COLDWATER, Mich., Sept. 24, 2013 /PRNewswire/ -- Southern Michigan Bancorp, Inc. (OTCQB: SOMC) declared a quarterly dividend of $0.13 per share, an 8% increase from its previous $0.12 per share dividend paid on July 19, 2013. The new annualized dividend rate of $0.52 per share represents a 3.15% dividend yield based on the current market price of $16.50 per share. The dividend is payable on October 18, 2013 to shareholders of record October 4, 2013.
John H. Castle, Chairman and Chief Executive Officer of Southern Michigan Bancorp, Inc., stated, "The strength of our balance sheet, along with record earnings in 2012 and continued strong profitability in 2013, has allowed us to progressively increase the quarterly dividend four times since December 2011 while maintaining a strong capital position."
Southern Michigan Bancorp, Inc. is a bank holding company headquartered in Coldwater, Michigan. Its subsidiary bank, Southern Michigan Bank & Trust, has 15 branches within Branch, Calhoun, Hillsdale and St. Joseph Counties and provides 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.
SOURCE Southern Michigan Bancorp, Inc.