First Farmers Bank & Trust

What First Farmers Bank & Trust does

First Farmers Bank & Trust is a state-chartered bank headquartered in Converse, Indiana, operating as the principal subsidiary of First Farmers Financial Corp. (OTCQX:FFMR), a $3.6 billion-asset financial holding company founded in 1885 by Mark Tully. The bank provides a full-service community banking platform serving individuals, families, small and medium businesses, and agricultural operations across a branch and ATM network in Indiana and Illinois. Core products include multiple checking tiers (Harvest Rewards, Essential, Interest, Foundation, Elite Business), CDs, IRAs, HSAs, mortgages (fixed-rate, adjustable, construction, HELOC variants), consumer lending (auto, personal, collateral), and full business banking (commercial lending, SBA 7(a)/504/Express, USDA B&I, treasury management, merchant services, equipment and vehicle financing, and equipment leasing through the SCI Lease sub-brand).

The technology layer is anchored by a proprietary digital banking platform accessible via iOS and Android mobile apps and online banking, featuring mobile check deposit, bill pay, card controls, eStatements, and mobile wallet support (Apple Pay, Google Pay). Core banking and consumer finance infrastructure is sourced from established third-party platforms including Apiture, Ellie Mae (for mortgages), Wolters Kluwer (for personal lending applications), Intuit Direct Connect (for Quicken/QuickBooks integration), and merchant networks (Visa, MasterCard, American Express, Discover). The bank has built a marketplace layer, My Toolkit, that embeds ten third-party fintech services (AKKO device insurance, ID Notify/Experian, FamZoo, Bill Shark, Changed, Trustworthy, Autobooks, Homebase, TurboTax, Prizeout CashBack+) into the digital experience.

The revenue model is traditional commercial banking: net interest income from lending (mortgages, commercial, ag, consumer, credit cards) funded by deposits (checking, savings, CDs, IRAs), supplemented by transaction-based fees on deposit accounts, treasury management, merchant services, mortgage origination, and small business loan facilitation (SBA/USDA). Pricing follows tiered subscription models by account type (e.g., Harvest Rewards up to 3.00% APY, Elite Business Checking up to 1.82% APY, 11-Month Flex CD up to 3.55% APY). Go-to-market is a sales-led community banking motion combining local relationship managers and lenders with a self-serve digital channel. The customer base is intentionally diversified across retail, small business, and agricultural segments within a defined two-state Midwest geography, and the bank has executed 13 consecutive years of dividend growth alongside a 2026 capital return program (a record $0.26 quarterly dividend and an approximately $11 million total share repurchase authorization).

Name

First Farmers Bank & Trust

Legal name

First Farmers Bank & Trust Company

Website

https://ffbt.com

Company type

Private

Founded year

1885

Operating status

Operating

Headcount range

251–500 employees

Short description

First Farmers Bank & Trust is a $3.6 billion-asset community bank headquartered in Converse, Indiana, serving individuals, families, small and medium businesses, and agricultural operations across Indiana and Illinois through a branch network and digital banking platform offering deposits, mortgages, consumer and commercial lending, SBA/USDA programs, treasury management, and equipment leasing.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (52218), Sales Financing (52222)

SIC

Savings Institutions, Not Federally Chartered (6036), Personal Credit Institutions (6141)

akta.pro primary industry

Agricultural & Rural Cooperatives (Farm Credit/Co-op Banks) (FSABAEAG)

akta.pro secondary industries

Agricultural & Rural Development Banks (FSABAKAE), Farm Finance, Input Procurement & Risk Tools (Budgeting, Inventory, Insurance Links) (AFAAAFAO)

Keywords

• Community banking services
• Agricultural lending
• Commercial lending
• Residential mortgages
• Treasury management

Headquarters

HQ city

Knox

HQ country

United States

HQ region

North America

Offices11 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income: Traditional banking revenue from interest earned on loans including mortgages, business loans, agricultural loans, personal loans, and credit cards. Core revenue stream from lending activities.
2. Deposit Interest Expense: Pays interest on customer deposits including checking, savings, CDs, and IRAs. Funds lending operations.
3. Deposit Account Fees: Monthly maintenance fees, paper statement fees, ATM fees, overdraft fees, and transaction-based fees on various account types.
4. Mortgage Lending Revenue: Origination and servicing of mortgage loans including fixed-rate, adjustable-rate, construction loans, and home equity lines of credit.
5. Certificate of Deposit Products: CD products including 11-month Flex CD and 19-month CD with promotional rates. Minimum deposits and early withdrawal penalties apply.
6. Business Banking Fees: Elite Business Checking tiered interest accounts, commercial lending, SBA/USDA loan facilitation, and treasury management services.
7. Small Business Loan Programs: SBA 7(a), SBA 504, SBA Express, and USDA B&I loans facilitated for small business customers with loan sizes from $150,000 to $25 million.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

