Mackinac to acquire Lincoln Community Bank
“We are extremely pleased to be able to partner with another long-standing community-focused institution in the State of Wisconsin for our next transaction,” said Kelly W. George, mBank President and CEO and President of Mackinac. “The increased footprint will allow us to offer an even more expansive banking experience to the Northern Central Wisconsin markets. We will look to expand current client relationships and move forward in developing new customers in a region where the business ecologies are quite similar to our other Wisconsin and Upper Peninsula of Michigan markets. From the entire mBank staff, management, and Board of Directors, we look forward to working with everyone at Lincoln and making a positive corporate impact for all constituencies within your communities. More details of the transaction will be forthcoming in the next few weeks via the mBank website, mailings, and within the branch offices.”
Lincoln Community Bank currently operates two (2) banking centers, one each in Merrill and Gleason, WI. As of March 31, 2018, Lincoln had total assets of approximately $65 million, loans of $40 million and deposits of $58 million. Combined with mBank's current 23 branches in Michigan and 6 branches in Wisconsin, the acquisition will increase total branches from 29 to 31.
“As with our previous two Wisconsin acquisitions in 2016, this transaction is a good strategic fit for the company,” commented Paul D. Tobias, Chairman and CEO of Mackinac and Chairman of mBank. “The branch locations and market cultures complement our current footprint and will move us closer to larger commerce centers in the region. The economics of the deal meet the key metrics we require as a Board and management team as well.”
The transaction is expected to close late in the third quarter of 2018. The transaction remains subject to approval by federal and state regulatory authorities as well as the satisfaction of other customary closing conditions provided in the purchase agreement. The purchase agreement also provides that Lincoln will be consolidated into mBank.
Mackinac was advised by Piper Jaffray and the law firm of Honigman Miller Schwartz and Cohn LLP. Lincoln was advised by Hovde Group, LLC and the law firm of Ballard Spahr, LLP.
About Mackinac Financial Corporation & mBank
Mackinac Financial Corporation is a registered bank holding company formed under the Bank Holding Company Act of 1956 whose common stock is traded on the NASDAQ stock market as “MFNC”. The principal subsidiary company is mBank. Headquartered in Manistique, MI, mBank has a total of 29 branch locations throughout Michigan and Northern Wisconsin and current assets in excess of $1.3 billion. The company’s banking services include commercial lending, asset-based lending, treasury management products, services geared toward small to mid-sized businesses and a full array of personal and business deposit products, consumer loans, mobile banking, online banking and bill pay.
About Lincoln Community Bank
Lincoln Community Bank, headquartered in Merrill, WI, was founded in 1897. With two branches located in Merrill and Gleason, Lincoln currently has total assets of $65.1 million. The company’s banking services include commercial and residential lending, as well as a full array of personal and business deposit products, consumer loans, mobile banking, online banking and bill pay.