SOURCE: Sturgis Bancorp Inc.

October 22, 2015 13:55 ET

Sturgis Bancorp, Inc. Increases Quarterly Cash Dividend

STURGIS, MI--(Marketwired - Oct 22, 2015) -  Sturgis Bancorp, Inc. (OTCQX: STBI) today announced that its Board of Directors has declared a cash dividend of $0.05 per common share, payable December 15, 2015 to stockholders of record November 13, 2015. 

The Company had paid regular quarterly dividends for several years through the third quarter of 2011, then suspended dividends to enhance capital ratios. This declaration increases the Company's regular quarterly dividend, reinstated in the first quarter of 2014, in light of significant asset quality improvements and increases in Regulatory capital levels. 

Mr. Eishen stated, "Given the continuing improvements in earnings and credit quality, the Board has increased the quarterly cash dividend to $0.05 per share. Margin pressures, increased Regulatory burden, and the uncertainty of U. S. markets remain as concerns for the banking industry as a whole. However the integration of the West Michigan Savings Bank and expected benefits of this acquisition have improved the Bank's core deposits and earnings."

Sturgis Bancorp is the holding company for Sturgis Bank & Trust Company, and its subsidiaries Oakleaf Financial Services, Inc. and Oak Mortgage, LLC. Sturgis Bancorp provides a full array of trust, commercial and consumer-banking services from 12 banking centers in Sturgis, Bangor, Bronson, Centreville, Climax, Colon, South Haven, Three Rivers and White Pigeon, Mich. Oakleaf Financial Services offers a complete range of investment and financial-advisory services. Oak Mortgage offers residential mortgages in all banking centers of the Bank.

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This release contains statements that constitute forward-looking statements. These statements appear in several places in this release and include statements regarding intent, belief, outlook, objectives, efforts, estimates or expectations of Bancorp, primarily with respect to future events and the future financial performance of the Bancorp. Any such forward-looking statements are not guarantees of future events or performance and involve risks and uncertainties, and actual results may differ materially from those in the forward-looking statement. Factors that could cause a difference between an ultimate actual outcome and a preceding forward-looking statement include, but are not limited to, changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking laws and regulations; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; government and regulatory policy changes; the outcome of any pending and future litigation and contingencies; trends in consumer behavior and ability to repay loans; and changes of the world, national and local economies. Bancorp undertakes no obligation to update, amend or clarify forward-looking statements as a result of new information, future events, or otherwise. The numbers presented herein are unaudited.

Contact Information

    Sturgis Bancorp, Inc.
    Eric Eishen
    President & CEO
    Brian P. Hoggatt
    P: 269 651-9345