Company sells common stock at 12.43% premium to closing share price
By Devika Patel
Knoxville, Tenn., March 3 - MBT Financial Corp. settled a $14 million private placement of stock with Castle Creek Capital Partners IV, LP, Patriot Financial Partners II, LP and Patriot Financial Partners Parallel II, LP on March 3, according to an 8-K filed Friday with the Securities and Exchange Commission. It raised $11.25 million at pricing on Dec. 23 and $2.75 million in the final tranche.
The company sold a total of 3,294,118 common shares at $4.25 per share. The price per share reflects a 12.43% premium to the Dec. 20 closing share price of $3.78. MBT sold 2,647,059 shares in the first tranche and 647,059 shares in the second tranche.
Donnelly Penman & Partners was the agent.
The bank holding company for Monroe Bank & Trust is based in Monroe, Mich.
| Issuer: | MBT Financial Corp.
|
| Issue: | Common stock
|
| Amount: | $14 million
|
| Shares: | 3,294,118
|
| Price: | $4.25
|
| Warrants: | No
|
| Agent: | Donnelly Penman & Partners
|
| Investors: | Castle Creek Capital Partners IV, LP, Patriot Financial Partners II, LP and Patriot Financial Partners Parallel II, LP
|
| Pricing date: | Dec. 23
|
| Settlement date: | Dec. 23 (for $11.25 million), March 3 (for $2.75 million)
|
| Stock symbol: | Nasdaq: MBTF
|
| Stock price: | $3.78 at close Dec. 20
|
| Market capitalization: | $99.31 million
|
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