Mackinac Financial Corporation

Holding company

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Mackinac Financial CorporationCompany type| Public

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Traded as

| Nasdaq: MFNC
Industry| Finance
Founded| 1974; 51 years ago (1974)
Fate| Acquired by Nicolet Bankshares
Headquarters| Manistique, Michigan, United States

Key people

| Paul Tobias (chairman and CEO)
Products| Financial services

Net income

| $19.824 million (Dec. 31, 2012)[1]
Total assets| $545.980 million (Dec. 31, 2012)[1]
Total equity|  US$ 72.448  million (2012) [2]
Website| www.bankmbank.com

Mackinac Financial Corporation was a Manistique, Michigan-based bank holding company for Michigan bank mBank. It provided commercial and retail banking products and services and was incorporated on December 16, 1974.[3] The company's common stock was traded on the NASDAQ stock market under the symbol of "MFNC"[4] until the company was acquired by Nicolet National Bank in September 2021.

## Operations

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The company, through the operation of its subsidiary mBank, offered loan and deposit products, customary retail services, and commercial banking services including time deposits, interest-bearing transaction accounts, health saving accounts, treasury management, online banking service, real estate mortgage lending and so on.[citation needed] Apart from the bank, the company also operated non-bank subsidiaries: First Manistique Agency, First Rural Relending Company, and North Country Capital Trust to offer financial services.[5]

## Acquisitions

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* The company completed the acquisition of UP Financial, Inc in 1997.[6]
* The company completed the acquisition of South Range State Bank in 1996.[6]
* The company completed the acquisition of Bank of Stephenson in 1993.[6]
* The company announced a stock buyback program at its 2013 February meeting, which authorized the repurchase of $600,000 of the company's outstanding common stock over two years.[7]
* The company announced the acquisition of the First National Bank of Eagle River, making it the largest bank headquartered in the Upper Peninsula with $900 million in assets.[8]
* The company completed its acquisition of First Federal of Northern Michigan Bancorp Inc. for $41.6 million in 2018.[9]

## References

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1. ^ a b 2012 Annual Report (Report). Mackinac Financial Corporation. December 31, 2012. Retrieved November 25, 2013.
2. ^ "Edgar Pro". Google.brand.edgar-online.com. Retrieved March 5, 2014.
3. ^ "Mackinac Financial Corp (MFNC.O)". Reuters. Retrieved November 25, 2013.
4. ^ "Corporate Profile". Mackinac Financial Corporation. Retrieved November 25, 2013.
5. ^ "Mackinac Financial Corp (MFNC.O) Company Profile". Reuters.com. Archived from the original on March 5, 2014. Retrieved March 5, 2014.
6. ^ a b c "Shareholder Information". Mackinac Financial Corporation. Retrieved November 25, 2013.
7. ^ "2013 Stock Buyback Program". Mackinac Financial Corporation. Retrieved November 29, 2013.
8. ^ "Mergers continue to make banks bigger". Traverse City Record-Eagle. January 26, 2016. Retrieved January 28, 2016.
9. ^ "Mackinac Financial completes First Federal of Northern Michigan acquisition". www.spglobal.com. Retrieved August 11, 2020.

## External links

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* Bankmbank.com

* Banks portal