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The Federal Deposit Insurance Corp. issued two consent orders and terminated 21 enforcement actions in February, according to its latest roundup of regulatory orders.
March 28 -
The Federal Deposit Insurance Corp. took action against six lenders and ended orders against 14 firms in the FDIC's latest monthly roundup of enforcement actions.
April 25 -
Chemical Financial (CHFC) in Midland, Mich., expects to raise $70 million through the sale of common stock.
June 18 -
First Federal of Northern Michigan Bancorp's agreement to buy Alpena Banking is a lesson in persistence and keeping communication lines open.
June 9
MBT Financial (MBTF) in Monroe, Mich., has been freed from a consent order under which it had been operating for the last four years.
The Federal Deposit Insurance Corp., and the Office of Financial and Insurance Regulation of the state of Michigan entered into a consent order with MBT on July 12, 2010 requiring the bank to improve its capital position. At the time of the consent order, the bank's Tier 1 leverage capital was 6.5% while MBT's total risk-based capital ratio was 10.26%.
Within 90 days of the
MBT struggled for several years to meet the demands of the consent order. Therefore, in October 2013, the bank
The institutional investors Castle Creek Capital Partners and Patriot Financial Partners each agreed in December to buy 1.6 million shares of MBT's stock at $4.25 each. The bank also sold another $6 million of stock to existing shareholders.
This transaction helped to push MBT's Tier 1 leverage ratio to 8.6% and its total risk-based capital ratio to 14.8% as of March 31.
"We remain confident of our outlook for the future, and have demonstrated this confidence with the recent opening of our new mortgage center in downtown Monroe," said MBT Chief Executive Doug Chaffin, in a news release. The company also recently opened a new loan production and wealth management office in downtown Tecumseh, marking its entry into Lenawee County, Chaffin said.