Mackinac Financial Corporation

Mackinac Financial Corporation
Public
Traded as NASDAQ: MFNC
Industry Finance
Founded 1974
Headquarters Manistique, Michigan, United States
Key people
 Paul Tobias, Chairman, and CEO
Products Financial services
$19.824 million (Dec. 31, 2012)[1]
Total assets $545.980 million (Dec. 31, 2012)[1]
Total equity Increase US$ 72.448  million (2012) [2]
Website homepage

Mackinac Financial Corporation is a Manistique, Michigan-based bank holding company for Michigan bank mBank. It provides commercial and retail banking products and services and was incorporated on December 16, 1974.[3] The company's common stock is traded on the NASDAQ stock market under the symbol of “MFNC.”[4]

Operations

The company, through the operation of its subsidiary mBank, offers loan and deposit products, customary retail services and commercial banking services including time deposits, interest-bearing transaction accounts, health saving accounts, treasury management, online banking service, real estate mortgage lending and so on. Apart from the bank, the company also operates non-bank subsidiaries: First Manistique Agency, First Rural Relending Company and North Country Capital Trust to offer financial services.[5]

Acquisitions

  • The company completed the acquisition of UP Financial, Inc in 1997[6]
  • The company completed the acquisition of South Range State Bank in 1996[6]
  • The company completed the acquisition of Bank of Stephenson in 1993[6]
  • The company announced a stock buyback program at its 2013 February meeting, which authorized the repurchase of $600,000 of the company's outstanding common stock over a two-year period.[7]
  • The company announced the acquisition of the First National Bank of Eagle River, making it the largest bank headquartered in the Upper Peninsula with $900 million in assets[8]

References

  1. 1 2 2012 Annual Report (Report). Mackinac Financial Corporation. December 31, 2012. Retrieved November 25, 2013.
  2. ↑ "Edgar Pro". Google.brand.edgar-online.com. Retrieved 2014-03-05.
  3. ↑ "Mackinac Financial Corp (MFNC.O)". Reuters. Retrieved November 25, 2013.
  4. ↑ "Corporate Profile". Mackinac Financial Corporation. Retrieved November 25, 2013.
  5. ↑ "Mackinac Financial Corp (MFNC.O) Company Profile". Reuters.com. Retrieved 2014-03-05.
  6. 1 2 3 "Shareholder Information". Mackinac Financial Corporation. Retrieved November 25, 2013.
  7. ↑ "2013 Stock Buyback Program". Mackinac Financial Corporation. Retrieved November 29, 2013.
  8. ↑ "Mergers continue to make banks bigger". Traverse City Record-Eagle. Traverse City Record-Eagle. 2016-01-26. Retrieved 2016-01-28.
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