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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(Former
name or former address, if changed since last
report.)
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
1.01.
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Entry
into a Material Definitive
Agreement.
|
|
·
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The
Bank must increase its Tier 1 Leverage ratio to a minimum of 8.0 percent
and its Total Risk Based Capital ratio to a minimum of 11 percent within
90 days of the effective date of the Consent
Order.
|
|
·
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The
Bank must increase its Tier 1 Leverage ratio to a minimum of 9.0 percent
and its Total Risk Based Capital ratio to a minimum of 12 percent within
180 days of the effective date of the Consent
Order.
|
|
·
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The
Bank must charge off any loans classified as “Loss” in the Report of
Examination (“ROE”) dated October 26, 2009. The Bank completed this prior
to December 31, 2009.
|
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·
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The
Bank may not extend additional credit to any borrower who has uncollected
debt to the Bank that has been charged off or is classified as “Loss” in
the ROE.
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·
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The
Bank may not extend additional credit to any borrower who has uncollected
debt to the Bank that is classified as “Substandard” or
“Doubtful” in the ROE without prior approval of the Bank’s board of
directors.
|
|
·
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The
Bank is required to adopt a written plan to reduce the Bank’s risk
position in each asset in excess of $1,000,000 which is more than 90 days
delinquent or classified “Substandard” or “Doubtful” in the
ROE.
|
|
·
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The
Bank may not declare or pay any dividend without the prior written consent
of the Regional Director of the FDIC and the Chief Deputy Commissioner of
OFIR.
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·
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Prior
to the submission of all Reports of Condition and Income required by the
FDIC, the Bank’s board must review the adequacy of the allowance for loan
and lease losses.
|
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·
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Within
60 days of the effective date of the Consent Order, the Bank is to adopt a
written profit plan and comprehensive budget for 2010 and
2011.
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·
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The
Bank is required to provide its shareholder with a copy of the Consent
Order. The Bank’s sole shareholder is the
Registrant.
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·
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Within
30 days of the effective date of the Consent Order, the Bank’s board of
directors shall have in place a program for monitoring compliance with the
Consent Order.
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·
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While
the Consent Order is in effect, the Bank shall furnish quarterly progress
reports detailing the actions taken to secure compliance with the Consent
Order and the results thereof to the FDIC and
OFIR.
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Item
9.01.
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Financial
Statements and Exhibits.
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(d)
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Exhibits
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Exhibit
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Number
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Exhibit
Description
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10
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Consent
Order dated July 12, 2010.
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MBT
FINANCIAL CORP.
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|||
Date:
July 13, 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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Exhibit
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Number
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Exhibit
Description
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10
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Consent
Order dated July 12, 2010.
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