FFNM

AcronymDefinition
FFNMFirst Federal Northern Michigan Bancorp. Inc.
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The Corporation completed the acquisition of FFNM. The Corporation issued 2,146,378 new shares as consideration for the purchase.
Under the terms of the agreement, shareholders of FFNM will also receive a special cash dividend immediately prior to close of USD 8m subject to maintenance of a minimum equity requirement.
Subject to both MFNC and FFNM shareholder approvals, the company is expecting to close the transaction on May 18, 2018.
FFNM also maintained the required minimum equity necessary to declare and pay an $8 million special dividend to its shareholders immediately prior to closing as part of the agreement.
Since its formation, the FFNM Community Foundation has awarded over $233,000 in grant funds to various community support Initiatives.
MANISTIQUE, Mich: The execution of a definitive agreement for Mackinac to acquire FFNM was announced by the Directors of Mackinac Financial Corporation, the holding company for mBank, and the Directors of First Federal of Northern Michigan Bancorp, Inc., the holding company for First Federal of Northern Michigan.
(OTC: FFNM), the holding company for First Federal of Northern Michigan, in an all-stock transaction, the company said.
(OTC: FFNM) has reported consolidated net earnings of USD390,000, or USD0.10 per basic and diluted share, for the quarter ended March 31, 2017, compared to consolidated net earnings of USD261,000, or USD0.07 per basic and diluted share, for the quarter ended March 31, 2016.
(OTCQX: FFNM) has declared a quarterly cash dividend in the amount of USD0.04 per common share, the company said.
MFNC expects to issue approximately 2.15 m shares to FFNM shareholders in connection with the transaction.
(OTCQX: FFNM) has reported consolidated net earnings of USD261,000, or USD0.07 per basic and diluted share, for the quarter ended March 31, 2016, compared to consolidated net earnings of USD356,000, or USD0.10 per basic and diluted share, for the quarter ended March 31, 2015, the company said.