Southern Michigan Bancorp, Inc. Announces Increase in Quarterly Dividend

Rhea-AI Summary

Southern Michigan Bancorp, Inc. (SOMC) increases quarterly cash dividend by $0.01 per share to $0.15, with an annualized cash dividend of $0.60 per share. The dividend yield stands at 3.42% based on the current market price. The company is a bank holding company operating multiple branches, offering various financial services in Michigan counties.

COLDWATER, Mich., March 26, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) approved an increase to the quarterly cash dividend that will be paid in April 2024. The $0.15 per share dividend is an increase of $0.01 per share over the January 2024 cash dividend payment of $0.14 per share. The dividend is payable on April 19, 2024 to shareholders of record April 5, 2024. The annualized cash dividend of $0.60 per share represents a 3.42% dividend yield based on the current market price of $17.55 per share.

Southern Michigan Bancorp, Inc. is a bank holding company and the parent company of Southern Michigan Bank & Trust. It operates 15 branches within Branch, Calhoun, Hillsdale, Jackson, Kalamazoo, and St. Joseph Counties, and a loan production office in Jackson County, 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.

This press release contains forward-looking statements that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy, and Southern Michigan Bancorp, Inc. Although we currently expect to continue to pay a quarterly cash dividend, each future dividend will be considered and declared by the board of directors in its discretion. Whether the board of directors continues to declare dividends depends on a number of factors, including our future financial condition and profitability. Forward-looking statements are based upon current beliefs and expectations and involve substantial risks, uncertainties, and assumptions (“risk factors”), which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. We undertake no obligation to update or revise our forward-looking statements to reflect developments that occur, or information obtained after the date of this report.

FAQ

What is the new quarterly cash dividend amount approved by Southern Michigan Bancorp, Inc. (SOMC)?

The new quarterly cash dividend approved by SOMC is $0.15 per share.

When will the increased dividend be paid to shareholders of Southern Michigan Bancorp, Inc. (SOMC)?

The increased dividend of $0.15 per share will be paid on April 19, 2024, to shareholders of record as of April 5, 2024.

What is the annualized cash dividend per share offered by Southern Michigan Bancorp, Inc. (SOMC)?

The annualized cash dividend per share offered by SOMC is $0.60.

What is the dividend yield based on the current market price for Southern Michigan Bancorp, Inc. (SOMC)?

The dividend yield for SOMC stands at 3.42% based on the current market price of $17.55 per share.

How many branches does Southern Michigan Bancorp, Inc. (SOMC) operate?

SOMC operates 15 branches within Branch, Calhoun, Hillsdale, Jackson, Kalamazoo, and St. Joseph Counties, along with a loan production office in Jackson County.