Wednesday, May 23, 2018
One of America's Great Newspapers ~ Toledo, Ohio


Monroe Bank & Trust reports $4M loss

MONROE — MBT Financial Corp., owner of Monroe Bank & Trust, yesterday reported a first-quarter 2011 loss of $4 million, or 23 cents a share, compared with a profit of $348,000, or 2 cents a share, for the same period a year ago.

The company said its net interest income dropped 7 percent to $8.8 million and total assets increased by $10 million to $1.3 billion at the end of the first quarter. Provisions for loan losses increased to $5.8 million from $2.2 million a year earlier.

MBT said its quarterly loss was caused by continuing high credit costs and its $3.5 million increase in provisions for loan losses to cover a rise in write-offs. President H. Douglas Chaffin said the company is considering various options to raise capital and will seek shareholder approval at its annual meeting on May 5 to authorize additional securities.

Click to comment

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem?

Temporibus autem quibusdam et aut officiis debitis aut rerum necessitatibus saepe eveniet.

Copyright © 2018 Toledo Blade

To Top

Fetching stories…