COLDWATER, Mich., May 11, 2017 /PRNewswire/ -- At the Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) annual meeting Chairman and CEO John Castle announced that the board of directors approved an increase to the quarterly cash dividend that will be paid in July 2017. The $0.21 per share dividend is an increase of $0.01 per share over the April 2017 cash dividend payment. The annualized cash dividend of $0.84 per share represents a 2.40% dividend yield based on the current market price of $35.00 per share. The dividend will be payable July 21, 2017 to shareholders of record as of July 7, 2017.
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, Kalamazoo and St. Joseph Counties, and a loan production office in Steuben 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.
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SOURCE Southern Michigan Bancorp, Inc.