Sturgis Bancorp, Inc. Increases Quarterly Cash Dividend

Rhea-AI Summary

Sturgis Bancorp (OTCQX:STBI) has declared a cash dividend of $0.17 per common share, marking the highest quarterly dividend in its history. This dividend is payable on March 15, 2022, for shareholders on record as of February 15, 2022. The increase in dividend reflects the company's strong earnings and asset quality. Sturgis Bancorp operates various subsidiaries providing comprehensive banking and financial services across multiple Michigan locations.

Positive

• Dividend increased to $0.17, the highest level in company history.
• Reflects strong earnings and asset quality.

Negative

• None.

STURGIS, MI / ACCESSWIRE / January 31, 2022 / Sturgis Bancorp, Inc. (OTCQX:STBI) today announced that its Board of Directors has declared a cash dividend of $0.17 per common share, payable March 15, 2022, to stockholders of record February 15, 2022. This declaration increases the quarterly dividend to the highest level in the Company's history, in recognition of strong earnings and asset quality.

Sturgis Bancorp is the holding company for Sturgis Bank & Trust Company (Bank), and its subsidiaries Oakleaf Financial Services, Oak Mortgage, Ayres/Oak Insurance, and Oak Title Services. The Bank provides a full array of trust, commercial and consumer banking services from banking centers in Sturgis, Bangor, Bronson, Centreville, Climax, Colon, Portage, South Haven, St. Joseph, Three Rivers and White Pigeon, MI. Oakleaf Financial Services offers a complete range of investment and financial-advisory services. Oak Mortgage offers residential mortgages in all markets of the Bank. Ayres/Oak Insurance offers various competitive commercial and consumer insurance products. Oak Title Services offers commercial and consumer title insurance.

For Sturgis Bank & Trust Company updates, visit www.sturgis.bank.

This release contains statements that constitute forward-looking statements. These statements appear in several places in this release and include statements regarding intent, belief, outlook, objectives, efforts, estimates or expectations of Bancorp, primarily with respect to future events and the future financial performance of the Bancorp. Any such forward-looking statements are not guarantees of future events or performance and involve risks and uncertainties, and actual results may differ materially from those in the forward-looking statement. Factors that could cause a difference between an ultimate actual outcome and a preceding forward-looking statement include, but are not limited to, changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking laws and regulations; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; government and regulatory policy changes; the outcome of any pending and future litigation and contingencies; trends in consumer behavior and ability to repay loans; and changes of the world, national and local economies. Bancorp undertakes no obligation to update, amend or clarify forward-looking statements as a result of new information, future events, or otherwise. The numbers presented herein are unaudited.

Contacts:

Sturgis Bancorp, Inc. - Eric Eishen, President & CEO, or Brian P. Hoggatt, CFO P: 269 651-9345

SOURCE: Sturgis Bancorp, Inc.

View source version on accesswire.com:
https://www.accesswire.com/686392/Sturgis-Bancorp-Inc-Increases-Quarterly-Cash-Dividend

FAQ

What is the dividend amount declared by Sturgis Bancorp?

Sturgis Bancorp declared a cash dividend of $0.17 per common share.

When is the dividend for STBI payable?

The dividend is payable on March 15, 2022.

What is the record date for the dividend?

The record date for the dividend is February 15, 2022.

Why was the dividend increased for Sturgis Bancorp?

The dividend increase reflects strong earnings and asset quality.