SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of
The
Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): May 26,
2010
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MBT
FINANCIAL CORP.
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(Exact
name of registrant as specified in its
charter)
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Michigan
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000-30973
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38-3516922
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(State
or other jurisdiction
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(Commission
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(IRS
Employer
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of
incorporation)
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File
Number)
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Identification
No.)
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102
East Front Street, Monroe, Michigan
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48161
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (734)
241-3431
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(Former
name or former address, if changed since last
report.)
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Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
o Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
8.01. Other Events.
On May
26, 2010, Monroe Bank & Trust (the “Bank”), the wholly owned subsidiary of
the Registrant, completed a deleveraging transaction that involved: the sale of
approximately $94 million of investment securities consisting primarily of
federal agency debt and mortgage backed securities (the “Investment
Securities”); and the prepayment of $115 million in borrowings from the Federal
Home Loan Bank of Indianapolis (the “Repaid Borrowings”). The Investment
Securities had an average annual yield to the Bank of 4.17% and were sold at a
gain of $2.6 million. The Repaid Borrowings had an average annual cost to the
Bank of 5.40% and were scheduled to mature in the fourth quarter of 2010. The
Bank incurred a prepayment penalty of $2.5 million to retire the Repaid
Borrowings prior to maturity. Management expects the deleveraging transaction to
positively impact the Bank’s earnings due to the net gain on the transaction and
the improvement in the net interest income. In addition, the deleveraging
transaction reduced the total assets of the Bank by $115 million, which will
result in an increase in the Bank’s regulatory capital ratios.
Forward-Looking
Statements
Certain
statements contained herein are not based on historical facts and are
"forward-looking statements" within the meaning of Section 21A of the Securities
Exchange Act of 1934. Forward-looking statements which are based on
various assumptions (some of which are beyond the Registrant's control), may be
identified by reference to a future period or periods, or by the use of
forward-looking terminology, such as "may," "will," "believe," "expect,"
"estimate," "anticipate," "continue," or similar terms or variations on those
terms, or the negative of these terms. Actual results could differ
materially from those set forth in forward-looking statements. The
Registrant undertakes no obligation to update or clarify forward-looking
statements, whether as a result of new information, future events or
otherwise.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized
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MBT
FINANCIAL CORP. |
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Date:
May 27, 2010
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By:
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/s/ H.
Douglas Chaffin |
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H.
Douglas Chaffin |
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President
and Chief Executive Officer |
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