Southern Michigan Bancorp, Inc. Declares Cash Dividend

Rhea-AI Summary

Southern Michigan Bancorp, Inc. (SOMC) declares a quarterly dividend of $0.14 per share, payable on January 19, 2024, to shareholders of record January 5, 2024. The annualized cash dividend of $0.56 per share represents a 3.70% dividend yield based on the current market price of $15.15 per share. The company operates 15 branches and a loan production office, providing a broad range of financial services.

COLDWATER, Mich., Dec. 20, 2023 (GLOBE NEWSWIRE) -- The Board of Directors of Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) declared a quarterly dividend of $0.14 per share on the outstanding shares of the corporation’s stock. The dividend is payable on January 19, 2024, to shareholders of record January 5, 2024. The annualized cash dividend of $0.56 per share represents a 3.70% dividend yield based on the current market price of $15.15 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 dividend declared by Southern Michigan Bancorp, Inc. (SOMC)?

The company declared a quarterly dividend of $0.14 per share.

When is the dividend payable to shareholders of Southern Michigan Bancorp, Inc. (SOMC)?

The dividend is payable on January 19, 2024, to shareholders of record January 5, 2024.

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

The annualized cash dividend is $0.56 per share, representing a 3.70% dividend yield based on the current market price of $15.15 per share.

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

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

What services does Southern Michigan Bancorp, Inc. (SOMC) provide?

The company provides a broad range of consumer, business, and wealth management services throughout the region.