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The $534 million-asset company said Wednesday that it sold about 203,000 shares of common stock and nearly 400,000 shares of non-voting common stock at $16.80 each to Castle Creek Capital Partners.
November 13 -
MBT Financial Corp. (MBTF) in Monroe, Mich., is planning to raise up to $20 million in a common stock offering.
October 25 -
SouthCrest Financial Group (SCSG) in Peachtree City, Ga., has raised nearly $18 million and plans to merge its banks.
October 25
MBT Financial (MBTF) in Monroe, Mich., is selling $14 million of common stock to two institutional investors and will sell another $6 million of stock through a rights offering.
Castle Creek Capital Partners and Patriot Financial Partners each agreed to buy 1.6 million shares of MBT's stock at $4.25 each, according to the company's Monday press release. Patriot completed its purchase Monday. Castle Creek paid $4.25 million for 1 million shares of common stock Monday and plans to complete the purchase in the first quarter.
The $1.2 billion-asset MBT also plans to hold a rights offering for existing shareholders. Shareholders will have the option of buying $6 million of common stock at $4.25 each after Castle Creek completes its purchase next year.
Castle Creek and Patriot have each agreed to buy any shares of common stock that remain unsubscribed in the rights offering. The companies' ownership stakes in MBT are capped at 9.9%.
"This private placement and our planned rights offering have been authorized by our board of directors to improve our capital position and to provide additional capital for our bank subsidiary," MBT President and Chief Executive Doug Chaffin said in a press release. "We are very pleased that Castle Creek and Patriot, two very well respected institutional investors in community banks, have chosen to make a significant investment in MBT Financial Corp. We feel their long term commitment to our company positions us well as we evaluate our opportunities for future growth."
Donnelly Penman & Partners is the placement agent for the private placements and the rights offering.
