What First Bank Richmond does

First Bank Richmond is an Indiana state-chartered, FDIC-insured community bank operating through 14 full-service branches — eight in Indiana (Richmond, Centerville, Cambridge City, Shelbyville) and six in Ohio under the Mutual Federal brand (Sidney, Piqua, Troy, plus a Columbus loan production office and additional Ohio branches) — and is the primary banking subsidiary of Richmond Mutual Bancorporation, Inc. (NASDAQ: RMBI), a Maryland-incorporated public holding company formed via mutual-to-stock conversion on July 1, 2019. Founded in 1887 as Richmond Loan & Savings Association, the bank employs approximately 175 people (as of 2022) and reported $1.5 billion in total assets at Q1 2026.

The bank offers a standard consumer and small-business banking product set: checking and savings accounts, a full mortgage suite (Conventional, FHA, VA, USDA, HELOC, construction, lot, jumbo), auto and personal loans, credit cards, and wealth management/investment services delivered through the LPL Financial-powered FBR Investment Services subsidiary. The technology stack is conventional community-bank core processing, supplemented by online and mobile banking (with mobile deposit, card control, and people-pay P2P), digital loan-origination via a D+H Pos Mobile mortgage web center, credit-card loan repayment through REPAY, and website analytics through Mouseflow, Google Analytics, HubSpot, and Mailchimp. The bank also operates a nonprofit Community Foundation (directed by Executive Director Kimberly Poinsett) and a Community Foundation-funded financial-literacy platform through Banzai.

Revenue is generated primarily through net interest income on a diversified loan portfolio, with a full-year 2025 net interest margin of 3.11% and supplementary non-interest income from deposit fees, loan fees, and wealth-management commissions. The customer base spans individual consumers, small-to-medium-sized local businesses, and rural/agricultural households — anchored by relationship banking, local underwriting authority, and visible community involvement (over $674,000 donated to local non-profits in 2023 alone). On November 12, 2025 the company announced an all-stock merger with Farmers Bancorp (Frankfort, IN), valued at ~$82M, expected to close end of Q2 2026, creating a $2.6B-asset community bank operating under the new name First Bank Midwest with 26 full-service offices across both states.

Name

First Bank Richmond

Legal name

Richmond Mutual Bancorporation, Inc.

Website

https://firstbankrichmond.com

Company type

Public

Founded year

1887

Operating status

Operating

Headcount range

101–250 employees

Short description

First Bank Richmond is an Indiana state-chartered community bank, founded 1887 and now operating 14 full-service branches across Indiana and Ohio (the latter under Mutual Federal), serving retail consumers, small businesses, and rural communities with deposits, mortgages, business lending, and LPL-powered wealth management.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC), Retail Lending (Personal Loans, Auto, Credit Lines) (FSABAAAB)

Keywords

• Community banking
• Retail banking services
• Mortgage lending
• Consumer lending
• Wealth management

Headquarters

HQ city

Richmond

HQ country

United States

HQ region

North America

Offices21 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Net Interest Income: Core banking revenue generated from the spread between interest earned on loans (mortgages, commercial loans, auto loans, personal loans) and interest paid on deposits. Primary revenue driver with diversified lending portfolio including conventional mortgages, HELOCs, home equity closed-end loans, construction loans, lot loans, jumbo loans, FHA loans, VA loans, and USDA loans.
2. Non-Interest Income: Fee-based income from deposit account service charges, loan-related fees, wealth management and investment services (through LPL Financial partnership), and other banking service fees.
3. Net Interest Margin: Full-year 2025 net interest margin of 3.11%, reflecting higher asset yields and lower funding costs in an environment of moderating interest rates, driving earnings growth.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

First Bank Richmond is a full-service community bank offering deposit products (checking, savings), consumer lending (mortgages, auto loans, personal loans, credit cards), commercial banking, and wealth management/investment services. It operates 14 full-service branches across Indiana and Ohio (under the Mutual Federal brand) and complements its physical network with digital banking, online account opening, and mobile banking.

Product overview

First Bank Richmond is a community-oriented financial institution offering a comprehensive suite of banking products and services through a multi-channel distribution model. The core product portfolio includes Digital Banking (online and mobile platforms with deposit, payment, and transfer capabilities), personal banking products (Checking, Savings, Home Loans, Auto Loans, Personal Loans, Credit Cards), Business Banking services, and Wealth Management. The bank operates a modular structure where core deposit and lending products are supplemented by add-on services including FBR Investment Services (powered by LPL Financial partnership), Financial Education via Banzai partnership, and a Community Foundation for philanthropic giving. The bank also maintains a sub-brand, Mutual Federal, serving Ohio markets. Following a 2026 merger with Farmers Bancorp, the combined organization will rebrand as First Bank Midwest, operating 26 full-service banking offices across Indiana and Ohio.

Differentiator

Problem solved

Functional benefit

Brands

• FBR Investment Services: Investment services offering retirement and financial planning, individual money management, stocks, bonds, mutual funds, and annuities, operated in partnership with LPL Financial.
• First Bank Richmond, Inc. Community Foundation

Products and services

• Checking Accounts

Quantifiable outcome

• Full-year 2025 net income of $11.6 million ($1.17 diluted EPS), up 27.2% from $9.4 million in 2024, driven by expanded net interest margin of 3.11%
• +3 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Farmers Bancorp (Frankfort, Indiana)coreStrategic or Co-development Partner · 12 November 2025Richmond Mutual Bancorporation (parent of First Bank Richmond) announced an all-stock merger with Farmers Bancorp, creating a combined community bank with $2.6 billion in assets. The transaction valued at approximately $82 million (or $44.71 per share) will give Farmers Bancorp shareholders 3.40 shares of Richmond Mutual common stock per share held. All required regulatory approvals received; shareholder approval received May 2026. Expected to close Q2 2026. Upon closing, the combined bank will operate under the name 'First Bank Midwest' with 26 full-service banking offices across Indiana and Ohio.
• LPL FinancialcoreTechnology or Integration · 19 April 2021FBR Investment Services aligned with LPL Financial's Institution Services platform to support its investment program. LPL provides comprehensive array of tools, resources, technology, independent research, and practice management programs enabling delivery of objective financial advice. LPL Financial is the nation's largest independent broker-dealer and leading provider of third-party investment services to banks and credit unions, serving approximately 800 financial institutions nationwide.
• BanzaiminorStrategic or Co-development PartnerPartnership with Banzai provides free financial literacy education to community members through clear, in-depth lessons, tools, and information on financial topics. Resources include Banzai courses, financial calculators, and educational articles on credit cards, budgeting, and home buying. Available at firstbankrichmond.banzai.org.
• Indiana University East (IU East)minorStrategic or Co-development PartnerFirst Bank Richmond partnered with IU East and the Wayne County Foundation to fund the College Now program, providing free college courses for underserved high school students in Wayne County. Garry Kleer, CEO, cited investing in higher education as part of the bank's commitment to enhancing quality of life in the communities it serves.
• Wayne County FoundationminorStrategic or Co-development PartnerCo-funders of the College Now program alongside First Bank Richmond and IU East, providing opportunities for underserved high school students in Wayne County to take free college courses at Indiana University East.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Market position

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/firstbanked
• Facebookfacebook.com/FirstBankRichmond
• LinkedInlinkedin.com/company/first-bank-richmond
• Instagraminstagram.com/firstbankrichmond

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First Bank Richmond