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mBank News/Press

Mackinac Financial Corporation Reports Third Quarter 2018 Results

(Manistique, Michigan) – Mackinac Financial Corporation (Nasdaq: MFNC) (the “Corporation”), the bank holding company for mBank, today announced third quarter 2018 income of $3.07 million, or $.29 per share, compared to net income of $2.09 million, or $.33 per share, for the third quarter of 2017. As expected, the 2018 third quarter results were impacted by expenses related to the acquisition of First Federal of Northern Michigan (FFNM) and pre-closing activity for the Lincoln Community Bank (Lincoln) transaction that closed on October 1, 2018.

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mBank Donates $15K to Local Merrill Organizations

MERRILL, Wisc., Oct 22, 2018 – mBank announced a $15,000 donation to support local non-profits in the Greater Merrill Area earlier this week. The contribution was divided into four grants to help serve four different organizations that make a positive impact in the Merrill Community.

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Mackinac Financial Corporation Completes the Acquisition of Lincoln Community Bank

MANISTIQUE, Mich. October 1, 2018 – The Directors of Mackinac Financial Corporation [Nasdaq: MFNC] (Mackinac), the holding company for mBank, today announced the consummation of the all-cash acquisition of Lincoln Community Bank (Lincoln), Merrill, Wisconsin. Lincoln was immediately consolidated into mBank and both branches were opened as mBank locations on Monday, October 1, 2018. Consistent with the terms of the Agreement and Plan of Merger, the total cash consideration was $8.5 million.

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Mackinac Financial Corporation Declares Cash Dividend on Common Stock

Manistique, Michigan – Mackinac Financial Corporation (Nasdaq: MFNC), the bank holding company for mBank (the “Bank”), announced the approval of a cash dividend by its Board of Directors on September 17, 2018. The Board of Directors declared a cash dividend of $.12 per common share, payable October 8, 2018 to shareholders of record at September 27, 2018. The dividend is unchanged from the prior quarter’s dividend.

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MFNC Reports Second Quarter 2018 Results Including Impact of Acquisition Activity and Capital Raise

(Manistique, Michigan) – Mackinac Financial Corporation (Nasdaq: MFNC) (the “Corporation”), the bank holding company for mBank, today announced second quarter 2018 income of $396 thousand, or $.05 per share, compared to net income of $1.68 million, or $.27 per share, for the second quarter of 2017. As expected, the 2018 second quarter results were impacted by expenses related to the acquisition of First Federal of Northern Michigan (FFNM) and pre-announcement diligence activity related to the pending Lincoln Community Bank (Lincoln) transaction. Weighted average share count was increased by a common stock offering by the Corporation in June 2018 and the issuance of shares in the FFNM acquisition.

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mBank to Bring Three Mobile Food Pantries in Ishpeming, Manistique, Sault Ste. Marie This Summer

Manistique, Mich. — July 31, 2018 — Headquartered in Manistique, mBank has pledged to underwrite three Mobile Food Pantry distributions which includes one each in Ishpeming, Manistique, and Sault Ste. Marie this summer. The $9,500+ contribution from mBank is being made to Feeding America West Michigan, which provides food to 160 local hunger-relief organizations across the Upper Peninsula.

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Mackinac Financial Corporation Declares Cash Dividend on Common Stock

Manistique, Michigan – Mackinac Financial Corporation (Nasdaq: MFNC), the bank holding company for mBank (the “Bank”), announced the approval of a cash dividend by its Board of Directors on June 19, 2018. The Board of Directors declared a cash dividend of $.12 per common share, payable July 16, 2018 to shareholders of record at June 29, 2018. The dividend is unchanged from the prior quarter’s dividend.

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mBank Donates $10,000 to Community Splash Park Project

ALPENA, Mich., June 15, 2018 – mBank is pleased to announce its recent donation of $10,000 to help fund the Alpena Rotary Club’s splash park project at Starlite Beach. Through fundraising efforts, Rotary has already committed more than $200,000 toward the splash park. The $10,000 donation from mBank will go towards installing sun shelters on the perimeter of the park.

