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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Date of Report (Date of earliest event reported) April 19, 1999
SOUTHERN MICHIGAN BANCORP, INC.
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(Name of Issuer in its charter)
Michigan 38-2407501
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(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
P.O. Box 309
51 W. Pearl St, Coldwater, MI 49036-1995
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(Address of principal executive offices) (Zip Code)
Issuer's telephone number, (517) 279-5500
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N/A
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(Former name of former address, if changed since last report)
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ITEM 5. OTHER MATTERS
Registrant announced the adoption of a Stock Repurchase Program by its Board of
Directors. Under the terms of the Plan Registrant will repurchase up to a
maximum amount of 5% of its outstanding shares of common stock over a one year
period beginning today under a limited stock repurchase plan.
The stock repurchase plan authorizes the Company to make repurchases from time
to time in the open market or in privately negotiated transactions. Repurchased
common shares will be used to meet the Company's requirements for future stock
splits and stock dividends, as well as other general corporate purposes.
ITEM 7. EXHIBITS.
Copy of Registrant's Press Release
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized officer.
Southern Michigan Bancorp, Inc.
Dated: May 21, 1999 /s/ James T. Grohalski
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By: James T. Grohalski
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Its: President & Chief Executive Officer
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Exhibit Index
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EXHIBIT NO. DESCRIPTION
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99.1 Registrant's Press Release
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EXHIBIT 99.1
For Immediate Release
Contact:
SOUTHERN MICHIGAN BANCORP, INC.
ANNOUNCES
STOCK REPURCHASE
COLDWATER, MICHIGAN - April 19, 1999 - Southern Michigan Bancorp, Inc.
(BULLETIN BOARD: SOMC) announced today that its board of directors has
authorized the repurchase of up to a maximum amount of 5% of its outstanding
shares of common stock over a one year period beginning May 3, 1999 under a
limited stock repurchase plan.
The stock repurchase plan authorizes the Company to make repurchases
from time to time in the open market or in privately negotiated transactions.
Repurchased common shares will be used to meet the Company's requirements for
future stock splits and stock dividends, as well as other general corporate
purposes. At March 31, 1999, the Company had 1,857,130 shares of common stock
outstanding. A maximum of 1000 shares a day will be repurchased by the plan
until the 5% maximum repurchase is reached.
In January, 1999 the Company repurchased 15,547 common shares held by
two participants in the Company's Employee Stock Ownership Plan. These shares
were repurchased at $35.00 per share which represented the fair market value of
the common stock of Company as of September 30, 1998 as determined by an
independent firm specializing in the valuation of financial institutions.
With assets of $263.221 million at March 31, 1999, Southern
Michigan Bancorp, Inc. is a bank holding company which has as its subsidiary
Southern Michigan Bank & Trust of Coldwater, Michigan.
