Richmond Mutual Bancorporation, Inc. (RMBI) Bundle
An Overview of Richmond Mutual Bancorporation, Inc. (RMBI)
General Summary of Richmond Mutual Bancorporation, Inc. (RMBI)
Richmond Mutual Bancorporation, Inc. is a financial services holding company headquartered in Richmond, Indiana. The company operates through its primary subsidiary, Richmond Mutual Bank.
| Company Detail | Specific Information |
|---|---|
| Headquarters Location | Richmond, Indiana |
| Founded | 1897 |
| Stock Exchange Listing | NASDAQ: RMBI |
Products and Services
- Personal Checking Accounts
- Savings Accounts
- Business Banking Services
- Mortgage Lending
- Online and Mobile Banking
Financial Performance
| Financial Metric | 2023 Value |
|---|---|
| Total Assets | $1.42 billion |
| Net Income | $15.3 million |
| Loan Portfolio | $1.18 billion |
| Deposit Base | $1.29 billion |
Market Position
Richmond Mutual Bancorporation ranks among the top regional banking institutions in Indiana, with a strong presence in community banking services.
| Market Performance Indicator | 2023 Statistic |
|---|---|
| Market Share in Indiana | 4.2% |
| Branch Network | 23 locations |
| Digital Banking Users | 62,500 |
Mission Statement of Richmond Mutual Bancorporation, Inc. (RMBI)
Mission Statement Overview of Richmond Mutual Bancorporation, Inc. (RMBI)
Richmond Mutual Bancorporation, Inc. (RMBI) mission statement as of 2024 focuses on strategic financial service delivery.
Core Mission Components
| Component | Specific Details | Quantitative Metrics |
|---|---|---|
| Community Banking Focus | Local financial services | $487.3 million total community lending portfolio |
| Customer Service Excellence | Personalized banking experience | 4.7/5 customer satisfaction rating |
| Financial Accessibility | Inclusive banking solutions | 3,742 new banking accounts opened in 2023 |
Strategic Mission Objectives
- Maintain regional market share of 12.4% in Indiana banking sector
- Provide competitive interest rates averaging 4.75% for personal loans
- Sustain digital banking platform with 98.6% uptime
Financial Performance Metrics
RMBI 2023 financial performance:
| Metric | Value |
|---|---|
| Total Assets | $1.24 billion |
| Net Income | $37.6 million |
| Return on Equity | 9.2% |
Technology Investment
- $4.2 million invested in cybersecurity infrastructure
- 3 new digital banking platforms launched
- 99.4% data protection compliance rate
Vision Statement of Richmond Mutual Bancorporation, Inc. (RMBI)
Vision Statement Core Components
Strategic Financial Growth Objectives| Metric | 2024 Target |
|---|---|
| Total Asset Growth | $412.6 million |
| Loan Portfolio Expansion | $287.3 million |
| Customer Base Increase | 37,500 accounts |
Regional Market Positioning Strategy
Geographic Expansion Focus Areas- Central Indiana primary market
- Targeted county-level expansion
- Richmond metropolitan service area
Technology and Digital Banking Transformation
| Digital Initiative | 2024 Implementation Status |
|---|---|
| Mobile Banking Platform | Full operational capability |
| Online Transaction Security | Advanced encryption protocols |
| Digital Customer Onboarding | 100% digital process completion |
Community Financial Empowerment
Community Investment Metrics| Investment Category | 2024 Allocation |
|---|---|
| Small Business Lending | $42.5 million |
| Community Development Grants | $1.2 million |
| Financial Literacy Programs | $375,000 |
Core Values of Richmond Mutual Bancorporation, Inc. (RMBI)
Core Values of Richmond Mutual Bancorporation, Inc. (RMBI) in 2024
Customer-Centric Approach
Richmond Mutual Bancorporation prioritizes customer satisfaction through targeted financial services.
| Customer Metric | 2024 Data |
|---|---|
| Customer Retention Rate | 94.3% |
| Average Customer Satisfaction Score | 4.7/5.0 |
| Digital Banking Engagement | 78.2% |
Financial Integrity
Commitment to transparent and ethical financial practices.
- Compliance with all regulatory requirements
- Annual external audit verification
- Zero regulatory violations in 2024
Community Investment
Local economic development through targeted financial support.
| Community Investment Category | 2024 Amount |
|---|---|
| Small Business Loans | $42.6 million |
| Community Development Grants | $1.3 million |
| Local Nonprofit Support | $750,000 |
Technological Innovation
Continuous technological advancement in banking services.
- Digital platform security investment: $2.4 million
- AI-driven customer service implementation
- Cybersecurity compliance: 100%
Employee Development
Commitment to workforce growth and professional development.
| Employee Development Metric | 2024 Data |
|---|---|
| Training Hours per Employee | 48 hours |
| Internal Promotion Rate | 62% |
| Employee Satisfaction Index | 4.5/5.0 |
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