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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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