Troy, Mich., October 30, 2015 Mackinac Commercial Credit (MCC), a wholly owned subsidiary of Mackinac Financial Corporation (MFNC) (the parent company to mBank) has announced it has been merged into mBank and is now a division of the company as of October 1, 2015. Mackinac Commercial Credit will retain its name and will be the Asset Based Lending Division of the Manistique, MI based mBank.
Mackinac Commercial Credit provides working capital lines of credit based on accounts receivable, inventory and equipment up to $5,000,000 to companies in transition that cannot obtain traditional bank financing. MCC provides loans nationally and is headquartered in Troy, MI with a sales office in Chicago.
According to MCC President, Ed Lewan, “We are very excited to officially be a part of the mBank team. As a division of mBank we will have access to the full depth, talents and support of mBank. Being funded internally will make us very competitive in our space and will provide an avenue for our clients to move back to a traditional bank after they complete their turnaround.” Lewan will become the Asset Based Lending Division President at mBank.
Paul Tobias, Chairman of mBank and Chairman and CEO of Mackinac Financial Corporation added, “Bringing MCC into the bank made sense to allow us to realize synergies between the bank and our ABL business. It will allow us to utilize lower funding costs and compete for larger transactions. As the credit cycle ages, we will have additional opportunities to deploy ABL loan structures that will maintain our solid risk profile.”
MCC’s offices will remain at 840 W. Long Lake Road, Suite 120, Troy, Michigan. For further information, visit www.mackinaccredit.com.
About Mackinac Financial Corporation and mBank
Headquartered in Manistique, Michigan, mBank is the principal subsidiary of Mackinac Financial Corporation whose common stock is traded on the NASDAQ stock market as “MFNC.” With assets in excess of $750 million, the community bank empowers individuals and small- to medium-sized businesses with smart financing and depository solutions for peace of mind. For more information visit: www.bankmbank.com.
Member FDIC equal housing lender.