First Farmers Bank & Trust is a community bank providing deposit products (checking, savings, CDs, IRAs, HSAs), consumer and mortgage lending (auto, credit card, home equity, fixed/ARM/construction loans), business and agricultural banking (SBA/USDA loans, commercial real estate, equipment financing, treasury management), and equipment leasing through SCI Lease, delivered across Indiana and Illinois branches and a digital/mobile banking platform with a third-party financial-tools marketplace.

Product overview

First Farmers Bank & Trust operates as a traditional regional bank offering a comprehensive suite of banking products and services across personal, business, agricultural, and mortgage lending segments. The core product portfolio includes multiple checking and savings account types (Harvest Rewards Checking, Essential Checking, Interest Checking, Foundation Checking, Elite Business Checking), certificates of deposit, IRAs, and health savings accounts. Mortgage offerings encompass fixed-rate mortgages, adjustable-rate mortgages, construction loans, first-time homebuyer programs, and three HELOC variants (Freedom, Standard, Bridge). Business banking includes SBA loans (7(a), 504, Express), USDA B&I financing, commercial lending, equipment and vehicle financing, and business leasing through SCI Lease. The bank provides treasury management services including ACH origination, merchant services, fraud prevention tools, and remote deposit. Digital banking capabilities are powered by a proprietary platform featuring mobile apps, online banking, card controls, and a marketplace called My Toolkit that offers third-party financial tools. Agricultural services include specialized lending, deposits, and equipment leasing.

Differentiator

Problem solved

Functional benefit

Brands

• SCI Lease: Agricultural and commercial equipment leasing division of First Farmers Bank & Trust, operating from Sheridan, Indiana.

Products and services

• Harvest Rewards Checking Interest-bearing consumer checking account earning up to 3.00% APY on balances up to $14,999.99, requiring 15 point-of-sale transactions and eStatement enrollment to earn the advertised APY, with ATM fee refunds up to $10 per cycle.
• Essential Checking Basic consumer checking account with no monthly service fee when enrolled in eStatements, unlimited transactions, and no minimum monthly balance requirement.
• Interest Checking Interest-bearing consumer checking account with tiered APY and full digital banking access, requiring $2,500 minimum daily balance to waive the $10 monthly fee.
• Foundation Checking Entry-level consumer checking account designed for those starting their financial journey or building credit, with $3 monthly maintenance fee and eStatement requirement.
• Elite Business Checking Premium business checking account with tiered interest up to 1.82% APY, $25,000 minimum balance to avoid a $25 monthly service fee, and the first 500 transactions included per statement cycle.
• Health Savings Accounts (HSA) Tax-advantaged accounts for individuals with high-deductible health plans, featuring Debit MasterCard access, check-writing capability, and tiered interest rates up to 1.00% APY.
• Certificates of Deposit (CDs) Guaranteed-return fixed-term savings products, including CD specials like the 11-Month Flex CD (up to 3.55% APY) and 19-Month CD (up to 3.75% APY), with $1,000 minimum deposit and auto-renewal.
• Individual Retirement Accounts (IRAs) Retirement savings accounts including Traditional IRAs, Roth IRAs, and Simplified Employee Pension Plans with tax-advantaged growth and variable-rate options such as the 18-Month IRA.
• Fixed Rate Mortgage Traditional residential mortgage with consistent interest rate and payment throughout the loan term, locally serviced for ongoing borrower support.
• Adjustable-Rate Mortgage Residential mortgage with an initial lower rate for a set period, after which the rate may adjust based on market conditions.
• Construction Loan Short-term financing for home construction with flexible loan amounts, easy disbursements, interest-only payments, and owner/self-build options.
• First Time Homebuyer Program Mortgage program tailored for first-time buyers featuring low down payments, flexible income-qualifying ratios, and favorable loan terms.
• Freedom HELOC Home equity line of credit with competitive interest rates and interest-only payments for the first ten years, with funds typically available within 3 weeks of approval.
• First Farmers HELOC Standard home equity line of credit for home improvements, travel, debt consolidation, and vehicle purchases with fast, flexible, local service.
• Bridge HELOC Home equity line of credit designed for purchasing a new home before selling the current one, using existing home equity as a down payment.
• Personal Lending Variety of personal loans including auto loans, home improvement loans, and debt consolidation with flexible financing programs and local underwriting.
• Credit Cards Credit card products including FFBT MasterCard debit cards and Visa credit cards with competitive pricing and full reward options.
• Collateral Loans Secured personal loans using First Farmers deposits as collateral, providing a way to build credit while financing personal needs.
• SBA 7(a) Loan SBA loan program for short- and long-term small business financing with lower cash requirements and longer terms, maximum loan amount of $5 million.
• SBA 504 Loan SBA program financing businesses creating jobs, real estate, equipment, and buildings with loans ranging from $150,000 to $5 million.
• SBA Express Line of Credit & Loans SBA Express program for smaller businesses offering loans or lines of credit up to $350,000 with quick credit decisions and flexible collateral.
• USDA B&I Program Rural business financing through USDA with maximum borrowing up to $25 million, designed to create or save jobs in rural areas.
• Commercial Line of Credit Short-term business financing for seasonal cash flow or business expansions, reviewed annually with flexible options.
• Commercial Real Estate & Construction Loan Financing for purchasing, developing, refinancing, or constructing commercial properties and development projects of various sizes.
• Equipment Financing Financing for equipment purchases including computer systems, commercial vehicles, and other business equipment with payment terms tailored to business budgets.
• Business Vehicle Financing Financing for company cars and commercial vehicles at competitive rates with flexible terms.
• Agricultural Leasing (SCI Lease) Farm equipment leasing division operating for three decades, offering tax-deductible payments and capital conservation for agricultural operations.
• Business Leasing (SCI Lease) Commercial equipment leasing offering financing for new or used equipment with credit diversification benefits.
• Digital Banking Mobile and online banking platform available 24/7 with mobile check deposit, bill pay, eStatements, mobile wallet (Apple Pay/Google Pay), and card controls for personal and business customers.
• Treasury Management Business cash management solutions including ACH origination, merchant services, wire transfers, remote deposit capture, and fraud detection tools (Positive Pay, ACH Alert).
• My Toolkit Digital banking marketplace hub providing customers with access to curated third-party financial tools and services including device insurance (AKKO), identity protection (ID Notify), family finance (FamZoo, Trustworthy), bill negotiation (Billshark), savings (Changed), and small business tools (Autobooks, Homebase, TurboTax).

