STURGIS, Mich., March 25, 2020 (GLOBE NEWSWIRE) -- Sturgis Bancorp, Inc. (OTCQX: STBI) announced today that it will not hold its 2020 annual meeting of shareholders on April 28, 2020, as originally scheduled. This decision was taken based upon the rapid spread of Coronavirus (COVID-19) infections and Michigan Governor Whitmer's Executive Order to stay-at-home because "there is an increased risk of rapid spread of COVID-19 among persons in close proximity to one another."

The health of the shareholders, the Sturgis Bancorp employees, and others involved with the shareholders' meeting is of utmost importance. In postponing this event, Sturgis Bancorp is contributing towards the objective of slowing down the spread of Coronavirus (COVID-19) by avoiding highly attended events.  

The meeting will be held at a later date to be determined. Once a new date is chosen by the board of directors, Sturgis Bancorp will announce the record date and the new date, the time and location of the annual meeting, and send the 2020 Proxy Statement and related materials. Sturgis Bancorp's Annual Report will be distributed in the near future when printing is completed, although it is already available at www.sturgis.bank.

Sturgis Bancorp is the holding company for Sturgis Bank & Trust Company (Bank), and its subsidiaries Oakleaf Financial Services, Inc., Oak Mortgage, LLC, Oak Insurance Services, LLC, and Oak Title Services, LLC. The Bank provides a full array of trust, commercial and consumer banking services from banking centers in Sturgis, Bangor, Bronson, Centreville, Climax, Colon, South Haven, Three Rivers and White Pigeon, Michigan. The Bank also has loan production offices in Portage and St. Joseph, Michigan. Oakleaf Financial Services offers a complete range of investment and financial-advisory services. Oak Mortgage offers residential mortgages in all markets of the Bank. Oak Insurance Services offers various competitive commercial and consumer insurance products. Oak Title Services offers commercial and consumer title insurance.

For Sturgis Bancorp and Sturgis Bank & Trust Company updates, visit www.sturgis.bank.

This release contains statements that constitute forward-looking statements. These statements appear in several places in this release and include statements regarding intent, belief, outlook, objectives, efforts, estimates or expectations of Bancorp, primarily with respect to future events and the future financial performance of the Bancorp. Any such forward-looking statements are not guarantees of future events or performance and involve risks and uncertainties, and actual results may differ materially from those in the forward-looking statement. Factors that could cause a difference between an ultimate actual outcome and a preceding forward-looking statement include, but are not limited to, changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking laws and regulations; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; government and regulatory policy changes; the outcome of any pending and future litigation and contingencies; trends in consumer behavior and ability to repay loans; and changes of the world, national and local economies. Bancorp undertakes no obligation to update, amend or clarify forward-looking statements as a result of new information, future events, or otherwise. The numbers presented herein are unaudited.

CONTACTS: Sturgis Bancorp, Inc. - Eric Eishen, President & CEO, or Brian P. Hoggatt, CFO P: 269 651-9345