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Published: Wednesday, 4/20/2011

MBT posts $4M loss for 1st quarter of 2011


MONROE — MBT Financial Corp., owner of Monroe Bank & Trust, Tuesday 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.

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