Company sells common stock at 0.27% discount to closing share price
By Devika Patel
Knoxville, Tenn., March 1 - MBT Financial Corp. arranged a $1.82 million private placement of stock on March 1, according to an 8-K filed Friday with the Securities and Exchange Commission. It raised $228,015 at pricing.
The company is selling 500,000 common shares at $3.63 per share. The price per share reflects a 0.27% discount to the Feb. 28 closing share price of $3.64. MBT sold 62,814 shares in the first tranche to company insiders.
Settlement of the remainder of the deal is expected March 15.
Proceeds will be used as working capital for MBT Financial Corp. and additional capital for Monroe Bank & Trust.
The bank holding company for Monroe Bank & Trust is based in Monroe, Mich.
| Issuer: | MBT Financial Corp.
|
| Issue: | Common stock
|
| Amount: | $1,815,000
|
| Shares: | 500,000
|
| Price: | $3.63
|
| Warrants: | No
|
| Pricing date: | March 1
|
| Settlement date: | March 1 (for $228,015), March 15
|
| Stock symbol: | Nasdaq: MBTF
|
| Stock price: | $3.64 at close Feb. 28
|
| Market capitalization: | $64.19 million
|
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