MBT Bancshares, Inc. announced a private placement of 10-year fixed-to-floating rate subordinated notes for gross proceeds of $18 million on December 2, 2021. The 10-year notes will initially bear interest at 3.50% per annum through December 2, 2026, and thereafter pay a quarterly floating rate equal to 90-day average SOFR plus 235 basis points. The company will issue securities pursuant to exemption provided under Regulation D. The transaction included participation form 24 investors.