COLDWATER, Mich., Dec. 20, 2016 /PRNewswire/ -- Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) declared a quarterly dividend of $0.20 per share on the outstanding shares of the corporation's stock. The $0.20 per share dividend is an increase of $0.04 per share over the January 2016 cash dividend of $0.16 per share. The dividend is payable on January 20, 2017 to shareholders of record January 6, 2017. The annualized cash dividend of $0.80 per share represents a 2.73% dividend yield based on the current market price of $29.35 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, 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.