COLDWATER, Mich., June 20, 2012 /PRNewswire/ -- Southern Michigan Bancorp, Inc. (OTCBB: SOMC) announced that the board of directors approved a quarterly cash dividend of $0.09 per share payable July 20, 2012 to shareholders of record as of July 6, 2012. The $0.09 per share dividend is an increase of $0.02 per share over the April 2012 cash dividend payment of $0.07 and an increase of $0.04 per share over the January 2012 cash dividend.
John H. Castle, Chairman and Chief Executive Officer of Southern Michigan Bancorp, Inc., stated, "Our board continues to evaluate various balance sheet and performance metrics in determining the appropriate level of shareholder dividends, and we are pleased that our solid operating performance supports additional increases to the quarterly dividend."
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 and St. Joseph Counties, providing a broad range of consumer, business and wealth management services throughout the region.
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. Forward-looking statements are identifiable by words or phrases such as "continues," "evaluate" and other similar words or phrases. 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.
Risk factors include, but are not limited to, the risk factors described in "Item 1A - Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2011. These and other factors are representative of the risk factors that may emerge and could cause a difference between an ultimate actual outcome and a preceding forward-looking statement.