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Shareholders of Alpena, Mich.-based First Federal of Northern Michigan Bancorp Inc. on May 10 approved the company's acquisition by Manistique, Mich.-based Mackinac Financial Corp.
In connection with the deal, Mackinac Financial's shareholders, in a special meeting held May 10, approved the issuance of shares of Mackinac Financial's common stock to shareholders of First Federal of Northern Michigan Bancorp.
The deal has already received approval from the Federal Reserve Bank of Minneapolis.