Mackinac to make acquisition
MANISTIQUE — Mackinac Financial Corp., the holding company for mBank, recently announced that it will purchase the stock and acquire all assets of Lincoln Community Bank, of Merrill, Wisconsin.
The $8.5 million cash transaction is expected to close late in the third quarter of 2018, according to a press release. The transaction is Mackinac Financial Corp.’s second in 2018, and fifth since December 2014. It will increase the number of branch locations in Wisconsin from six to eight, and total branches from 29 to 31.
“The increased footprint will allow us to offer an even more expansive banking experience to the northern central Wisconsin markets,” mBank President and CEO and Mackinac President Kelly W. George said in the release. “We will look to expand current client relationships and move forward in developing new customers in a region where the business ecologies are quite similar to our other Wisconsin and Upper Peninsula of Michigan markets.”
The transaction is subject to approval by federal and state regulatory authorities, as well as the satisfaction of other conditions.