Monroe Bank & Trust
| Company type | Subsidiary |
|---|---|
| Industry | Banking |
| Predecessor | Monroe State Savings Bank |
| Founded | 1905 |
| Defunct | 2019 |
| Fate | Acquired by First Merchants Corporation |
| Headquarters | Monroe, Michigan , United States |
Area served | Monroe County, Michigan; Wayne County, Michigan |
| Parent | MBT Financial Corp. |
Monroe Bank & Trust was a banking institution based in Monroe, Michigan, functioning as a subsidiary under the bank holding company MBT Financial Corp. The bank operated a total of 20 branches, including 14 located within Monroe County, Michigan and 6 situated in Wayne County, Michigan. In September 2019, it became part of First Merchants Corporation through acquisition.
History
The bank originated in 1905 under the name Monroe State Savings Bank. It expanded by acquiring Dansard Bank in 1940 and launched its second branch in Ida, Michigan in 1950. The institution adopted the name "Monroe Bank & Trust" in 1968 and extended its services to Wayne County in 2001.
In October 2008, Monroe Bank & Trust took over Main Street Bank of Northville, Michigan after the latter was closed by regulators. The bank chose not to accept funds from the Treasury's Troubled Asset Relief Program in 2009.
Due to difficulties with its loan portfolio, the bank entered into a consent order with the Federal Deposit Insurance Corporation on July 12, 2010; this order remained in effect until it was rescinded on July 3, 2014.
In June 2016, MBT Financial Corp. was included in both the Russell 3000 and Russell 2000 Indexes. The acquisition by First Merchants Corporation was finalized in September 2019.