and may be discontinued, suspended or restarted at any time.

The program will be funded from current available working capital. The board feels the stock repurchase plan will provide capital management opportunities and add value for the company’s shareholders depending upon market and business conditions.

First Farmers Financial Corp is a $1.9 billion financial holding company headquartered in Converse. First Farmers Bank & Trust has 29 offices throughout Carroll, Cass, Clay, Grant, Hamilton, Howard, Huntington, Madison, Marshall, Miami, Starke, Sullivan, Tippecanoe, Tipton, Vigo and Wabash counties in Indiana and six offices in Coles, Edgar and Vermilion counties in Illinois.

As of Oct. 8, the corporation had 7,135,298 common shares outstanding.