MBT Financial (MBTF) in Monroe, Mich., has extended the expiration date for its rights offering.
The $1.2 billion-asset company initially planned to end the rights offering on April 15, but ended up extending the deadline to April 25.
MBT said in press release that it extended the expiration date to give more time to shareholders of "street name" shares to review stock offering materials. According to MBT, shareholders' advisors and other record holders sent the information "later than intended."
Besides the time extension, all the other terms of the offering described in a March 11 prospectus "remain the same and apply during the extension period," the release said. MBT said it will continue to accept inquiries from eligible shareholders until April 25.
American Stock Transfer & Trust is the manager of the offering; Donnelly Penman & Partners the sales agent.