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Press Releases

 

Mackinac Financial Corporation Announces 2014 Results of Operations

02/04/2015

Manistique, Michigan – Mackinac Financial Corporation (Nasdaq: MFNC), the bank holding company for mBank (the “Bank”), today announced 2014 income of $1.700 million, or $.30 per share, compared to net income available to common shareholders of $5.629 million, or $1.01, per share for 2013. In 2013, a deferred tax benefit of $2.250 million was recorded which equated to $.40 per share. In December 2014, the Corporation completed the acquisition of Peninsula Financial Corporation, (“PFC”) the holding company for Peninsula Bank, headquartered in Ishpeming, Michigan. In connection with this acquisition and other strategic initiatives, the Corporation had nonrecurring transaction related expenses totaling $2.475 million. These “one-time” costs reduced the reported net income in 2014 by $1.810 million, or $.32 per share, on an after tax basis. The adjusted net income for 2014 (not inclusive of the nonrecurring transaction related expenses) would equate to $3.510 million, or $.62 per share, compared to adjusted net income of $3.379 million in 2013 (not including the deferred tax benefit), or $.61 per share. Weighted average shares for 2014 totaled 5,592,738 compared to 5,518,383 shares in 2013.

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Clay Peterson Joins Mbank as Senior Vice President – Delta County Regional Executive

01/26/2015

MANISTIQUE, Mich., January 26, 2015 – mBank is pleased to announce the recent hire of Clay Peterson as Senior Vice President – Delta County Regional Executive located in Escanaba.

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MFNC Completes the Acquisition of Peninsula Financial Corporation

12/05/2014
MANISTIQUE, Mich. December 5, 2014 – The Directors of Mackinac Financial Corporation [Nasdaq: MFNC] (Mackinac), the holding company for mBank, today announced the consummation of the merger of Peninsula Financial Corporation (Peninsula), the holding company for Peninsula Bank, with and into Mackinac with Mackinac as the surviving corporation.  Following the closing of the merger, Peninsula Bank was consolidated into mBank and all branches will open as mBank locations on Monday, December 8, 2014. Read More...

CEO Kelly George Provides Acquisition Updates on Marquette’s 101.3, the Point

11/14/2014
mBank CEO, Kelly George, interviewed on updates regarding the acquisition of Peninsula Bank as well as on the banking industry in general. Read More...

MFNC Reports Nine Month and Third Quarter 2014 Results

10/30/2014

Announces a 50% Increase in Annual Dividend from $.20 to $.30 per Share.

Manistique, Michigan – Mackinac Financial Corporation (Nasdaq: MFNC), the bank holding company for mBank (the “Bank”), today announced third quarter 2014 income of $.886 million or $.16 per share compared to net income available to common shareholders of $.846 million, or $.15 per share for the third quarter of 2013.  Operating results for the first nine months of 2014 totaled $2.352 million or $.43 per share compared to $2.719 million or $.49 per share for the same period in 2013. 

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Security Breaches at Major Retailers

09/26/2014
If you have shopped at any affected retailers using your credit or debit card, we recommend you actively monitor the activity on your card(s). If you discover any suspicious or unusual activity on your mBank accounts or suspect fraud, please report it immediately to your mBank branch so our staff can assist you. Read More...

mBank Commits to Supporting Local Charitable Causes

09/17/2014

Consistent with its corporate mission, mBank has made charitable donations to the following organizations as it expands its market trade area through the announced pending transaction with Peninsula Bank:

  • Big Brothers Big Sisters of Marquette and Alger Counties, Inc.
  • Gwinn Area Community Schools
  • Ishpeming Carnegie Library Window Fund
  • Ishpeming Public School District #1
  • Marquette Area Public Schools
  • Negaunee Public Schools
  • NICE Community Schools
  • Republic-Michigamme Schools
  • The Salvation Army
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Important information about the Home Depot security breach.

09/11/2014
Home Depot issued a press release describing a customer debit and credit card information compromise that began in April 2014 in their US and Canadian stores. Read More...

Michael Caruso Joins mBank as Vice President, Senior Commercial Banking Officer

08/21/2014
mBank is pleased to announce the recent hire of Michael Caruso as Vice President - Senior Commercial Banking Officer in Traverse City.  Read More...

CEO Kelly George Interviewed on Marquette's 101.3 WUPT

08/21/2014
Chip Arlege interviews mBank CEO, Kelly George, on the upcoming acquistion of Peninsula Bank. Read More...

MFNC Reports Six Month and Second Quarter 2014 Results

07/30/2014
Manistique, Michigan – Mackinac Financial Corporation (Nasdaq: MFNC), the bank holding company for mBank (the “Bank”), today announced second quarter 2014 income of $.806 million or $.15 per share compared to net income available to common shareholders of $1.197 million, or $.22 per share for the second quarter of 2013.  Operating results for the first six months of 2014 totaled $1.466 million or $.27 per share compared to $1.873 million or $.34 per share for the same period in 2013.  The consolidated operating results for 2014 were impacted by costs associated with strategic initiatives. The Corporation incurred $.272 million of expenses related to acquisition initiatives and also recorded an after tax loss from the asset based lending subsidiary of $.297 million. The combination of these two initiatives had a negative after tax impact of $.477 million, or $.09 per share.  Read More...

mBank announces more detailed plans for local Peninsula Bank branches

07/21/2014
MANISTIQUE, Mich., July 21, 2014 – Following the July 18, 2014 announcement of the agreement for Mackinac Financial Corporation (Mackinac) to acquire Peninsula Financial Corporation (Peninsula), mBank today announced plans for the Peninsula Bank branch locations. Read More...

Mackinac Financial Corporation to acquire Peninsula Financial Corporation

07/18/2014
MANISTIQUE, Mich. and ISHPEMING, Mich., July 18, 2014 – The Directors of Mackinac Financial Corporation [Nasdaq: MFNC] (Mackinac), the holding company for mBank, and the Directors of Peninsula Financial Corporation (Peninsula), the holding company for Peninsula Bank today announced the execution of a definitive agreement for Mackinac to acquire Peninsula in a cash & stock transaction for a fixed $13.285 million purchase of $10.50 million of equity.  Shareholders of Peninsula will also receive a special dividend immediately prior to close of any equity greater than $10.50 million as specified in the merger agreement. Read More...

mBank to Support Northern Michigan University Club Hockey Team

08/05/2014
Jersey design to be unveiled this September

MANISTIQUE, Mich., August 5, 2014 – mBank has committed to support the Northern Michigan University (NMU) Men’s Club Hockey team. The 5-year sponsorship, valued at $9,700, will be used to purchase new Wildcats home and away game jerseys, as well as new team outerwear. Read More...

MFNC Reports First Quarter 2014 Results

04/29/2014
(Manistique, Michigan) – Mackinac Financial Corporation (Nasdaq: MFNC), the bank holding company for mBank (the “Bank”), today announced first quarter 2014 income of $.660 million or $.12 per share compared to net income of $.676 million, or $.12 per share for the first quarter of 2013. The Corporation’s primary asset, mBank, recorded a 9.34% increase in net income which equated to $1.100 million for the first quarter of 2014 compared to $1.006 million in 2013. Total assets of the Corporation at March 31, 2014 were $583.592 million, up 7.69% from the $541.896 million reported at March 31, 2013. Read More...

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.
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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...

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 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 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 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 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...