Mackinac Financial (MFNC) Announces Completion of First National Bank of Niagara Acquisition
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The Directors of Mackinac Financial Corporation (Nasdaq: MFNC) (Mackinac), the holding company for mBank, today announced the consummation of the acquisition of The First National Bank of Niagara (Niagara), Niagara, Wisconsin, from its holding company Niagara Bancorporation Inc. First National Bank of Niagara was immediately consolidated into mBank and all branches will open as mBank locations on Thursday, September 1, 2016.
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, 2016 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 seventeen (17) Michigan and three (3) Northern Wisconsin locations, the addition of the four (4) Niagara offices will increase total mBank branches in Wisconsin to seven (7) and company wide locations from 20 to 24.
"On behalf of the entire mBank Board of Directors, staff, and management, we would like to extend a sincere welcome to all First National Bank of Niagara clients and employees," said Kelly W. George, mBank President and CEO. "First National Bank of Niagara customers and staff are valued additions to our community bank footprint. As we continue to expand into Northern Wisconsin communities, we will be able to offer an even more convenient and comprehensive banking experience and strong line of products and services for all of our clients. We are fortunate to be able to retain current Niagara President/CEO Sue Paoli to continue her strong community-driven focus as Vice President/ Regional Manager of the Niagara branches. Her knowledge and commitment to the institution is invaluable and we are excited to have her as a member of the mBank team." Continued George, "in closing, we feel privileged to be able to serve the banking needs of the citizens and businesses of Niagara as well as the other surrounding communities of their client base, and look forward to long standing relationships in the area built on the fine tradition of First National Bank of Niagara."
mBank has pledged $3,000 in new aggregate donations to the Niagara, Florence County and Pembine School Districts. In addition, several other local community organizations have been identified for additional charitable contributions of approximately $1,500 from the bank.
"We are very excited to further expand our banking footprint in Northern Wisconsin by partnering with another long-standing, community minded financial institution" commented Paul D. Tobias, Chairman of Mackinac and mBank. "Strategically, this acquisition meets financial accretion targets, and the proximity to our current footprint complements our Upper Peninsula markets while continuing to expand partnerships in Northern Wisconsin, which is in line with our company's long term growth and value creation plan."
Mackinac was advised by Piper Jaffray and the law firm of Honigman Miller Schwartz and Cohn LLP. Niagara was advised by Hovde Group and the law firms of JK Law, LLC and Reinhart Boerner Van Deuren s.c.
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Create E-mail Alert Related CategoriesCorporate News, Management Comments, Mergers and Acquisitions
Related EntitiesPiper Jaffray, Definitive Agreement
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