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Mackinac Financial board authorizes stock buyback program

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Mackinac Financial board authorizes stock buyback program

Mackinac Financial Corp.'s board authorized a stock repurchase program that allows the company to buy back 5% of its outstanding common stock.

Shares may be repurchased through Rule 10b5-1 plans, open market purchases, privately negotiated transactions or block purchases.

As of Aug. 28, the company had approximately 10.7 million shares outstanding, according to a news release.