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MBT Financial Corp. Announces Rights Offering to Existing Shareholders


Oct 29 - MBT Financial Corp., Monroe, Mich., (Nasdaq: MBTF), the holding company for Monroe Bank & Trust, it intends to conduct an offering of up to $20 million of its common stock, no par value per share. The company has filed a registration statement on Form S-1 with the Securities and Exchange Commission to register the yet-to-be-determined number of shares of common stock, which registration statement has not yet become effective. The proceeds from the offering will be used principally to provide additional capital to Monroe Bank & Trust.

The company intends to issue to each of its shareholders at the time of the commencement of the offering, at no charge, one right to purchase shares of stock in the offering for each share of common stock held by such shareholder. Neither the number of shares of common stock for which each right will be exercisable (the subscription ratio) nor the per share exercise price have been determined. The Company will provide notice of the subscription ratio and the per share exercise price in the future, when they are determined.

The proposed rights offering will also include an oversubscription privilege, which will permit a shareholder who exercises its entire basic subscription right to purchase additional shares of common stock that are not purchased by other shareholders through the exercise of their basic subscription rights, subject to the availability and pro rata allocation of shares among persons exercising this oversubscription privilege, and other limitations to be described in the registration statement. The company intends to offer any shares not subscribed for in the rights offering through a subsequent public reoffering at the same per share subscription price. Once the registration statement has been declared effective by the SEC, the company intends to obtain standby purchase commitments from institutional and high net worth investors for shares not subscribed for in the rights offering and the public reoffering and may provide some minimum share allocation to such standby purchasers.

Once determined, the per share purchase price shall be the same for all investors in the offering. Donnelly Penman & Partners will act as sales agent in the offering, on a best efforts basis.

About the Company
MBT Financial Corp. (Nasdaq: MBTF), a single bank holding company headquartered in Monroe, Mich., is the parent company of Monroe Bank & Trust. MBT is one of the largest independently owned community banks in Southeast Michigan. With over $1 billion in assets, 24 offices and 46 ATMs, MBT is a full-service bank, offering a complete range of business and personal accounts, credit and mortgage options, investment and retirement services.