MANISTIQUE – The directors of Mackinac Financial Corp., the holding company for mBank, have announced the consummation of the acquisition of The First National Bank of Niagara in Niagara, Wis., from its holding company Niagara Bancorporation Inc.

First National Bank of Niagara was immediately consolidated into mBank and all branches opened as mBank locations on Sept. 1.

The transaction is the second outside of the state of Michigan for Mackinac and will increase post-transaction assets estimated in excess of $960 million and balance sheet loans to roughly $760 million. As of June 30, the Corporation had approximately $276 million in service retained sold loans bringing estimated post-transaction loans-under-management to about $1.04 billion. Combined core deposits are expected to total approximately $650 million. mBank does not currently plan to close any Niagara branches following the transaction. Combined with mBank’s current 17 Michigan and three Northern Wisconsin locations, the addition of the four Niagara offices will increase total mBank branches in Wisconsin to seven and company wide locations from 20 to 24.