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Mackinac Financial to net $32.4M from just-closed common offering

Mackinac Financial Corp. has closed a public offering of 2,225,807 common shares at $15.50 each.

Underwriters fully exercised their option to buy additional shares. The number of shares sold in the offering includes 290,323 shares sold in the underwriters' option.

The company expects net proceeds of about $32.4 million, a part of which it plans to use to finance its acquisition of Lincoln Community Bank and to pay certain debt obligations. It plans to use the rest for general corporate purposes, including possible future acquisitions and investments in mBank as regulatory capital.

Piper Jaffray & Co. served as book-running manager and Hovde Group LLC served as co-manager. Donnelly Penman & Partners served as financial adviser.