2023 Form 5500 filing — Southern Michigan Bancorp, Inc. Employee Stock Ownership Plan
Plain-English filing summary
According to public Form 5500 filings published through the U.S. Department of Labor (DOL) Employee Benefits Security Administration (EBSA) via the EFAST2 system, this is the 2023 Form 5500 filing (EFAST2 acknowledgement 20241015153013NAL0056966034001) for Southern Michigan Bancorp, Inc. Employee Stock Ownership Plan, reported by Southern Michigan Bancorp, Inc. under EIN 38-2407501 and plan number 002. It reports 306 participants. Attached schedules in the loaded dataset include Schedule H (large plan financials), Schedule C (service provider compensation).
- EFAST2 acknowledgement
- 20241015153013NAL0056966034001
- Filing year
- 2023
- Form type
- 2
- Plan sponsor
- Southern Michigan Bancorp, Inc.
- EIN
- 38-2407501
- Plan number
- 002
- Location
- Coldwater, MI
- Participants
- 306
- Schedules available
- Schedule H, Schedule C
- Received date
- not reported in the loaded dataset
Reported financial snapshot (2023)
- Total assets (EOY)
- $18,635,946
- Total liabilities (EOY)
- $0
- Net assets (EOY)
- $18,635,946
- Employer contributions
- $559,404
- Participant contributions
- $1,112,986
- Total income / additions
- $3,156,417
- Benefits paid
- $2,032,525
- Administrative expenses
- $5,942
- Total expenses
- $2,038,467
- Net increase / (decrease)
- $1,117,950
- Schedule source
- Schedule H
Reported service provider compensation (Schedule C)
| Provider | Service | Direct comp. | Indirect comp. |
|---|---|---|---|
| Egps | TPA | $2,398 | $6,521 |
| Schwab | SERVICE PROVIDER | $0 | $4,809 |
| Stancorp Financial Group | SERVICE PROVIDER | $3,544 | not reported in the loaded dataset |