Mackinac Financial Corporation Completes the Acquisition of Lincoln Community Bank
Mackinac Financial Corporation (MFNC)
Last mackinac financial corporation earnings: 1/29 09:00 am
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snl.com/irweblinkx/corporateprofile.aspx?iid=1019295
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Source: GlobeNewswire
MANISTIQUE, Mich., Oct. 01, 2018 (GLOBE NEWSWIRE) -- The Directors of Mackinac Financial Corporation [Nasdaq: MFNC] (Mackinac), the holding company for mBank, today announced the consummation of the all-cash acquisition of Lincoln Community Bank (Lincoln), Merrill, Wisconsin. Lincoln was immediately consolidated into mBank and both branches were opened as mBank locations on Monday, October 1, 2018. Consistent with the terms of the Agreement and Plan of Merger, the total cash consideration was $8.5 million. The acquired assets equate to roughly $60 million, loans of approximately $40 million, and core deposits of $52 million. The transaction will increase Mackinac’s post-transaction assets to an estimated $1.32 billion and balance sheet loans to approximately $1.1 billion. mBank plans to close Lincoln’s Gleason, WI office at year-end. The office will remain open and fully operational until this closure occurs. The addition of the single acquired office (following the anticipa
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