MANISTIQUE, MI — (Marketwire) — 08/14/12 — Mackinac Financial Corporation (NASDAQ: MFNC), the holding corporation for mBank, announced today that it consummated the investment by Steinhardt Capital Investors, LLLP (“SCI”). This investment by SCI was for the $5.3 million purchase of 922,788 shares of MFNC common stock which was originally announced in late March in conjunction with a $7 million rights offering. The rights offering, which was oversubscribed, ended on July 16th, 2012 and shares were recently distributed.
The proceeds of the SCI investment along with the million rights offering will result in approximately $11.6 million in new capital which will be used by the company to pursue strategic initiatives, including the possible retirement of the TARP securities issued by the Company to the U.S. Department of the Treasury under the Troubled Asset Relief Capital Purchase Program.
Chairman and CEO of Mackinac Financial Corporation, Mr. Paul Tobias, said, “We are excited for this partnership with SCI and the Steinhardt family. We are also pleased to announce that David Steinhardt has been appointed to the MFNC Board of Directors. We look forward to David-s involvement in our company-s future. His experience as an investor will help keep us focused on long term value creation.”
Mr. David R. Steinhardt of SCI, said, “MFNC has a very strong management team, a sound business plan and is healthy. I believe the Company is well positioned to take advantage of business opportunities in Michigan and create value for all shareholders.”
Mackinac Financial Corporation is a registered bank holding Corporation formed under the Bank Holding Corporation Act of 1956 with assets in excess of $520 million and whose common stock is traded on the NASDAQ stock market as “MFNC.” The principal subsidiary of the Corporation is mBank. Headquartered in Manistique, Michigan, mBank has 11 branch locations; seven in the Upper Peninsula, three in the Northern Lower Peninsula and one in Oakland County, Michigan. The Corporation-s banking services include commercial lending and treasury management products and services geared toward small to mid-sized businesses, as well as a full array of personal and business deposit products and consumer loans.
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