News

Press Releases

 

MFNC Declares $.05 Cash Dividend on Common Stock

03/21/2014
Manistique, Michigan – Mackinac Financial Corporation (Nasdaq: MFNC), the bank holding company for mBank (the “Bank”), today announced that its Board of Directors declared a cash dividend of $.05 per common share, payable April 11, 2014 to shareholders of record April 1, 2014. The dividend is unchanged from the prior quarter’s dividend. Read More...

Mackinac Financial Corporation Announces Solid 2013 Results of Operations

01/30/2014
(Manistique, Michigan) – Mackinac Financial Corporation (Nasdaq: MFNC), the holding Corporation for mBank, today announced net income of $5.629 million or $1.01 per share, for the year ended December 31, 2013, compared to net income of $6.458 million, or $1.51 per share, for 2012. Read More...

Mackinac Financial Completes Redemption of Remaining TARP Stock

01/02/2014
Mackinac Financial Corporation (Nasdaq: MFNC), the bank holding company for mBank (the “Bank”), today announced that on December 31, 2013, it completed the redemption of its remaining 4,000 shares of outstanding Series A fixed rate cumulative preferred stock.
 Read More...

Important information about the Target security breach

12/20/2013
Target issued a press release describing a large customer debit and credit card information compromise that occurred between November 27th and December 15th in their stores. Read More...

mBank CEO talks about new Marquette location on local radio station

12/19/2013

mBank President & CEO Kelly George talks to Eagle Radio Group’s 100.3 WUPT about the new Marquette branch (and gives a MSU Sparty shout-out!).

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MFNC Declares Increased Cash Dividend on Common Stock and Continuance of Stock Buyback Program

12/17/2013
Manistique, Michigan – Mackinac Financial Corporation (Nasdaq: MFNC), the bank holding company for mBank (the “Bank”), today announced that on December 17, 2013, its Board of Directors declared a cash dividend of $.05 per common share, payable January 8, 2014 to shareholders of record December 30, 2013. The dividend is an increase of $.01 per share from the prior quarter’s dividend. Read More...

mBank Awarded 5-Star Rating by BauerFinancial, Inc. for Fifth Consecutive Quarter

11/25/2013
MANISTIQUE, Mich., November 25, 2013 – mBank, the principal subsidiary of Mackinac Financial Corporation [Nasdaq: MFNC], has received a 5-star rating from BauerFinancial, Inc., the nation’s leading independent bank research firm, for the fifth consecutive quarter.  Read More...

New Marquette Branch Opening December 23, 2013

11/21/2013
mBank is excited to announce the consolidation of our two Marquette locations into our new building on Washington Street.  Read More...

MFNC Reports Results for 2013 Third Quarter

11/01/2013
Manistique, Michigan – Mackinac Financial Corporation (Nasdaq: MFNC), the bank holding company for mBank (the “Bank”), today announced third quarter 2013 income of $.846 million or $.15 per share compared to net income available to common shareholders of $.897 million, or $.21 per share for the third quarter of 2012.  Operating results for the first nine months of 2013 totaled $2.719 million or $.49 per share compared to $2.536 million or $.60 per share, excluding the $3.0 million deferred tax valuation adjustment, for the same period in 2012.  
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MFNC Launches Asset-Based Lending Subsidiary

09/24/2013
BIRMINGHAM, Mich. – Mackinac Financial Corporation [Nasdaq: MFNC] announced today the formation of, Mackinac Commercial Credit LLC (MCC), a wholly owned subsidiary of the holding company.  MCC will provide working capital to small- to medium-sized companies through a variety of alternative financing methods, including asset-based lending and factoring.  Read More...

mBank Helps Local Company’s Expansion Efforts Take Flight

09/10/2013
MANISTIQUE, Mich., September 10, 2013 – mBank, the principal subsidiary of Mackinac Financial Corporation [Nasdaq: MFNC] and a driver for business growth in Michigan’s Upper Peninsula, has recently provided Enstrom Helicopter Corporation the capital needed to expand its Menominee, Mich. manufacturing facility.  Read More...

MFNC Reports Strong Second Quarter 2013 Results

07/29/2013
Manistique, Michigan – Mackinac Financial Corporation (Nasdaq: MFNC), the bank holding company for mBank (the “Bank”), today announced second quarter 2013 income of $1.197 million or $.22 per share compared to net income available to common shareholders of $4.142 million, or $.97 per share for the second quarter of 2012. The 2012 second quarter results included a $3 million valuation adjustment to deferred tax assets, which equated to $.70 per share.  Read More...

mBank Receives Statewide Lender Award from Small Business Administration

06/21/2013
MANISTIQUE, Mich., June 21, 2013 – mBank, the principal subsidiary of Mackinac Financial Corporation [Nasdaq: MFNC], has been named the 2012 Community Lender of the Year by the U.S. Small Business Administration’s Michigan District Office. Read More...

mBank Hires New Commercial Lending Officer to Serve SE Michigan Region

05/17/2013
MANISTIQUE, MI; May 17, 2013 – mBank today announced the hire of Joan Pitera as Vice President, Commercial Lending Officer. Pitera is an experienced banking executive with over 20 years experience at JP Morgan. Read More...

