| Business Summary | | Southern
Michigan
Bancorp,
Inc.
is
a
registered
bank
holding
company
for
Southern
Michigan
Bank
&
Trust
(the
Bank).
The
Bank
offers
a
full
range
of
banking
services
to
individuals,
businesses,
governmental
entities
and
other
institutions.
These
services
include
checking,
savings
and
NOW
accounts,
time
deposits,
safe
deposit
facilities
and
money
transfers.
The
Bank's
lending
operations
provide
secured
and
unsecured
commercial
and
personal
loans,
real
estate
loans,
consumer
installment
loans,
lines
of
credit
and
accounts
receivable
financing.
The
Bank
operates
12
branch
offices
in
the
primarily
rural
areas
of
Branch,
Hillsdale
and
Calhoun
counties
in
southwestern
Michigan.
In
addition
to
the
operations
of
the
Bank,
the
Company
owns
and
leases
certain
real
estate
to
the
Bank
and
third
parties. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | Southern
Michigan
Bancorp
is
a
holding
company
for
Southern
Michigan
National
Bank.
For
the
six
months
ended
6/30/01,
total
interest
income
increased
1%
to
$11.2
million.
Net
interest
income
after
loan
loss
provision
decreased
11%
to
$5.3
million.
Net
income
decreased
20%
to
$1.3
million.
Net
interest
income
reflect
the
increase
in
interest-earnings
assets,
offset
by
higher
interest
on
deposits.
Earnings
also
reflect
higher
employee
compensation
expenses. | More
from
Market Guide: Significant
Developments |
| Officers | | | FY2000 Pay | |
| James Morrison, 52 Chairman | -- | James Grohalski, 60 Pres,
CEO, Sec. | $170K | Dollar amounts are as of 31-Dec-2000 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|