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mBank News/Press

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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Mackinac Commercial Credit to Become mBank Business Credit

MANISTIQUE, Mich., February 09, 2018 – mBank is pleased to announce its asset based lending division, Mackinac Commercial Credit, has formally changed its name to mBank Business Credit, effective February 01, 2018. The headquarters is currently located in Troy, MI and will be relocating to the mBank branch in Birmingham MI.

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Mackinac Financial Corporation Reports 2017 Fourth Quarter and Annual Results

Manistique, Michigan – Mackinac Financial Corporation (Nasdaq: MFNC) (the “Corporation”), the bank holding company for mBank, today announced 2017 net income of $5.48 million, or $.87 per share, compared to net income $4.48 million, or $.72 per share, in 2016. The 2017 results include the effects of the $2.02 million non-cash tax expense related to the revaluation of the company’s Deferred Tax Asset (“DTA”) as a result of the corporate tax code change in December 2017 and a small amount of transaction related expenses related to the recently announced definitive agreement to acquire First Federal of Northern Michigan Bancorp, Inc. (“FFNM”).

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First Federal of Northern Michigan Bancorp, Inc. to merge with Mackinac Financial Corporation

MANISTIQUE, Mich. and ALPENA, Mich., January 16, 2018 – The Directors of Mackinac Financial Corporation [Nasdaq: MFNC] (Mackinac), the holding company for mBank, and the Directors of First Federal of Northern Michigan Bancorp, Inc. [OTC: FFNM] (FFNM), the holding company for First Federal of Northern Michigan today announced the execution of a definitive agreement for Mackinac to acquire FFNM through an all-stock merger of FFNM with and into a subsidiary of Mackinac. 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 price of Mackinac shares of $15.75, is $33.8 million. MFNC expects to issue approximately 2.15 million shares to FFNM shareholders in connection with the transaction. Under the terms of the agreement, shareholders of FFNM will also receive a special cash dividend immediately prior to close of $8.0 million subject to maintenance of a minimum equity requirement. Total consideration to FFNM shareholders in connection with the transaction would equate to $41.8 million, or $11.22 per share, based upon the assumed value of Mackinac common shares.

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mBank Announces Executive Level Promotions

MANISTIQUE, Mich., January 11, 2017- mBank is pleased to announce the promotions of Senior Vice President Clay Peterson and Senior Vice President Joanna Slaght to Executive Vice Presidents. They will continue to provide top level leadership throughout various administrative, client service, and governance areas of the company to support future strategic growth objectives both organically and externally.

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