Mackinac Financial Corporation
| Company type | Public |
|---|---|
| Industry | Banking, Financial services |
| Founded | 1974-12-16 |
| Defunct | 2021-09 |
| Fate | Acquired by Nicolet National Bank |
| Headquarters | Manistique, Michigan , United States |
Area served | Michigan, United States |
| Products | Commercial and retail banking, loans, deposits, time deposits, interest-bearing accounts, health savings accounts, treasury management services, online banking, real estate mortgage financing |
| Parent | Nicolet National Bank (since 2021) |
| Website | bankmbank |
Mackinac Financial Corporation was a bank holding company headquartered in Manistique, Michigan, overseeing the operations of Michigan-based mBank. Established on December 16, 1974, it specialized in delivering both commercial and retail banking solutions. Its common shares were publicly traded on the NASDAQ stock exchange under the ticker "MFNC" until its acquisition by Nicolet National Bank in September 2021.
Operations
Mackinac Financial conducted its banking activities primarily through its subsidiary mBank, offering a range of loan and deposit services alongside retail and commercial banking products. These included time deposits, interest-bearing accounts, health savings accounts, treasury management services, online banking platforms, and real estate mortgage financing. Additionally, the corporation managed several non-banking entities—First Manistique Agency, First Rural Relending Company, and North Country Capital Trust—that supplemented its financial service offerings.
Acquisitions
- In 1997, the company expanded by acquiring UP Financial, Inc.
- Prior acquisitions included South Range State Bank in 1996 and Bank of Stephenson in 1993.
- February 2013 saw the initiation of a stock repurchase program permitting the buyback of $600,000 worth of common stock over a two-year period.
- The purchase of First National Bank of Eagle River positioned the company as the largest bank headquartered within Michigan’s Upper Peninsula, managing assets totaling $900 million.
- The $41.6 million acquisition of First Federal of Northern Michigan Bancorp Inc was finalized in 2018.
External links
- Articles with short description
- Banks based in Michigan
- American companies established in 1974
- Banks established in 1974
- Financial services companies of the United States
- Companies formerly listed on the Nasdaq
- 1974 establishments in Michigan
- 2021 mergers and acquisitions
- Banks disestablished in 2021
- 2021 disestablishments in Michigan