COLDWATER, Mich., May 8, 2014 /PRNewswire/ -- At the Southern Michigan Bancorp, Inc. (OTCQB: SOMC) annual meeting Chairman and CEO John H. Castle announced that the board of directors approved an increase to the quarterly cash dividend from $.13 per share to $.15 per share payable in July 2014. The new annualized cash dividend of $0.60 per share represents a 3.33% dividend yield based on the current market price of $18.00 per share. The dividend will be payable July 18, 2014 to shareholders of record July 3, 2014. CEO Castle stated "The increase in the quarterly dividend is a result of continued improvement and consistency in the bank's profitability and credit quality."
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. 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.