Tuesday, June 17, 2003
Former Bottling Plant to be Future Home of MBT Downriver
Governor Jennifer M. Granholm announced today that the Michigan Economic Development Corporation (MEDC) has offered assistance to help redevelop a brownfield site in Wyandotte.The former Coca-Cola bottling plant will be rebuilt into the downriver regional headquarters of MBT Financial Corp.
“Seeing obsolete vacant properties, like this former bottling facility, redeveloped is critical to ensure the success of our core communities like Wyandotte,” Granholm said. “The MEDC’s assistance will result in the elimination of an eyesore for Wyandotte and enhance the growth of a long-standing Michigan employer.”
The redevelopment, which includes demolishing the 1912 bottling plant, involves private investment of more than $2 million. Several unsuccessful attempts have been made to redevelop this building that has been vacant for several years.
The holding company plans to construct a new 10,000 square foot two-story building on the property located on Eureka Avenue. This new building will encompass the bank’s downriver regional headquarters and service center.
The project received approval today to capture up to $96,861 in state and local taxes to be used to demolish the facility.
Ronald D. LaBeau, chairman and CEO and H. Douglas Chaffin, president & COO of MBT Financial Corp. said, “We welcome the opportunity to invest in the city of Wyandotte and the greater Downriver Community. MBT Downriver is poised to provide community bank service levels to all of the people in this area. It is our belief that other businesses will see the benefits of brownfield redevelopment and be encouraged to do something similar. Our thanks to the MEDC, and the city of Wyandotte for their assistance in this project.”
MBT Financial Corp. is the holding company for Monroe Bank & Trust. Founded in 1858, Monroe Bank & Trust (MBT) is one of the nation’s largest community banks, with over $1.4 billion in assets plus nearly $1 billion in trust assets. MBT is a full-service bank, offering a broad range of services, from personal and business accounts to complete credit options and the area’s largest Trust Department. With 23 offices, 34 ATMs, PhoneLink telephone banking and eLink online banking, MBT is the area’s most accessible bank.