MANISTIQUE, MI — (Marketwire) — 08/24/12 — Mackinac Financial Corporation (NASDAQ: MFNC), the holding company for mBank, announced today that the United States Treasury has successfully auctioned its $11.0 million TARP preferred stock that MFNC issued to the U.S. Treasury in April 2009. MFNC was notified that the sale was successfully bid at $958.09 per share and sold to seven different investors. The sale will be consummated on August 29, 2012.
Paul D. Tobias, Chairman of MFNC, stated, “We are pleased that there was a successful auction. MFNC also bid on the repurchase, but bids came in higher than anticipated and we were not a successful bidder. We are pleased that there are investors that find our preferred stock an attractive investment. It speaks to our strong financial condition and profitability expectations. We will now turn our attention towards alternative uses for the $11.6 million of proceeds from our recent common stock issuance. We will also begin the negotiation with the U.S. Treasury to purchase our common stock warrants.”
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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