Southern Michigan Bancorp, Inc. Announces 100% Stock Dividend
The Board of Directors of Southern Michigan Bancorp (SOMC) has declared a 100% stock dividend, set to be paid on May 14, 2021, for shareholders on record as of April 26, 2021. This decision reflects the company's robust financial condition and an optimistic outlook for its operations, according to Chairman and CEO John H. Castle. Southern Michigan Bancorp operates 13 branches across several counties, offering a wide range of banking and wealth management services, contributing to its growth in earnings and franchise value.
- Declaration of a 100% stock dividend enhances shareholder value.
- Strong financial condition indicates future growth potential.
- None.
COLDWATER, Mich., April 13, 2021 (GLOBE NEWSWIRE) -- The Board of Directors of Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) announced today the declaration of a one hundred percent stock dividend payable on May 14, 2021 for shareholders of record April 26, 2021.
“The declaration of this stock dividend is the result of Southern Michigan’s strong financial condition and the optimistic outlook for the ongoing operation of the Company,” John H. Castle, Chairman and Chief Executive Officer of Southern Michigan, said. “The Board and management of Southern Michigan are especially appreciative of shareholder support over the past several years that have led to Southern’s growth in earnings and its increase in franchise value,” Castle added.
Southern Michigan Bancorp, Inc. is a bank holding company and the parent company of Southern Michigan Bank & Trust. It operates 13 branches within Branch, Calhoun, Hillsdale, Kalamazoo and St. Joseph Counties, providing a broad range of consumer, business and wealth management services throughout the region. For more information, please visit the Southern Michigan Bank & Trust website, www.smb-t.com.
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