2021
11.19.2021 -- At their November 16, 2021, meeting, the Board of Directors of Eastern Michigan Financial Corporation declared a quarterly cash dividend of $0.30 per share to be paid on December 31, 2021, to shareholders of record as of December 24, 2021.
Eastern Michigan Financial Corporation trades on the Over-The-Counter Bulletin Board under the symbol EFIN. Any questions regarding the information contained in this release should be directed to Senior Vice President, Chief Financial Officer Errin Levitt by phone at 810.398.5135 or by email.
For quarterly and annual financial data, please visit our Investor Information page.
9.12.2021 -- The Board of Directors of Eastern Michigan Financial Corporation is pleased to announce the appointments of Anthony (Tony) Roggenbuck and Steve Schweihofer as directors of Eastern Michigan Financial Corporation and its wholly owned subsidiary, Eastern Michigan Bank.
Tony Roggenbuck is a lifelong resident of the Ruth area. He is the President of D&D Farms, Inc., a third-generation family farm that he grew up on, and also the owner operator of Trucker T’s Transport, LLC, based in Ubly.
Steve Schweihofer is the former Chief Financial Officer for Foster Blue Water Oil, located in Richmond with operations throughout eastern Michigan. He is actively involved in his local community, currently serving as treasurer of both the SC4 Foundation and St. Vincent DePaul and Ecumenical Food Pantry, St Clair chapter. He is also a Trustee of the Community Foundation of St Clair County and serves on their Finance and C3 committees, as well as being the varsity golf coach for Marysville High School. Steve is a lifelong resident of St. Clair County.
“We are so pleased to welcome Tony and Steve to our Boards,” commented Eastern Michigan Bank President and Chief Executive Officer Will Oldford. “Tony brings a wealth of experience from the agricultural community as well as helping to represent the Bank in our Ruth and Deckerville markets. Steve will bring additional financial acumen to the Board as well as his significant experience with bank financing from the customer perspective.”
Roggenbuck and Schweihofer will be replacing Board members Kathlene Partaka of Croswell and Bradley Apsey of Deckerville, who are retiring in the spring.
The directors, officers and staff of Eastern Michigan Bank all welcome Mr. Roggenbuck and Mr. Schweihofer to the organization and look forward to their contributions.
Eastern Michigan Financial Corporation is the holding company for Eastern Michigan Bank, a locally owned community bank which operates nine branch offices located in the Huron, Sanilac and St. Clair County communities of Croswell, Deckerville, Fort Gratiot, Lakeport, Lexington, Marysville, Port Huron, Ruth and Sandusky.
8.19.2021 -- Eastern Michigan Financial Corporation (the Company), which trades on the Over-The-Counter Bulletin Board (OTC) under the symbol EFIN, has announced that its Board of Directors has approved a program for the repurchase of shares of its common stock, commencing September 1, 2021, and ending at the close of market on August 31, 2022. This program allows the Company to repurchase up to $500,000 of its common stock, inclusive of brokerage commissions and fees, which is approximately 1.31% of its outstanding common stock. As of June 30, 2021, the Company had 1,237,861 shares of its common stock outstanding. The program does not obligate the Company to acquire a specific dollar amount or number of shares and may be modified, suspended or discontinued at any time.
Repurchases under the program may be made from time to time at the Company’s discretion in open market transactions, in privately negotiated transactions, and pursuant to any trading plan that may be adopted by the Company’s management in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, or otherwise. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, and market conditions. Repurchases will be funded by existing cash and cash equivalents.
Eastern Michigan Financial Corporation is a bank holding company with approximately $502 million in assets and the sole owner of Eastern Michigan Bank. Originally chartered as the State Bank of Croswell in 1895, Eastern Michigan Bank currently operates nine banking offices and a loan operations center, providing a full range of commercial and consumer banking services primarily in the Sanilac, St. Clair and Huron County, Michigan communities of Croswell, Deckerville, Fort Gratiot, Lakeport, Lexington, Marysville, Ruth, Port Huron and Sandusky. Eastern Michigan Bank offers a broad range of deposit services, including checking accounts, savings accounts and time deposits of various types as well as loans for commercial and consumer purposes. Clients include individuals, businesses, schools, associations, churches, non-profit organizations and government entities.
