Mackinac Financial Corporation Repurchases Warrants Issued Under the U.S. Treasury Capital Purchase Program
(firmenpresse) - MANISTIQUE, MI -- (Marketwire) -- 12/20/12 -- Mackinac Financial Corporation (NASDAQ: MFNC), the bank holding company for mBank (the "Bank"), today announced that on December 19, 2012, it repurchased the 379,310 warrants issued on April 19, 2009 to the U.S. Treasury as part of its participation in the U.S. Treasury's Capital Purchase Program. The repurchase price of the warrants was $1,300,000.
Paul D. Tobias, Chairman and CEO, stated, "We are pleased to have retired these common stock warrants, since we believe that our common stock trades below intrinsic value. The redemption of these common stock warrants concludes our participation with the U.S. Treasury Capital Purchase Program. This additional milestone is further evidence of our financial strength and reflects our optimism for our future."
Mackinac Financial Corporation is a registered bank holding company formed under the Bank Holding Company Act of 1956 with assets in excess of $550 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.
Contact:
Ernie R. Krueger
(906) 341-7158
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Datum: 20.12.2012 - 10:30 Uhr
Sprache: Deutsch
News-ID 1182452
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