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mBank News/Press

MFNC Completes the Acquisition of First National Bank of Niagara

MANISTIQUE, Mich. August 31, 2016 – The Directors of Mackinac Financial Corporation [Nasdaq: MFNC] (Mackinac), the holding company for mBank, today announced the consummation of the acquisition of The First National Bank of Niagara (Niagara), Niagara, Wisconsin, from its holding company Niagara Bancorporation Inc. First National Bank of Niagara was immediately consolidated into mBank and all branches will open as mBank locations on Thursday, September 1, 2016.

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Mackinac Financial Corporation Announces Six Month and Second Quarter 2016 Results

Manistique, Michigan – Mackinac Financial Corporation (Nasdaq: MFNC)(the “Corporation”), the bank holding company for mBank, today announced a net loss, after certain acquisition transaction expenses described below, for the second quarter 2016 of $.125 million or ($.02) per share compared to net income of $1.614 million, or $.26 per share, for the second quarter of 2015 and $1.132 million, or $.18 per share, in the 2016 first quarter. Net income for the first six months of 2016 totaled $1.007 million, or $.16 per share, after acquisition transaction expenses, compared to $2.985 million, or $.48 per share, for the same period in 2015. Total assets of the Corporation at June 30, 2016 totaled $892.238 million, compared to $735.338 million at June 30, 2015. Weighted average shares for 2016 totaled 6,231,246, compared to 6,245,553 shares in the same period of 2015.

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mBank Announces Senior Level Promotions

MANISTIQUE, Mich., June 16th, 2016 — mBank is pleased to announce the promotions of Senior Vice Presidents Clay Peterson and Joanna Slaght. In their new roles, they will continue to provide senior level leadership throughout various administrative, client service, and governance areas of the company to support the growing operating platform resulting from both multiple bank acquisitions and organic expansion efforts the last 18 months.

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Ernie R. Krueger to Retire After 12 Years With Mackinac Financial Corporation; Company Announces CFO Succession.

MANISTIQUE, Mich. June 1, 2016 – The Directors of Mackinac Financial Corporation [Nasdaq: MFNC] (Mackinac), the holding company for mBank, announced today that Executive Vice President and Chief Financial Officer, Ernie R. Krueger, will be retiring effective July 31, 2016. They have appointed mBank Senior Vice President and Managing Director of Retail Branch Banking, Marketing & Special Capital Projects, Jesse A. Deering, to Executive Vice President and Chief Financial Officer of both Mackinac and mBank, effective August 1, 2016. During the past several months, MFNC’s board of directors and executive management have developed a comprehensive transition plan to ensure a seamless succession. The plan also calls for increased responsibility for current Senior Vice President & Controller, Jennifer Stempki, who has been working in the Finance Department for over 13 years.

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MFNC Declares $.10 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 May 24, 2016. The Board of Directors declared a cash dividend of $.10 per common share, payable July 11, 2016 to shareholders of record at June 24, 2016. The dividend is unchanged from the prior quarter’s dividend.

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MFNC to acquire Niagara Bancorporation (Wisconsin)

MANISTIQUE, Mich. and Niagara, Wisc., May 24, 2016 – The Directors of Mackinac Financial Corporation [Nasdaq: MFNC] (Mackinac), the holding company for mBank, and the Directors of Niagara Bancorporation (Niagara), the holding company for First National Bank of Niagara today announced the execution of a definitive agreement for Mackinac to acquire Niagara in an all cash transaction for a fixed $7.325 million purchase price.

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Mackinac Financial Corporation Reports First Quarter 2016 Results

(Manistique, Michigan) – Mackinac Financial Corporation (Nasdaq: MFNC) (the “Corporation”), the bank holding company for mBank, today announced first quarter 2016 income of $1.132 million, or $.18 per share, compared to net income of $1.371 million, or $.22 per share, for the first quarter of 2015. The 2015 first quarter income was positively impacted by a one-time $.283 million credit mark accretion under GAAP from the acquired loan portfolio from Peninsula Bank (Pen). 2015 income adjusted for this item was $1.088 million, or $.17 per share. Total assets of the Corporation at March 31, 2016 totaled $732.932 million compared to $728.844 million at March 31, 2015.

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Mackinac Financial Corporation Completes the Acquisition of First National Bank of Eagle River

MANISTIQUE, Mich. April 29, 2016 – The Directors of Mackinac Financial Corporation [Nasdaq: MFNC] (Mackinac), the holding company for mBank, today announced the consummation of the acquisition of The First National Bank of Eagle River (FNBER), Eagle River, Wisconsin, from its holding company Ellis Bankshares, Inc. (Ellis). FNBER was immediately consolidated into mBank and all branches will open as mBank locations on Monday, May 2, 2016.

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Mackinac Financial Corporation Reports Strong Earnings Growth For 2015

Manistique, Michigan – Mackinac Financial Corporation (Nasdaq: MFNC) (the “Corporation”), the bank holding company for mBank, today announced 2015 net income of $5.596 million, or $.90 per share, compared to net income $1.700 million, or $.30 per share in 2014. The 2015 results include one-time charges related to (i) the transfer of our asset based lending subsidiary assets to mBank, which charges included unamortized debt issue and dissolution costs of the subsidiary, and (ii) regulatory audit costs incurred in connection with our approval as an SBA preferred lender, along with a deferred tax valuation adjustment of $.322 million. The net positive impact of these items was approximately $.02 per share.

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Mackinac Financial Corporation to acquire First National Bank of Eagle River (WI)

MANISTIQUE, Mich. and EAGLE RIVER, Wis., January 19, 2016 – The Directors of Mackinac Financial Corporation [Nasdaq: MFNC] (Mackinac), the holding company for mBank, and the Directors of Ellis Bankshares, Inc. (Ellis), the holding company for First National Bank of Eagle River (FNBER), today announced the execution of a definitive agreement for Mackinac to acquire all outstanding stock of FNBER in an all cash transaction for a fixed $12.50 million. FNBER is expected to maintain a minimum of $12.80 million of tangible capital equity at closing.

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