Mackinac Financial, the holding company for mBank, consummated the all-stock merger of First Federal of Alpena, MI-based Northern Michigan Bancorp with and into Mackinac. First Federal of Northern Michigan (First Federal), FFNM’s subsidiary bank, was consolidated into mBank and all branches will operate as mBank locations.
The transaction will increase Mackinac’s post-transaction assets to an estimated $1.3 billion and balance sheet loans to approximately $1 billion.
“On behalf of the entire Mackinac board of directors, staff and management, we would like to extend a sincere welcome to all First Federal of Northern Michigan clients, employees and shareholders,” said Kelly W. George, Mackinac president and mBank president and CEO.
Former FFNM Chairman Martin Thomson, pursuant to a previous nomination, is expected to be officially appointed to the Mackinac board of directors during the next Mackinac board meeting. Former FFNM CEO Michael W. Mahler will remain with mBank as executive vice president of Community Banking and Administration.
Thomson commenting on the merger noted, “We are proud to be a part of a quality banking organization that has a culture similar to what we had at First Federal and a scale that allows for continued prosperity of all shareholders and the advancement of our communities. Throughout the last decade we have had a chance to get to know Mackinac well through various collaborations and they have been an excellent partner to work with, which helped pave the way for this transaction to finally come together.”
As part of the corporation’s commitment to continued community support, mBank will make an immediate $100,000 donation to the First Federal Community Foundation.
Mackinac was advised by Piper Jaffray and the law firm of Honigman Miller Schwartz and Cohn. FFNM was advised by ProBank Austin and the law firm of Shumaker, Loop & Kendrick.
