First Farmers Bank & Trust CEO announces bank leadership succession strategy
CONVERSE, Ind., Oct. 17, 2018 /PRNewswire/ -- First Farmers Financial Corp. (OTCQX: FFMR), the parent company of First Farmers Bank & Trust Co., today announced that President and Chief Executive Officer Gene E. Miles has informed the Company's Board of Directors that he is contemplating retiring within the next two to three years.
Mr. Miles informed the Board that he was considering retirement sometime in the next few years. In anticipation of that possibility, the Board has formed a Succession Committee and has been purposely and thoughtfully working on a succession plan for Mr. Miles.
"After much thought and reflection, I have decided that it is appropriate to inform the Company that my retirement is on the horizon, and to inform employees and shareholders that the Board has a process in place for a successful transition in leadership. After 39 years with the Company, the time is right for me to begin considering the next phase of my life. My objective has been to help guide the Company through the recession and prepare it for the future. I'm optimistic that by the time that I retire within the next two to three years, the Company will be very well positioned for continued growth and success."
First Farmers Financial Corporation Board Chairman Brian Renbarger said the Board is grateful that Mr. Miles provided the Company with advanced notice that his retirement is on the horizon. This will allow the Board an opportunity to engage in a thorough succession planning process consistent with good corporate governance practices. "The Board understands Mr. Miles' decision to begin contemplating his retirement, and expects with his help the Company will enjoy an orderly succession process," said Mr. Renbarger. "Mr. Miles has led the Company for almost four decades, and has successfully positioned it for continued growth. We thank him for his service and look forward to his continuing leadership as we work to select his successor over the next few years."
Mr. Miles joined First Farmers Financial Corporation in May 1979 and has served as President and Chief Executive Officer since 1997. He has also served on the First Farmers Financial Corporation Board of Directors since 1995.
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 $1.7 billion financial holding company headquartered in Converse, Indiana. First Farmers Bank & Trust has 28 offices throughout Carroll, Cass, Clay, Grant, Hamilton, Howard, Huntington, Madison, Marshall, Miami, Starke, Sullivan, Tippecanoe, Tipton, Vermillion, Vigo and Wabash counties in Indiana and 7 offices in Coles, Edgar and Vermilion counties in Illinois.
Forward-Looking Statements
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.
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