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.
  | |
| Industry | Banking |
|---|---|
| Founded | 1905 |
| Defunct | September 1, 2019 |
| Headquarters | Monroe, 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) |
| Website | www |
| 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]
References
- "MBT Financial Corp. 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- "Monroe Bank & Trust Acquires All the Deposits of Main Street Bank, Northville, Michigan" (Press release). Federal Deposit Insurance Corporation. October 10, 2008.
- "MBT Announces TARP/CPP Not Necessary" (Press release). GlobeNewswire. January 29, 2009.
- "MBT Consent Order Terminated, Optimistic Outlook" (Press release). GlobeNewswire. July 3, 2014.
- "MBT Added to Russell 2000 Index" (Press release). GlobeNewswire. June 27, 2016.
- Jibrell, Anisa (September 3, 2019). "Monroe-based MBT Financial, Indiana-based First Merchants complete merger". Crain Communications.