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Mackinac Financial prices common stock offering

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Mackinac Financial prices common stock offering

Mackinac Financial Corp. on June 13 priced its underwritten public offering of 1,935,484 common shares at $15.50 apiece, for gross proceeds of $30.0 million.

Net proceeds are expected to total about $28.5 million, the company said.

Mackinac Financial has granted the underwriters an option to purchase up to an additional 290,323 common shares at the same price. This option is exercisable for 30 days, the bank said, noting that it expects to close the offering on or around June 15.

The company plans to use part of the proceeds to finance its $8.5 million cash acquisition of Lincoln Community Bank, to pay down certain debt obligations, and for general corporate purposes, including investments in unit mBank as regulatory capital.

Piper Jaffray & Co. is the book-running manager for the offering, while Hovde Group LLC is serving as co-manager.