Mackinac Financial Corporation Announces Pricing of Common Stock Offering

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MANISTIQUE, Mich., June 13, 2018 (GLOBE NEWSWIRE) -- The Directors of Mackinac Financial Corporation (Nasdaq:MFNC) (Mackinac), the holding company for mBank, today announced the pricing of its underwritten public offering of 1,935,484 shares of its common stock at a price of $15.50 per share, for gross proceeds of $30.0 million.  Net proceeds to Mackinac, after deducting underwriting discounts and commissions, but before deducting estimated offering expenses payable by Mackinac, are expected to be approximately $28.5 million. Mackinac has granted the underwriters an option, exercisable in whole or in part for 30 days, to purchase up to an additional 290,323 shares of its common stock at the public offering price, less the underwriting discount.

Piper Jaffray & Co. is serving as book-running manager for the offering. Hovde Group, LLC is serving as co-manager for the offering.

Mackinac intends to use a portion of the net proceeds of this offering to fund a portion of the consideration payable in the acquisition of Lincoln Community Bank (Merrill, Wisconsin), to pay down certain debt obligations of the company, and to use the remainder for general corporate purposes, including for potential future strategic acquisitions and investments in mBank as regulatory capital.

Mackinac expects to close the offering, subject to customary conditions, on or about June 15, 2018.

Risk factors also include, but are not limited to, the risk factors described under “Risk Factors” in Mackinac’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 15, 2018. These and other factors are representative of the risk factors that may emerge and could cause a difference between an ultimate actual outcome and a preceding forward-looking statement.

Paul D. Tobias Chairman & CEO Mackinac Financial Corporation & Chairman mBankBirmingham, MI (248) 290–5901

Kelly W. GeorgePresident, Mackinac Financial Corporation & President & CEO, mBankManistique, MI (906) 341–7140

Jesse DeeringExecutive Vice President & CFO, Mackinac Financial Corporation and mBankBirmingham, MI (248) 290–5906

More news and information about Mackinac Financial Corporation

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Globe Newswire: 14:00 GMT Wednesday 13th June 2018

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