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Mackinac Financial starting common stock offering

Mackinac Financial Corp. has started a public offering of an unspecified number of common shares.

The company also expects to grant the underwriters an option to buy up to an additional 15% of the number of shares sold.

Mackinac plans to use part of the net proceeds to fund a portion of the consideration for the acquisition of Lincoln Community Bank; to pay down certain debt; and for general corporate purposes, including possible future acquisitions and investments in mBank as regulatory capital.

Piper Jaffray & Co. is the sole book-running manager, and Hovde Group LLC is co-manager.