Monroe Bank & Trust

Monroe Bank & Trust was a bank headquartered in Monroe, Michigan, a subsidiary of MBT Financial Corp., a bank holding company. It operated 20 branches, including 14 branches in Monroe County, Michigan and 6 branches in Wayne County, Michigan. In September 2019, the company was acquired by First Merchants Corporation.

For the unrelated bank in Woodsfield, Ohio, see Monroe Bank.
MBT Financial Corp.
IndustryBanking
Founded1905 (1905)
DefunctSeptember 1, 2019 (2019-09-01)
HeadquartersMonroe, Michigan
Key people
 Michael J. Miller , Chairman
H. Douglas Chaffin, President & CEO
John L. Skibski, CFO
Total assets $1.347 billion (2017)
Total equity $0.132 billion (2017)
Number of employees
299 (2017)
Websitewww.mbandt.com
Footnotes / references
[1]

History

The bank was founded in 1905 as Monroe State Savings Bank.[1]

In 1940, it acquired Dansard Bank.[1]

In 1950, the bank opened its second location, a branch in Ida, Michigan.[1]

In 1968, the bank changed its name from "Monroe State Savings Bank" to "Monroe Bank & Trust".[1]

In 2001, the bank expanded into Wayne County, Michigan.

In October 2008, the bank acquired Main Street Bank of Northville, Michigan after it suffered from bank failure and was shut by regulators.[2]

In 2009, the bank declined to receive an investment from the United States Department of the Treasury as part of the Troubled Asset Relief Program.[3]

On July 12, 2010, the bank entered into a consent order with the Federal Deposit Insurance Corporation as a result of trouble in its loan portfolio. The consent order was terminated on July 3, 2014.[4]

In June 2016, the company was added to the Russell 3000 Index and Russell 2000 Index.[5]

In September 2019, the company was acquired by First Merchants Corporation.[6]

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References
  1. "MBT Financial Corp. 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "Monroe Bank & Trust Acquires All the Deposits of Main Street Bank, Northville, Michigan" (Press release). Federal Deposit Insurance Corporation. October 10, 2008.
  3. "MBT Announces TARP/CPP Not Necessary" (Press release). GlobeNewswire. January 29, 2009.
  4. "MBT Consent Order Terminated, Optimistic Outlook" (Press release). GlobeNewswire. July 3, 2014.
  5. "MBT Added to Russell 2000 Index" (Press release). GlobeNewswire. June 27, 2016.
  6. Jibrell, Anisa (September 3, 2019). "Monroe-based MBT Financial, Indiana-based First Merchants complete merger". Crain Communications.
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