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After selling a foreclosed property for less than it expected, MBT Financial Corp. in Monroe, Mich., said it must revise the first-quarter loss that it reported last week.
May 6 -
A struggling Michigan banking company in a county with a sluggish economy is investing in a nearby start-up bank as it searches for loan growth and a return to profitability.
November 3
MBT Financial Corp. (MBTF) in Monroe, Mich., is planning to raise up to $20 million in a common stock offering.
The $1.2 billion-asset MBT plans to use proceeds from the sale to provide additional capital to its subsidiary, Monroe Bank & Trust, according to a Friday press release. The company will issue shares of common stock in a rights offering to shareholders and make any shares not subscribed for in the rights offering available to the public in a subsequent reoffering. The company has not yet set an offering price or determined how many shares would be sold. Its shares were trading at $3.94 late Friday.
The rights offering will include an oversubscription privilege that allows shareholders to purchase additional shares of common stock, according to the release.
MBT filed a registration statement for the offering with the Securities and Exchange Commission Friday. Once the SEC declares the statement effective, the company plans to obtain standby purchase commitments from institutional and high-net-worth investors for shares not subscribed for in the rights and public offerings.
MBT had a 6.9% Tier 1 leverage ratio and 12% total risk-based capital ratio as of June 30. It has 24 offices in Michigan.
