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Stock Market & Financial Investment News

News Breaks
July 18, 2014
16:33 EDTMFNCMackinac Financial to acquire Peninsula Financial Corporation
The directors of Mackinac Financial Corporation, the holding company for mBank, and the directors of Peninsula Financial Corporation, the holding company for Peninsula Bank, announced the execution of a definitive agreement for Mackinac to acquire Peninsula in a cash and stock transaction for a fixed $13.285M purchase of $10.50M of equity. Shareholders of Peninsula will also receive a special dividend immediately prior to close of any equity greater than $10.50M as specified in the merger agreement. The transaction will increase mBank's asset position as the largest bank headquartered in the Upper Peninsula of Michigan with post-transaction assets estimated at approximately $710M and gross balance sheet loans of roughly $561M. With the inclusion of the secondary market service retained sold loans of $260M, total loans under management will be approximately $861M. Combined core deposits are expected to total approximately $581M.
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