Coldwater, Michigan, December 21, 2012: Southern Michigan Bancorp, Inc. (OTCBB: SOMC) declared a quarterly dividend of $0.12 per share, an increase of $0.03 per share over the October 2012 cash dividend payment of $0.09 per share. The dividend is payable on January 25, 2013 to shareholders of record January 11, 2013.
With this fourth quarter dividend, total cash dividends for the four quarters ending December 31, 2012 will amount to $0.37 per share, up from $0.22 per share for the same period one year ago, an increase of 68.2%. The new annualized dividend rate is $0.48 per share.
John H. Castle, Chairman and Chief Executive Officer of Southern Michigan Bancorp, Inc., stated, “continued improvement in asset quality, profitability, and balance sheet metrics have all contributed to the increase in our quarterly cash dividend. In determining the appropriate level of shareholder dividends, the Board considers recent and prospective operating performance, capital levels, payout ratios, and other company-wide risks.”
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 Countiesand 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.