(COLDWATER) - Southern Michigan Bancorp has announced a new cash dividend for its shareholders.
The Coldwater-based company says its board has approved a 16-cent dividend per share, which will be paid on January 23rd to shareholders who own stock as of January 9th. If the company continues paying dividends at this rate, shareholders would receive 64 cents per share over a year, which equals a return of about 2.7 percent based on the current stock price. Southern Michigan Bancorp is the parent company of Southern Michigan Bank and Trust, which operates 18 bank locations across southern Michigan. The bank offers personal, business, and wealth management services. Company officials say they expect to keep paying quarterly dividends, but future payments will depend on company performance and board approval. Southern Michigan Bancorp stock trades on the OTC Pink market under the symbol SOMC.