 COLDWATER, Mich., April 16, 2021 GLOBE NEWSWIRE -- Southern Michigan Bancorp, Inc. OTC Pink: SOMC Southern, the holding company for Southern Michigan Bank Trust the Bank, today announced that it has completed the private placement of 30 million in fixed-to-floating rate subordinated notes due April 16, 2031 the Notes to certain qualified institutional buyers and accredited investors. Southern intends to use the net proceeds from this placement for retirement of existing debt, support organic growth, and for general corporate purposes. 