Mackinac acquires Lincoln bank
MARQUETTE — Directors of Mackinac Financial Corp., the holding company for mBank, recently announced the closure of the all-cash acquisition of Lincoln Community Bank, of Merrill, Wisconsin.
Lincoln was immediately consolidated into mBank and both branches opened as mBank locations Oct. 1. The total cash consideration of the deal was $8.5 million.
The acquired assets equate to roughly $60 million, loans of about $40 million and core deposits of $52 million.
The transaction increased Mackinac’s post-transaction assets to around $1.32 billion and balance sheet loans to about $1.1 billion. mBank plans to close Lincoln’s Gleason, Wisconsin, office at the end of the year.