MONROE, Mich., Aug. 28, 2009 (GLOBE NEWSWIRE) -- On August 27, 2009, the Board of Directors of MBT Financial Corp. (Nasdaq:MBTF) decided to suspend its quarterly dividend. The previous quarterly cash dividend was one (1) cent per common share.
H. Douglas Chaffin, President & CEO of the Company said, "Following the losses we reported for the first two quarters of 2009, we decided to temporarily suspend the payment of dividends on our common stock. Although the national recession is showing signs of ending, we expect the economic weakness to continue in southeast Michigan. Temporary suspension of the dividend will help us preserve capital, maintaining our 'well capitalized' status and keeping us positioned for growth when the state's economy recovers."
MBT Financial Corp. is a single bank holding company headquartered in Monroe, Michigan. Founded in 1858, Monroe Bank & Trust (MBT) is one of the largest community banks in Southeast Michigan, with over $1.4 billion in assets. MBT is a full-service bank, offering a complete range of business and personal accounts, credit options, and phone and online banking services. MBT's Wealth Management Group is one of the largest and most respected in Southeastern Michigan. With 25 offices, 41 ATMs, and a comprehensive array of products and services, MBT prides itself in offering an incomparable banking experience for its customers. Visit MBT's web site at http://www.mbandt.com.
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Certain statements contained herein are not based on historical facts and are "forward-looking statements" within the meaning of Section 21A of the Securities Exchange Act of 1934. Forward-looking statements which are based on various assumptions (some of which are beyond the Company's control), may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of these terms. Actual results could differ materially from those set forth in forward-looking statements, due to a variety of factors, including, but not limited to, those related to the economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset/liability management, change in the financial and securities markets, including changes with respect to the market value of our financial assets, the availability of and costs associated with sources of liquidity, and the ability of the Company to resolve or dispose of problem loans. The Company undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.