Corrected Record and Payment Dates for Previous Release

Southern Michigan Bancorp, Inc. Declares Cash Dividend

COLDWATER, Mich., Jan. 02, 2020 (GLOBE NEWSWIRE) -- In the most recent dividend release, Southern Michigan Bancorp, Inc. inadvertently issued a record date of January 6, 2020 in place of the actual date, January 3, 2020, and a payment date of January 20, 2020 in place of the actual date, January 17, 2020. A corrected version is as follows:

The Board of Directors of Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) declared a quarterly dividend of $0.23 per share on the outstanding shares of the corporation’s stock.  The dividend is payable on January 17, 2020 to shareholders of record January 3, 2020.   The annualized cash dividend of $0.92 per share represents a 2.39% dividend yield based on the current market price of $38.55 per share.

Southern Michigan Bancorp, Inc. is a bank holding company and the parent company of Southern Michigan Bank & Trust.  It operates 13 branches within Branch, Calhoun, Hillsdale, Kalamazoo 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.

CONTACT: CONTACT:  John H. Castle, CEO
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