MFNC Reports First Quarter 2013 Results

04/30/2013
(Manistique, Michigan) – Mackinac Financial Corporation (Nasdaq: MFNC), the bank holding company for mBank (the “Bank”), today announced first quarter 2013 income of $.676 million or $.12 per share compared to net income of $.498 million, or $.12 per share for the first quarter of 2012.  The Corporation’s primary asset, mBank, recorded net income of $1.006 million for the first quarter of 2013 compared to $.800 million in 2012.  The first quarter 2013 results include a provision for loan losses of $.375 million compared to $.495 million for the same period in 2012.  Total assets of the Corporation at March 31, 2013 were $541.896 million, up 6.99 % from the $506.496 million reported at March 31, 2012. Read More...

MFNC Announces Receipt of Regulatory Approval to Redeem $7 Million of Preferred Stock

03/28/2013
Manistique, Michigan – Mackinac Financial Corporation (Nasdaq: MFNC), the bank holding company for mBank (the “Bank”), announced today that it received required regulatory approval to redeem $7.0 million of its $11.0 million outstanding preferred stock. The 7,000 shares with a par value of $1,000 per share are now eligible to be redeemed from third-parties that purchased the preferred from the United States Treasury when auctioned in August 2012. The actual redemption price(s) and effective date of the redemption(s) have not yet been determined. Read More...

MFNC Declares $.04 Cash Dividend on Common Stock

03/27/2013
Manistique, Michigan – Mackinac Financial Corporation (Nasdaq: MFNC), the bank holding company for mBank (the “Bank”), today announced that on March 26, 2013, its Board of Directors declared a cash dividend of $.04 per common share, payable April 15, 2013 to shareholders of record April 5, 2013. The dividend is unchanged from the prior quarter’s dividend. Read More...

mBank Honored as Leader in Restructuring Deal

03/20/2013
mBank, the principal subsidiary of Mackinac Financial Corporation [Nasdaq: MFNC], has been recognized with the 2013
Restructuring Community Impact Award by The M&A Advisor, for helping Manistique’s second largest employer evade permanent closure.
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mBank and Manistique Papers

03/20/2013
When an iconic member — and major employer — of the Manistique business community faced closure, they turned to the expertise, innovation and responsiveness of mBank to help restore financial stability to their company. Read More...

Mackinac Financial Corporation Announces Stock Buyback Program

03/01/2013
Mackinac Financial Corporation (Nasdaq: MFNC), the holding company for mBank, announced today that its Board of Directors, at its February meeting, authorized a common stock repurchase program.  The new program authorizes the repurchase of $600,000 of the Company’s outstanding common stock over a two year period. Read More...

MFNC Announces 2012 Results of Operations with Improved Profitability and Asset Quality

02/05/2013

(Manistique, Michigan) – Mackinac Financial Corporation (Nasdaq: MFNC), the holding Corporation for mBank, today announced net income of $6.459 million or $1.51 per share, for the year ended December 31, 2012, compared to net income of $1.452 million, or $.42 per share, for 2011.  The Corporation’s primary asset, mBank, recorded net income of $7.884 million for the fiscal year 2012 compared to $2.656 million for 2011.  The 2012 consolidated and bank results include a $3.0 million deferred tax valuation adjustment. 

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mBank Announces Promotions at Company Headquarters in Manistique

01/15/2013
MANISTIQUE, MI; January 15, 2013 – mBank today announced the following promotions:

  • Linda Bolda has been promoted to Senior Vice President — Human Resources Director
  • Gregory Schuetter has been promoted to Senior Vice President — Upper Peninsula Commercial Lending Manager
  • Sondra Casey has been promoted to Commercial Processor / Credit File Manager
  • Kendra Lander Has been promoted to Branch Sales Manager of the Manistique main office
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mBank Promotes Angie Buckingham to Assistant Vice President

01/15/2013
MANISTIQUE, MI; January 15, 2013 – mBank today announced the promotion of Angie Buckingham to Assistant Vice President — Newberry Branch Sales Manager.

