Mackinac Financial Corporation has Completed a $34.5 Million Common Stock Offering
THE TRANSACTION
On June 15, 2018 Mackinac Financial Corporation (NASDAQ: MFNC) (“Mackinac”), the holding company of mBank, announced the closing of its public offering of an aggregate of 2,225,807 shares of Mackinac’s common stock at a price to the public of $15.50 per share. The 2,225,807 shares sold in the offering include 290,323 shares sold pursuant to the exercise of the underwriters’ purchase option. Donnelly Penman & Partners served as financial advisor to the Company for the offering.
The net proceeds to Mackinac after deducting underwriting discounts and commissions and expenses are expected to be $32.4 million. Mackinac intends to use a portion of the net proceeds of this offering to fund the consideration payable in the acquisition of Lincoln Community Bank (Merrill, Wisconsin), to pay down certain debt obligations of Mackinac, and to use the remainder for general corporate purposes, including for potential future strategic acquisitions and investments in mBank as regulatory capital.
Our Client
MACKINAC FINANCIAL CORPORATION
Mackinac is a registered bank holding company formed under the Bank Holding Company Act of 1956 whose common stock is traded on the Nasdaq stock market as “MFNC”. The principal subsidiary company is mBank. Headquartered in Manistique, MI, mBank has a total of 29 branch locations throughout Michigan and Northern Wisconsin and current assets in excess of $1.3 billion. Mackinac’s banking services include commercial lending, asset-based lending, treasury management products, services geared toward small to mid-sized businesses and a full array of personal and business deposit products, consumer loans, mobile banking, online banking and bill pay.
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