Quantifiable outcome

• 13th consecutive year of dividend growth
• +1 more outcomes

Named customers8 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration19 records

Feature3 records

Scale indicators7 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• First Merchants Corporation: Mid-size Indiana-based regional bank with similar personal/business banking products and comparable Midwest geographic focus; substantially larger and more diversified but competing for similar customers.
• Old National Bancorp: Larger Indiana-headquartered regional bank with overlapping Midwest geography and ag/commercial lending; broader product suite and significantly larger asset base than FFBT, but a key competitor in core markets.
• Stock Yards Bank & Trust: Kentucky/Indiana regional bank with private banking, commercial, and wealth services; overlaps with FFBT in adjacent Midwest markets with similar community bank DNA.

Emerging players

• Live Oak Banking Company: Digital-first commercial bank specializing in small business lending (SBA) nationwide; represents the disruptive model FFBT must defend against in its SBA/USDA loan programs and small business deposit gathering.

Direct peers

• Farm Credit Mid-America: Cooperative Farm Credit System lender serving Indiana, Ohio, Kentucky, and Tennessee with agricultural loans and leasing — a direct competitor in the ag lending niche that defines FFBT's differentiation.
• Horizon Bancorp: Indiana-based regional bank holding company with comparable Midwest community banking model, business and consumer lending focus, and similar asset size bracket.
• First Financial Bank: Indiana-headquartered community bank with comparable personal/business/agricultural banking products and similar branch network strategy across Indiana and adjacent Midwest states. Most directly comparable peer in scale and product mix.
• German American Bank: Indiana and Kentucky community bank with strong agribusiness and commercial banking franchise; the most direct peer given overlapping Indiana market and similar ag-customer orientation.
• Lakeland Financial Corporation: Indiana community bank holding company (Lake City Bank) with similar mix of business, ag, and mortgage lending; long dividend-growth track record that mirrors FFBT's capital-return discipline.
• 1st Source Corporation: South Bend, Indiana-based bank holding company with strong commercial, ag, and specialty finance businesses. Comparable in regional Midwest footprint, ag lending emphasis, and community bank customer model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about First Farmers Bank & Trust