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| MCBC > SEC Filings for MCBC > Form 8-K/A on 1-Oct-2008 | All Recent SEC Filings |
1-Oct-2008
Non-Reliance on Previous Financials, Audits or Interim Review, Other Events,
On September 26, 2008, the Company's board of directors concluded that the financial statements for the six month and three month periods ended June 30, 2008 as reported in the Company's Form 10-Q Quarterly Report for the quarter ended June 30, 2008, should no longer be relied upon. The board of directors determined to take $15.0 million in additional loan loss provisions and $878,000 in losses on foreclosed properties. The additional provisions and losses reflect continued weakness in the Company's portfolio of real estate loans. The Company's management and board have determined the need for the adjustments based upon current and evolving information regarding its real estate loan portfolio and the continued decline in the housing market. An authorized officer discussed the additional provisions and losses with the Company's independent accountant.
The Company announced its decision to temporarily suspend future dividends on its common stock.
The Company also announced that it has begun work to raise additional capital to strengthen its financial position.
The Company announced that it does not have exposure to subprime mortgage loans, nor does it have any exposure to Fannie Mae and Freddie Mac equity securities or mortgage backed securities.
A copy of the press release issued pursuant to Rule 135c of the Securities Act of 1933, as amended, is filed as Exhibit 99.1 to this Report and is incorporated herein by reference. The press release and this Form 8-K are neither an offer to sell nor a solicitation of an offer to buy any of the Company's securities. There shall not be any offer or sale of the securities in any jurisdiction in which such offer, solicitation or sale is unlawful. These securities and the common stock issuable upon conversion of the securities will not be registered under the Securities Act or any state securities laws, and unless so registered, may not be offered or sold except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.
*99.1 Press release dated September 29, 2008.
*Previously filed.
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