Statements related to the Company’s intention to implement the share repurchase program constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 and otherwise within the meaning of court opinions construing such forward-looking statements. The Company claims all safe harbor and other legal protections provided to it by law for all of its forward-looking statements. Forward-looking statements involve known and unknown risks, estimates, uncertainties and other factors, which could cause actual financial or operating results, performances or achievements expressed or implied by such forward-looking statements not to occur or be realized, and are based on currently available information and on our current expectations and projections about future events. These risks and uncertainties include, but are not necessarily limited to, the affect that the share repurchase program may have on the price and/or trading volume of shares of our common stock, our ability to amend, suspend or terminate the share repurchase program, including the maximum designated number of shares authorized to be repurchased, at any time without prior notice and as permitted or required by applicable law or regulation, and that due to the historically thin trading volume in our common stock, no assurance can be given as to the maximum length of time that the repurchase program may be kept in place. Undue reliance should not be placed on such forward-looking statements as they speak only as of the date hereof, and we undertake no obligation to update these statements to reflect subsequent events or circumstances except as may be required by law.
8.18.2021 -- At their August 17, 2021, meeting, the Board of Directors of Eastern Michigan Financial Corporation declared a regular quarterly cash dividend of $0.30 per share to be paid on September 30, 2021, to shareholders of record as of September 23, 2021.
Eastern Michigan Financial Corporation trades on the Over-The-Counter Bulletin Board under the symbol EFIN. Any questions regarding the information contained in this release should be directed to Senior Vice President, Chief Financial Officer Errin Levitt by phone at 810.398.5135 or by email.
For quarterly and annual financial data, please visit our Investor Information page.
5.19.2021 -- Sitting Vice Chairman Timothy Ward has been elected the new Chairman of the Boards of Directors of Eastern Michigan Bank and Eastern Michigan Financial Corporation. Mr. Ward was first appointed to both Boards in 2005, when he joined the Bank as President.
Ward served as President and Chief Executive Officer (CEO) of Eastern Michigan Bank from 2006 until 2015 and as CEO from 2015 until his retirement in early 2020. He is the current District 1 Commissioner for the St. Clair County Road Commission.
Current Eastern Michigan Bank President and CEO William Oldford, Jr. has been elected Vice Chairman of the Boards of Directors of Eastern Michigan Bank and Eastern Michigan Financial Corporation. Mr. Oldford served as President of Eastern Michigan Bank from October 2015 through February 2020 at which time he was appointed President and CEO.
Previous Chairman Earl DesJardins retired in April 2021 after eight years of service as Chairman of the Boards of Directors of Eastern Michigan Bank and Eastern Michigan Financial Corporation. DesJardins was appointed to both boards in 2002. He is a retired civil engineer and former President of BMJ Engineers & Surveyors, Inc. in Port Huron.
The staff and directors of Eastern Michigan Bank and Eastern Michigan Financial Corporation thank Mr. DesJardins for his many years of service and wish him well in all of his future endeavors.
Eastern Michigan Financial Corporation is the holding company for Eastern Michigan Bank which operates nine branch offices in the St. Clair, Sanilac and Huron County communities of Port Huron, Fort Gratiot, Marysville, Lakeport, Lexington, Croswell, Sandusky, Deckerville and Ruth.
Eastern Michigan Financial Corporation trades on the Over-The-Counter Bulletin Board under the symbol EFIN.
5.19.2021 -- At their May 18, 2021, meeting, the Board of Directors of Eastern Michigan Financial Corporation declared a regular quarterly cash dividend of $0.25 per share to be paid on June 30, 2021, to shareholders of record as of June 23, 2021.
Eastern Michigan Financial Corporation trades on the Over-The-Counter Bulletin Board under the symbol EFIN. Any questions regarding the information contained in this release should be directed to Senior Vice President, Chief Financial Officer Errin Levitt by phone at 810.398.5135 or by email.
For quarterly and annual financial data, please visit our Investor Information page.
2.22.2021 -- At their February 16, 2021, meeting, the Board of Directors of Eastern Michigan Financial Corporation declared a regular quarterly cash dividend of $0.25 per share to be paid on March 31, 2021, to shareholders of record as of March 24, 2021.
Eastern Michigan Financial Corporation trades on the Over-The-Counter Bulletin Board under the symbol EFIN. Any questions regarding the information contained in this release should be directed to Senior Vice President, Chief Financial Officer Errin Levitt by phone at 810.398.5135 or by email.
For quarterly and annual financial data, please visit our Investor Information page.