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Mackinac Financial Corporation to acquire Lincoln Community Bank (Wisconsin)

MANISTIQUE, Mich. And Merrill, Wisc., June 7, 2018 – The Directors of Mackinac Financial Corporation [Nasdaq: MFNC] (Mackinac), the holding company for mBank, and the Directors of Lincoln Community Bank (Lincoln) today announced the execution of a definitive agreement for Mackinac to acquire Lincoln for $8.50 million in cash. Post-transaction assets of MFNC are estimated to be approximately $1.40 billion and gross balance sheet loans of roughly $1.05 billion.

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Mackinac Financial Corporation Completes the Acquisition of First Federal of Northern Michigan

MANISTIQUE, Mich. May 18, 2018 – The Directors of Mackinac Financial Corporation [Nasdaq: MFNC] (Mackinac), the holding company for mBank, today announced the consummation of the all-stock merger of First Federal of Northern Michigan Bancorp, Inc. [OTC: FFNM] (FFNM), Alpena, Michigan, with and into Mackinac. First Federal of Northern Michigan (First Federal), FFNM’s subsidiary bank, was consolidated into mBank and all branches will open as mBank locations on Monday, May 21, 2018. Consistent with the terms of the Agreement and Plan of Merger, FFNM shareholders will receive .576 shares of Mackinac common stock for each share of FFNM common stock. The aggregate value of the stock consideration, based on an assumed value of Mackinac shares of $15.67, which is the average closing price for the previous five trading days, is approximately $33.6 million. FFNM also maintained the required minimum equity necessary to declare and pay an $8 million special dividend to its shareholders immediately prior to closing as part of the agreement. The special dividend is expected to be released for distribution on May 25, 2018. Total consideration to FFNM shareholders in connection with the transaction would equate to $41.6 million, based upon the assumed value of Mackinac common shares.

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MFNC Reports First Quarter 2018 Results & Announces Expected FFNM Transaction Completion Date

(Manistique, Michigan) – Mackinac Financial Corporation (Nasdaq: MFNC) (the “Corporation”), the bank holding company for mBank, today announced first quarter 2018 income of $1.54 million, or $.24 per share, compared to net income of $1.73 million, or $.28 per share, for the first quarter of 2017. As expected, the 2018 first quarter results were impacted by expenses related to the acquisition of First Federal of Northern Michigan (FFNM) that was announced January 16, 2018. In connection with the acquisition, the Corporation had GAAP pre-tax transaction related expenses totaling $189 thousand. Additionally, the Corporation consolidated two southeast Michigan offices during the first quarter that will create long-term cost efficiencies but required a one-time pre-tax early lease termination expense of $64 thousand. These one-time costs reduced the reported net income for the quarter by $200 thousand, on an after-tax basis. The adjusted net income for the first quarter of 2018 (exclusive of the transaction related expenses and the lease termination expense) would equate to $1.74 million, or $.28 per share.

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mBank Announces Nomination of Martin A. Thomson for Expected Appointment to Board of Directors

MANISTIQUE, Mich., March 29, 2018 – The Directors of Mackinac Financial Corporation [Nasdaq: MFNC] (Mackinac), the holding company for mBank, announced today that Martin A. Thomson has been nominated for appointment to its Board of Directors, with such appointment subject to the closing of the merger agreement with First Federal of Northern Michigan Bancorp, Inc. [OTC: FFNM] (FFNM), the holding company for First Federal of Northern Michigan. As previously announced, the merger agreement provides for a current director of FFNM to be appointed to Mackinac’s Board promptly following the closing.

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Mackinac Financial Corporation Declares Cash Dividend on Common Stock

Manistique, Michigan – Mackinac Financial Corporation (Nasdaq: MFNC), the bank holding company for mBank (the “Bank”), announced the approval of a cash dividend by its Board of Directors on March 27, 2018. The Board of Directors declared a cash dividend of $.12 per common share, payable April 18, 2018 to shareholders of record at April 10, 2018. The dividend is unchanged from the prior quarter’s dividend.

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mBank Supports Northern Michigan University Foundation

MANISTIQUE, Mich., March 22, 2018 – mBank is pleased to announce its recent donation to Northern Michigan University (NMU) Foundation’s General Scholarship Fund. The donation was tied to the Northern Michigan Wildcats men’s ice hockey team making it to the 2018 WCHA Championship game and their accomplishments.

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