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mBank News/Press

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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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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