Southern Michigan Bancorp Inc. (SOMC)

Overview

Southern Michigan Bancorp, Inc. stands as a pivotal financial institution, operating as the parent company of Southern Michigan Bank & Trust. It is dedicated to offering a comprehensive suite of commercial banking services tailored for individuals, businesses, institutions, and governmental agencies, primarily servicing the southwest Michigan communities. Since its inception in 1871, the institution has expanded its footprint, managing 13 branches across Branch, Calhoun, Hillsdale, Kalamazoo, and St. Joseph Counties as of March 23, 2022. Headquartered in Coldwater, Michigan, it remains committed to supporting the financial needs of its community with an array of banking products and personalized services.

Products and Services

• Deposit Products: This includes a variety of checking and savings accounts, both interest and non-interest-bearing, alongside money market accounts. Time, savings, and demand deposits, as well as certificates of deposit and IRAs, are also offered, catering to the diverse savings needs of its clients.
• Loan Services: The bank provides an extensive range of loan products, including:
  • Home Mortgages and Equity Loans: Offering financing solutions for home purchases and equity tapping.
  • Auto/Personal Loans: Tailored loans for personal needs, including vehicle purchases.
  • Business Loans: A comprehensive suite for businesses includes lines of credit, term loans, commercial real estate loans, and more. Specialized products like small business administration loans and agricultural loans also support specific industry needs.
  • Consumer Lending Products: Financing options for residential real estate and consumer goods purchases.
• Trust and Investment Services: Offering a range of services such as investment management, estate planning, trust services, and IRA rollovers. The aim is to provide wealth management and planning assistance for both personal and institutional clients.
• Additional Services: Southern Michigan Bank & Trust goes beyond traditional banking with:
  • Online and Mobile Banking: Enabling clients to manage their finances digitally through bill pay, e-statements, and other electronic services.
  • Payment and Transfer Services: Including ACH, wire transfers, and remote deposit capture for convenient money management.
  • Insurance and Merchant Services: Offering additional protections and services tailored for business operations.
  • ATM, Debit, Credit, and Gift Cards: Providing a range of card services to meet the payment needs of customers.