Banking
Richmond Mutual Bancorporation Executive Compensation (FY24)
RMBI · Executive and director compensation, fiscal 2023 to 2024
Data as of September 7, 2026Latest filing (8-K): May 27, 2026
62 figures on this page: 60 cited to the filing that reported them, 2 calculated from figures it prints. See the citations
For fiscal 2025, shareholders backed the say-on-pay proposal with 94.0% of votes cast for or against in favor at the meeting held May 27, 2026. Separately, the compensation disclosed runs fiscal 2023 through fiscal 2024, and for fiscal 2024, the company reported 3 named executive officers.
What changed from fiscal 2023 to fiscal 2024
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Garry Kleer: $768,531 → $728,330 (5.2% lower)
Say-on-pay support: 88.1% → 94.0% (5.9 points higher)
Frequently asked questions
Answers drawn from the data on this page.
What was Richmond Mutual Bancorporation's say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 94.0% of votes cast for or against in favor at the meeting held May 27, 2026.
Executive compensation
Every element reported for each named executive officer, by fiscal year.
Fiscal 2023
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Garry Kleer Chairman, President and CEO of the Company; Chairman and CEO of First Bank Richmond | ◇ | ◇ | — | — | — | — | ◇ | ◇ |
Dean Weinert President of Mutual Federal, a division of First Bank Richmond | ◇ | ◇ | — | — | — | — | ◇ | ◇ |
Paul Witte President and Chief Operating Officer of First Bank Richmond | ◇ | ◇ | — | — | — | — | ◇ | ◇ |
Fiscal 2024
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Garry Kleer Chairman, President and Chief Executive Officer of the Company; Chairman and CEO of First Bank Richmond | ◇ | ◇ | — | — | — | — | ◇ | ◇ |
Paul Witte President and Chief Operating Officer of First Bank Richmond | ◇ | ◇ | — | — | — | — | ◇ | ◇ |
Dean Weinert President of Mutual Federal, a division of First Bank Richmond | ◇ | ◇ | — | — | — | — | ◇ | ◇ |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.
Outstanding awards
Awards still held at fiscal year end.
As disclosed at fiscal 2024 year end
| Officer | Award | Unvested units | Market value of unvested units | Exercise price | Expires |
|---|---|---|---|---|---|
| Paul Witte | RSU | ◇ | ◇ | — | — |
| Option | ◇ | — | ◇ | — | |
| Dean Weinert | RSU | ◇ | ◇ | — | — |
| Option | ◇ | — | ◇ | — | |
| Garry Kleer | RSU | ◇ | ◇ | — | — |
| Option | ◇ | — | ◇ | — |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director compensation
What each non-employee director was paid.
Fiscal 2024
| Director | Fees earned in cash | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|
Harold T. Hanley, III | ◇ | — | — | — | — | ◇ | ◇ |
Kathryn Girten | ◇ | — | — | — | — | ◇ | ◇ |
M. Lynn Wetzel | ◇ | — | — | — | — | ◇ | ◇ |
E. Michael Blum Lead independent director | ◇ | — | — | — | — | ◇ | ◇ |
Jeffrey A. Jackson | ◇ | — | — | — | — | ◇ | ◇ |
Garry D. Kleer served on the board in fiscal 2024 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director fee schedule
The standing retainers and premiums the board pays, as published.
| Board cash retainer | ◇ |
| Total board retainer | ◇ |
| Board meeting fee | ◇ |
Equity is delivered as Stock Options.
Disclosed peer group
The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Say-on-pay history
Shareholder support for the compensation program, by year.
| Year | Meeting | Support | Votes for | Votes against | Abstentions |
|---|---|---|---|---|---|
| 2025 | May 27, 2026 | = | ◇ | ◇ | ◇ |
| 2024 | May 21, 2025 | = | ◇ | ◇ | ◇ |
What this page does not include
Everything above is a fact Richmond Mutual Bancorporation disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion IntelligenceAdviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Velarion IntelligenceCitations
Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
62 figures on this page: 60 cited to the filing that reported them, 2 calculated from figures it prints.
60 cited to the filing
2 calculated from the filing
Documents cited
- 0001628280-26-038518Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001628280-25-027111Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001140361-25-014130Director Compensation · ELECTION OF DIRECTORS · EXECUTIVE COMPENSATION
- 0001140361-24-019253EXECUTIVE COMPENSATION
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Richmond Mutual Bancorporation executive compensation, FY2023–FY2024.” https://intel.velarion.ai/comp/RMBI (accessed 2026).
Short form: data: Velarion
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Terms on this page
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
author = {{Velarion Company Intelligence}},
title = {Velarion database: executive and board compensation data},
year = {2026},
version = {2026Q3},
doi = {10.5281/zenodo.22283854},
publisher = {Zenodo},
url = {https://doi.org/10.5281/zenodo.22283854}
}