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Post-transaction assets of MFNC are estimated to be approximately USD 1.40bn and gross balance sheet loans of roughly USD 1.05bn.
MFNC expects to issue approximately 2.15m shares to FFNM shareholders in connection with the transaction.
Mackinac Financial Corporation (NASDAQ: MFNC), the bank holding company for mBank, has reported a net loss of USD0.125m, or USD0.02 per share for the second quarter 2016, compared to net income of USD1.614m, or USD0.26 per share, for the second quarter of 2015.
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.
(NASDAQ: MFNC), the bank holding company for mBank, said it has received required regulatory approval to redeem USD7.0m of its USD11.0m outstanding preferred stock.
(NASDAQ: MFNC) (Mackinac), the holding company for mBank, has executed an agreement under which Mackinac will merge with Michigan-based First Federal of Northern Michigan Bancorp, Inc.
Mackinac Financial Corporation (NASDAQ: MFNC), the holding company for mBank, and Niagara Bancorporation, the holding company for First National Bank of Niagara, have said that they have signed a definitive agreement under which Mackinac will acquire Niagara in an all cash transaction, valued at USD7.325m.
Headquartered in Manistique, Michigan, mBank is the principal subsidiary of Mackinac Financial Corporation whose common stock is traded on the NASDAQ stock market as "MFNC." With assets in excess of $730 million, the community bank empowers individuals and small- to medium-sized businesses with smart financing and depository solutions for peace of mind.
(NASDAQ: MFNC), the bank holding company for mBank, said that on March 26, 2013, its board of directors declared a cash dividend of USD0.04 per common share, payable April 15, 2013 to shareholders of record April 5, 2013.
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 22, 2016.
(NASDAQ: MFNC), the holding company for mBank, have authorized a common stock repurchase program of USD600,000 of the company's outstanding common stock over a two-year period.
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