Southern Michigan Bancorp, Inc. Declares Cash Dividend

Rhea-AI Summary

The Board of Directors of Southern Michigan Bancorp declared a quarterly dividend of $0.15 per share on June 26, 2024. This dividend is payable on July 19, 2024, to shareholders recorded by July 8, 2024. The annualized dividend of $0.60 per share translates to a 3.76% yield based on the current stock price of $15.95. Southern Michigan Bancorp, operating under the ticker SOMC, is the parent company of Southern Michigan Bank & Trust, which serves multiple counties in Michigan through 17 offices and a loan production office. The company offers a range of consumer, business, and wealth management services.

Positive

• Quarterly cash dividend of $0.15 per share.
• Annualized dividend yield of 3.76% based on current stock price.
• Dividend payment date set for July 19, 2024.
• Dividend increase shows company confidence and potential attractiveness to income-focused investors.

Negative

• None.

COLDWATER, Mich., June 26, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) declared a quarterly dividend of $0.15 per share on the outstanding shares of the corporation’s stock. The dividend is payable on July 19, 2024, to shareholders of record July 8, 2024. The annualized cash dividend of $0.60 per share represents a 3.76% dividend yield based on the current market price of $15.95 per share.

Southern Michigan Bancorp, Inc. is a bank holding company and the parent company of Southern Michigan Bank & Trust. It operates 17 offices 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

When did Southern Michigan Bancorp declare its quarterly dividend?

Southern Michigan Bancorp declared its quarterly dividend on June 26, 2024.

What is the dividend amount declared by Southern Michigan Bancorp?

The dividend amount declared by Southern Michigan Bancorp is $0.15 per share.

When is the dividend payable for Southern Michigan Bancorp shareholders?

The dividend is payable on July 19, 2024.

What is the record date for Southern Michigan Bancorp's dividend?

The record date for the dividend is July 8, 2024.

What is the annualized dividend yield for Southern Michigan Bancorp?

The annualized dividend yield for Southern Michigan Bancorp is 3.76% based on the current stock price.

What is the ticker symbol for Southern Michigan Bancorp?

The ticker symbol for Southern Michigan Bancorp is SOMC.