"Angie has been a valuable member of the mBank team for many years and supported the goals of the company every step of the way,” said Kelly W. George, mBank President and Chief Executive Officer. “We are happy to recognize her strong work ethic, commitment to the company and community, and leadership skills with this new promotion.”  Read More...

mBank Promotes Teresa Same to Assistant Vice President

01/15/2013
MANISTIQUE, MI; January 15, 2013 – mBank today announced the promotion of Teresa Same to Assistant Vice President —Branch Sales Manager.

"Teresa is an important part of the mBank management team in Marquette,” said Kelly W. George, mBank President and Chief Executive Officer. “We are pleased to recognize her strong work ethic, commitment to the company and community, and leadership skills with this new promotion.” Read More...

mBank Promotes Lori McKerchie to Branch Sales Manager

01/15/2013
MANISTIQUE, MI; January 15, 2013 – mBank today announced the promotion of Lori McKerchie to Sault Ste. Marie Branch Sales Manager.

“We are happy to recognize Lori with this new promotion,” said Kelly W. George, mBank President and Chief Executive Officer. “She has demonstrated the strong work ethic and commitment to the company and community synonymous with her new position and we believe her dedication and leadership will allow her continued success.” Read More...

mBank Announces Promotions in Southeast Michigan

01/14/2013
MANISTIQUE, MI; January 15, 2013 – mBank today announced the following promotions:

  • David Leslie has been promoted to Senior Vice President — Southeast Michigan / Gaylord Commercial Lending Manager
  • Elena Dritsas has been promoted to Assistant Vice President — Birmingham Branch Sales Manager / Treasury Management Officer
"David and Elena are key members of the mBank team in our Birmingham office” said Kelly W. George, mBank President and Chief Executive Officer. “We are very pleased to recognize their strong work ethic, leadership skills and commitment to our company and community with these new promotions.” Read More...

Mackinac Financial Corporation Declares $.04 Cash Dividend on Common Stock

12/19/2012
Manistique, Michigan – Mackinac Financial Corporation (Nasdaq: MFNC), the bank holding company for mBank (the “Bank”), today announced that on December 18, 2012, its Board of Directors declared a cash dividend of $.04 per common share, payable January 7, 2013 to shareholders of record as of December 31, 2012. Read More...

Mackinac Financial Corporation Reports Strong Results for the 2012 Third Quarter and 9 Month Periods

11/01/2012
Manistique, Michigan – Mackinac Financial Corporation (Nasdaq: MFNC), the bank holding company for mBank (the “Bank”), today announced third quarter 2012 income of $.897 million or $.19 per share compared to net income of $.707 million, or $.21 per share for the third quarter of 2011. Nine month 2012 operating results totaled $5.536 million, or $1.44 per shares, which included a $3.0 million valuation adjustment to the deferred tax asset. Operating results excluding the deferred tax asset for the first nine months of 2012 totaled $2.536 million or $.66 per share compared to $1.566 million or $.46 per share for the same period in 2011. The Corporation’s subsidiary mBank recorded net income of $1.329 million for the quarter and $3.577 million, excluding the valuation adjustment to deferred taxes, for the first nine months of this year compared to $2.439 million for the same period in 2011. Read More...

mBank Hires Mortgage Loan Officer Cathy Cayer-Bolm

07/13/2012
MANISTIQUE, MI; July 13, 2012 – mBank today announced the addition of Catherine (Cathy) Cayer-Bolm to the Marquette Mortgage team. As Vice President, Mortgage Loan Officer, Cayer-Bolm will be responsible for residential and installment loan origination in the Marquette area. Read More...

mBank Hires New Business Banker Joe Havican

06/26/2012
MANISTIQUE, MI; June 26, 2012 – mBank today announced the addition of Joseph (Joe) Havican to the Marquette Commercial Lending team. As Commercial Banking Officer — Vice President, Havican will be primarily responsible for commercial loan origination, portfolio management and deposit gathering in the Marquette area. Read More...

mBank today announced the addition of Richard (Rick) Demers to the Manistique Commercial Lending tea

06/14/2012
MANISTIQUE, MI; June 14, 2012 – mBank today announced the addition of Richard (Rick) Demers to the Manistique Commercial Lending team. As Commercial Banking Officer — Vice President, Demers will be primarily responsible for commercial loan origination, portfolio management and deposit gathering within the Schoolcraft, Delta, and Alger counties of the Central UP. Read More...

mBank today announced the hire of Michael Saporito as Senior Vice President, Chief Operating Officer

06/14/2012
MANISTIQUE, MI; June 14, 2012 – mBank today announced the hire of Michael Saporito as Senior Vice President, Chief Operating Officer. Saporito is a seasoned banking executive with over 30 years experience at community banks of similar size to mBank. Read More...