RMBI · CIK 1767837
What Richmond Mutual Bancorporation, Inc. told the SEC could break it.
Richmond Mutual's risks are mostly about concentration in its loan and lease book. Its credit is geographically clustered — roughly $223.1 million (18.7%) of its loans and leases are in the Columbus, Ohio market, and about 37.7% of its lease portfolio is to customers in California, New York, Florida and Texas — tying credit risk to those regions. Its lease financing is also sourced through a narrow set of brokers and third-party originators, none exclusive and any free to terminate: in 2025 the top five were about 46.1% of origination volume and the top 25 made up 82.7% of its direct-financing lease portfolio. As an Indiana-chartered bank, it operates under IDFI and FDIC supervision and consumer-protection laws, where non-compliance could bring sanctions, fines and reputational harm.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- Columbus, OH loan concentration (18.7% of loans) and CA/NY/FL/TX lease concentration (37.7%)medium
About $223.1M (18.7%) of Richmond Mutual's loans/leases are in the Columbus, Ohio market (commercial/multifamily-heavy), and ~37.7% of its lease portfolio is to customers in California, New York, Florida and Texas — concentrating credit risk in those geographies.
“approximately $223.1 million of these loans, or 18.7% of our total loans and leases, located in the Columbus, Ohio market.”
SEC filing →As of 2026
Regulatory & policy
- Indiana DFI / FDIC bank regulation, consumer-protection laws and dividend restrictionsmedium
As an Indiana-chartered bank, Richmond Mutual is subject to IDFI/FDIC supervision, consumer-protection/anti-discrimination laws and dividend restrictions; non-compliance could bring civil/criminal sanctions, fines and reputational harm.
“Further, our failure to comply with laws, regulations or policies could result in civil or criminal sanctions and money penalties by state and federal agencies, and/or reputation damage, which could have a material adverse effect on our business, financial condition and results of operations.”
SEC filing →As of 2026
Supplier concentration
- lease origination concentrated in a few brokers/third-party originators (top 5 = 46.1%, top 25 = 82.7%)medium
Richmond Mutual sources its lease financing through brokers/third-party originators — in 2025 the top five were ~46.1% of origination volume (one at 11.8%) and the top 25 were 82.7% of the direct-financing lease portfolio (largest at 12.0%); none are exclusive and any may terminate at any time.
“the top five brokers/third party originators accounted for approximately 46.1% of our total volume of lease originations, one of whom accounted for approximately 11.8% of our total volume of lease originations. At December 31, 2025, our top 25 brokers/third party originators collectively accounted for 82.7% of our total direct financing lease portfolio, with our largest broker/third party originator accounting for 12.0% of the por”
SEC filing →As of 2026
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