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.
This rating indicates that BauerFinancial considers mBank to be a superior and financially sound institution that is operating well above regulatory capital requirements. It also earns mBank a place on BauerFinancial’s Recommended Report. Of the 123 Michigan-based banks rated, just 35 received a 5-star rating.
“mBank is proud to have, once again, earned and be recognized with a 5-star Superior rating,” said Kelly W. George, mBank president and CEO. “Our continued solid financial performance and ‘well capitalized’ position allows us to help our customers face the challenges of today’s economy with peace of mind that their bank is operated in a safe and sound manner.”
In determining its ratings, BauerFinancial uses quarterly financial data reported to federal regulators from banks and credit unions across the country. The criteria used to determine the nationally recognized BauerFinancial Star Rating™ requires institutions to maintain a strong capital position.
In addition to the capital ratio, other criteria are used. Some of these include but are not limited to: profit and loss trends, level of delinquent loans and repossessed assets, the market versus book value of the investment portfolio, the community reinvestment rating (CRA) and liquidity.
BauerFinancial, Inc. has been reporting on and analyzing the performance of U.S. banks and credit unions since 1983. No institution can pay to be rated, or choose to be excluded. Consumers may obtain star-ratings by visiting www.bauerfinancial.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 $550 million, the community bank empowers individuals and small- to medium-sized businesses with smart financing and depository solutions for peace of mind.
Member FDIC equal housing lender.
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