Mackinac Financial Corporation
Nasdaq: MFNC
IndustryFinance
Founded1974
FateAcquired by Nicolet Bankshares
HeadquartersManistique, Michigan, United States
Key people
Paul Tobias, Chairman, and CEO
ProductsFinancial services
$19.824 million (Dec. 31, 2012)[1]
Total assets$545.980 million (Dec. 31, 2012)[1]
Total equityIncrease US$ 72.448  million (2012) [2]
Websitehomepage

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

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. 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

  • 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

  1. 1 2 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. 1 2 3 "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.
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