Mackinac Financial Corporation
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.
| Company type | Public |
|---|---|
| Nasdaq: MFNC | |
| Industry | Finance |
| Founded | 1974 |
| Fate | Acquired by Nicolet Bankshares |
| Headquarters | Manistique, Michigan, United States |
Key people | Paul Tobias (chairman and CEO) |
| Products | Financial services |
| $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 |
Operations
editThe 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
edit- 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
edit- ^ a b 2012 Annual Report (Report). Mackinac Financial Corporation. December 31, 2012. Retrieved November 25, 2013.
- ^ "Edgar Pro". Google.brand.edgar-online.com. Retrieved March 5, 2014.
- ^ "Mackinac Financial Corp (MFNC.O)". Reuters. Retrieved November 25, 2013.
- ^ "Corporate Profile". Mackinac Financial Corporation. Retrieved November 25, 2013.
- ^ "Mackinac Financial Corp (MFNC.O) Company Profile". Reuters.com. Archived from the original on March 5, 2014. Retrieved March 5, 2014.
- ^ a b c "Shareholder Information". Mackinac Financial Corporation. Retrieved November 25, 2013.
- ^ "2013 Stock Buyback Program". Mackinac Financial Corporation. Retrieved November 29, 2013.
- ^ "Mergers continue to make banks bigger". Traverse City Record-Eagle. January 26, 2016. Retrieved January 28, 2016.
- ^ "Mackinac Financial completes First Federal of Northern Michigan acquisition". www.spglobal.com. Retrieved August 11, 2020.
