Southern Michigan Bancorp, Inc. Declares Cash Dividend

Rhea-AI Summary

Southern Michigan Bancorp (OTC Pink: SOMC) announced a quarterly dividend of $0.12 per share, payable on July 23, 2021, to shareholders of record by July 9, 2021. This annualized cash dividend totals $0.48 per share, yielding 2.57% based on the current market price of $18.70. The company operates 13 branches across various counties, offering a wide range of financial services. Future dividends are subject to the discretion of the Board of Directors and depend on various financial factors.

Positive

• Quarterly dividend of $0.12 per share enhances shareholder income.
• Annualized cash dividend of $0.48 represents a 2.57% yield based on current market price.

Negative

• Future dividends are not guaranteed and depend on financial condition and profitability.

COLDWATER, Mich., June 23, 2021 (GLOBE NEWSWIRE) -- The Board of Directors of Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) declared a quarterly dividend of $0.12 per share on the outstanding shares of the corporation’s stock. The dividend is payable on July 23, 2021 to shareholders of record July 9, 2021. The annualized cash dividend of $0.48 per share represents a 2.57% dividend yield based on the current market price of $18.70 per share.

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.

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 amount declared by Southern Michigan Bancorp?

The declared dividend amount is $0.12 per share.

When is the dividend payable to shareholders of Southern Michigan Bancorp?

The dividend is payable on July 23, 2021.

What is the dividend yield based on the current market price for SOMC?

The dividend yield is 2.57% based on the current market price of $18.70.

What date is the record date for the dividend payment?

The record date for the dividend payment is July 9, 2021.

Are future dividends guaranteed for Southern Michigan Bancorp?

Future dividends are not guaranteed and depend on various financial factors.