CONVERSE, Ind., Aug. 13, 2019 /PRNewswire/ -- First Farmers Financial Corp. (OTCQX: FFMR), the parent company of First Farmers Bank & Trust, today announced the next steps in their leadership succession plan, approving the appointment of Mark A. Holt as President of First Farmers Bank & Trust and as a Director of both First Farmers Financial Corp. and First Farmers Bank & Trust. These appointments are effective September 1, 2019. This transition plan was originally announced in October 2018, as Gene E. Miles, current President and CEO, expressed his intent to reduce his daily workload after 40 years with the First Farmers organization.
Mr. Miles will remain the President and Chief Executive Officer of First Farmers Financial Corp., the Chief Executive Officer of First Farmers Bank & Trust, and a Director of both. Mr. Miles has over 40 years of service with the First Farmers organization and has not announced a specific retirement date. First Farmers Financial Corp. Board Chairman, Brian Renbarger, stated, "Gene has done a tremendous job creating value for our shareholders, customers, employees and communities during his 40 years with the organization. We're pleased he will continue to serve this organization as the Chief Executive Officer and as a Director. This allows us to continue to utilize his wisdom and base of knowledge as he serves as a leader in the community and industry."
Mark Holt has served as an Executive Vice President of the Bank since 2015 and served on the Board of Directors of the Bank and the Company from 1997 to 2015. Holt is also a Doctor of Veterinary Medicine, and a member of national, state, and local veterinary associations, a member of Purdue President's Council, a former member of the Grant County Purdue Extension Board of Directors and is actively involved in local community and church.
Dr. Holt added, "It's an honor to be asked to carry on the culture and history of the bank. Together with the rest of the management team and the Board of Directors, I look forward to continuing the bank on the path by which Gene has led this organization and continuing to create long term value for our shareholders, our customers, and our communities."
First Farmers Financial Corp is traded on the OTC Markets Group, Inc. "OTCQX US Premier Market" and is on both the OTCQX Composite Index and the OTCQX Bank Index under the ticker symbol: FFMR
First Farmers Financial Corp is a $1.9 billion financial holding company headquartered in Converse, Indiana. First Farmers Bank & Trust has 30 offices throughout Carroll, Cass, Clay, Grant, Hamilton, Howard, Huntington, Madison, Marshall, Miami, Starke, Sullivan, Tippecanoe, Tipton, Vigo and Wabash counties in Indiana and 6 offices in Coles, Edgar and Vermilion counties in Illinois.
In addition to historical information, this press release contains forward-looking statements. The forward-looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from historical results, or those anticipated. When we use words such as "believes," "expects," "anticipates" or similar expressions, we are making forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date thereof. First Farmers Financial Corporation wishes to caution the reader that factors, such as those listed below, in some cases have affected and could affect First Farmers Financial Corporation's actual results, causing actual results to differ materially from those in any forward-looking statement. These factors include: (i) competitive pressure in the banking industry or in First Farmers Financial Corporation's markets may increase significantly, (ii) general economic conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, credit quality deterioration, (iii) changes may occur in banking legislation and regulation, (iv) changes may occur in general business conditions, and (v) changes may occur in the securities markets. Additional information is available under the Investor Relations link at https://www.ffbt.com.
SOURCE First Farmers Financial Corp.