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mBank News/Press

Erin McCormick Named mBank Senior Vice President – Branch Administration and Sales Officer

MANISTIQUE, Mich., September 13, 2017 – mBank is pleased to announce the recent hiring of Erin McCormick as Senior Vice President, Branch Administration and Sales Officer whose primary office will be located in Eagle River, WI. Mr. McCormick will oversee the sales growth and administration of all 23 mBank Branch locations to foster profitability and efficiency enhancements throughout the retail branch network.

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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 12, 2017. The Board of Directors declared a cash dividend of $.12 per common share, payable October 3, 2017 to shareholders of record at September 22, 2017. The dividend is unchanged from the prior quarter’s dividend.

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MFNC Surpasses $1 Billion in Total Assets, Announces Six-month and Second Quarter 2017 Results

Manistique, Michigan – Mackinac Financial Corporation (Nasdaq: MFNC) (the “Corporation”), the bank holding company for mBank, today announced second quarter 2017 income of $1.680 million, or $.27 per share, compared to a loss of $.125 million or ($.02) per share for the second quarter of 2016. Net income for the first six months of 2017 totaled $3.406 million, or $.54 per share, compared to $1.007 million, or $.16 per share, for the same period in 2016. Total assets of the Corporation at June 30, 2017 totaled $1.027 billion, compared to $892.328 million at June 30, 2016. Weighted average shares for 2017 totaled 6,282,551, compared to 6,220,906 shares in the same period of 2016.

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MFNC 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 20, 2017. The Board of Directors declared a cash dividend of $.12 per common share, payable July 11, 2017 to shareholders of record at June 30, 2017. The dividend is unchanged from the prior quarter’s dividend.

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Mackinac Financial Corporation Reports First Quarter 2017 Results

(Manistique, Michigan) – Mackinac Financial Corporation (Nasdaq: MFNC) (the “Corporation”), the bank holding company for mBank, today announced first quarter 2017 income of $1.726 million, or $.28 per share, compared to net income of $1.132 million, or $.18 per share, for the first quarter of 2016. As expected, the 2017 first quarter results were positively impacted by the operating scale garnered by the two 2016 acquisitions, as well as continued organic growth. All transaction-related expenses from the acquisitions occurred in 2016 and no legacy costs are expected this year. Total assets of the Corporation at March 31, 2017 were $976.635 million compared to $732.932 million at March 31, 2016.

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Mackinac Financial Corporation Reports 2016 Fourth Quarter and Annual Results

Manistique, Michigan – Mackinac Financial Corporation (Nasdaq: MFNC) (the “Corporation”), the bank holding company for mBank, today announced 2016 net income of $4.48 million, or $.72 per share, compared to net income $5.60 million, or $.90 per share, in 2015. The 2016 results include expenses related to the acquisitions of Niagara Bancorporation, Inc. (“Niagara”) and First National Bank of Eagle River (“Eagle River”). Year-to-date transaction related expenses, largely associated with the early termination of the Eagle River data processing system, totaled $3.10 million with an after-tax impact of $2.05 million on earnings that equated to $.33 per share. Adjusted core net income (exclusive of all transaction-related expenses) for 2016 was $6.53 million, or $1.05 per share.

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Clare Ghiardi to Retire After 13 Years with mBank

MANISTIQUE, Mich. January 31, 2017 – mBank announced today that Clare Ghiardi, Vice President Mortgage Loan Officer, will be retiring effective March 17, 2017.

Mrs. Ghiardi has been with mBank since October of 2003 as a Vice President Mortgage Lender in Marquette. She came to mBank from a 30-year career in the banking industry, all in Marquette County.

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