Southern Michigan Bancorp Announces Generous Cash Dividend Payout
Southern Michigan Bancorp Declares Dividend
The Board of Directors at Southern Michigan Bancorp, Inc. has made an exciting announcement, declaring a quarterly dividend of $0.15 per share. This dividend applies to all outstanding shares of the corporation's stock, marking an important milestone for the company and its shareholders.
Details of the Dividend Payment
This latest cash dividend is set to be paid on January 24, 2025, rewarding shareholders who are on record as of January 10, 2025. The annualized figure of $0.60 per share translates into a 3.08% dividend yield when calculated against the current market price of $19.50 per share, illustrating the ongoing financial strength of Southern Michigan Bancorp.
Company Overview
Southern Michigan Bancorp, Inc. operates as a bank holding company and is the parent of Southern Michigan Bank & Trust. With a committed presence across several counties, the institution has 18 offices serving the communities of Branch, Calhoun, Hillsdale, Jackson, Kalamazoo, and St. Joseph. Its wide array of services includes consumer, business, and wealth management, aiming to meet the diverse needs of customers throughout the region.
Services Offered by Southern Michigan Bank & Trust
Southern Michigan Bank & Trust prides itself on offering a comprehensive suite of banking solutions. From everyday consumer accounts to sophisticated business financing options, the bank has designed its services to cater to both individual and corporate clients. Wealth management services also play a crucial role in their offerings, aimed at providing personalized financial guidance.
Future Dividend Policy
The future of Southern Michigan Bancorp's dividend payments hinges on various factors. While the board of directors aims to continue providing quarterly cash dividends, each will be carefully considered based on the company’s financial standing and profitability. This approach reflects a prudent strategy, mindful of the ever-changing economic landscape.
Commitment to Shareholders
Announcing a dividend is a significant commitment to shareholders, indicating a company's confidence in its operational capacity and future earnings. Southern Michigan Bancorp is dedicated to enhancing shareholder value, and this recent dividend declaration is a testament to that mission.
Engagement with the Community
Southern Michigan Bancorp has become more than just a financial institution; it aims to be an integral part of the community. Its numerous branches facilitate local engagement, allowing the bank to support various initiatives and causes that benefit their customers and neighborhoods.
Contact Information
For further inquiries regarding the dividend or other bank operations, individuals can reach out to John H. Castle, the Chairman of Southern Michigan Bancorp. He can be contacted at (517) 279-5500 for any detailed questions or concerns.
Frequently Asked Questions
What is the declared dividend amount by Southern Michigan Bancorp?
The declared dividend amount is $0.15 per share on the corporation's outstanding shares.
When is the dividend payment date?
The dividend is payable on January 24, 2025.
Who will receive the dividend?
Shareholders who are on record as of January 10, 2025, will be eligible for the dividend payment.
What is the annualized cash dividend for shareholders?
The annualized cash dividend amounts to $0.60 per share.
What is the primary service offered by Southern Michigan Bancorp?
Southern Michigan Bancorp primarily offers consumer, business, and wealth management services through its bank.
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