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.
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.
MANISTIQUE, Mich., January 8, 2016 – mBank employees recently made a generous donation totaling over $1,500 to three Upper Peninsula charities. The organizations included; Feeding America West Michigan Food Bank, Upper Peninsula Animal Welfare Shelter (UPAWS) and U.P. Honor Flight.