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Mackinac Financial closes First National Bank of Eagle River buy


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Mackinac Financial closes First National Bank of Eagle River buy

Manistique, Mich.-based MackinacFinancial Corp. ($739.3 million) completed its acquisition of Eagle River, Wis.-based First National Bank of Eagle River ($127.8 million) on April29.

All former First National branches will open as locations May 2. There is no plannedclosure of any First National branch post-merger, which will see mBank's branchcount go up to 20 from 17.

The acquisition is Mackinac's first outside of Michigan and isexpected to boost the company's assets to $860 million, loans to $700 million, andcore deposits to approximately $600 million.

"Strategically, the proximity to our current footprint complementsour Upper Peninsula markets very well and allows us to consider the potential ofother Northern Wisconsin partnerships to enhance our franchise value in the future,"Mackinac Financial Chairman and CEO and mBank Chairman Paul Tobias stated in therelease.

Mackinac was advised by Piper Jaffray and Honigman Miller Schwartzand Cohn LLP. Ellis was advised by Rippe and Kingston Capital Advisors LLC and Winthrop& Weinstine PA.