Mackinac Financial Corporation

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]

Mackinac Financial Corporation
Public
Traded asNASDAQ: MFNC
Russell Microcap Index component
IndustryFinance
Founded1974
HeadquartersManistique, Michigan, United States
Key people
Paul Tobias, Chairman, and CEO
ProductsFinancial services
$19.824 million (Dec. 31, 2012)[1]
Total assets$545.980 million (Dec. 31, 2012)[1]
Total equity US$ 72.448  million (2012) [2]
Websitehomepage

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. 2012 Annual Report (Report). Mackinac Financial Corporation. December 31, 2012. Retrieved November 25, 2013.
  2. "Edgar Pro". Google.brand.edgar-online.com. Retrieved March 5, 2014.
  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 March 5, 2014.
  6. "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. January 26, 2016. Retrieved January 28, 2016.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.