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MBT Financial, directors face merger-related lawsuit

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MBT Financial, directors face merger-related lawsuit

Monroe, Mich.-based MBT Financial Corp. and its directors are facing a purported shareholder class-action lawsuit for allegedly breaching their fiduciary duties by omitting certain material information related to the company's proposed sale to Muncie, Ind.-based First Merchants Corp.

The lawsuit was filed Dec. 20, 2018, by Gaylord Viky, a purported shareholder of MBT Financial, on behalf of himself and all shareholders of the company other than the named defendants and their affiliates. The lawsuit seeks to enjoin the merger or rescissory damages, including fees paid to attorneys and experts, if the merger is completed.

The defendants believe the claims are without merit and intend to defend against them vigorously.