0001104659-13-024864.txt : 20130327 0001104659-13-024864.hdr.sgml : 20130327 20130327153349 ACCESSION NUMBER: 0001104659-13-024864 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130327 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130327 DATE AS OF CHANGE: 20130327 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MACKINAC FINANCIAL CORP /MI/ CENTRAL INDEX KEY: 0000036506 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 382062816 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20167 FILM NUMBER: 13719747 BUSINESS ADDRESS: STREET 1: 3530 NORTH COUNTRY DR STREET 2: PO BOX 369 CITY: TRAVERSE CITY STATE: MI ZIP: 49684 BUSINESS PHONE: 9063418401 MAIL ADDRESS: STREET 1: 130 S CEDER ST STREET 2: P O BOX 369 CITY: MANISTIQUE STATE: MI ZIP: 49854 FORMER COMPANY: FORMER CONFORMED NAME: NORTH COUNTRY FINANCIAL CORP DATE OF NAME CHANGE: 19990409 FORMER COMPANY: FORMER CONFORMED NAME: FIRST MANISTIQUE CORP DATE OF NAME CHANGE: 19920703 8-K 1 a13-9003_18k.htm 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): March 27, 2013

 

MACKINAC FINANCIAL CORPORATION

(Previous filings under the name NORTH COUNTRY FINANCIAL CORPORATION)

(Exact name of registrant as specified in its charter)

 

Michigan

 

0-20167

 

38-2062816

(State or other Jurisdiction of
Incorporation)

 

(Commission File
Number)

 

(IRS Employer Identification
No.)

 

130 South Cedar Street, Manistique, MI

 

49854

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (888) 343-8147

 

Not Applicable

(Former name or former address if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


 

Item 8.01.  Other Events.

 

On March 27, 2013, Mackinac Financial Corporation announced today that it received required regulatory approval to redeem $7.0 million of its $11.0 million preferred stock. The 7,000 shares with a par value of $1,000 per share are now eligible to be redeemed from third-parties that purchased the preferred from the United States Treasury when auctioned in August 2012. The actual redemption price(s) and effective date of the redemption(s) have not yet been determined.  The press release is attached as Exhibit No. 99 and incorporated herein by reference.

 

Item 9.01.  Financial Statements and Exhibits

 

(d)           Exhibits

 

No.

 

Description

 

 

 

 99

 

Press Release of Mackinac Financial Corporation dated March 27, 2013.

 

2


 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

Mackinac Financial Corporation

 

(Registrant)

 

 

 

 

March 27, 2013

 

/s/ Ernie R. Krueger

(Date)

 

Ernie R. Krueger

 

Executive Vice President/Chief Financial Officer

 

3


 

EXHIBIT INDEX

 

No.

 

Description

 

 

 

 99

 

Press Release of Mackinac Financial Corporation dated March 27, 2013.

 

4

 EX-99 2 a13-9003_1ex99.htm EX-99

Exhibit 99

 

MACKINAC FINANCIAL CORPORATION ANNOUNCES RECEIPT OF REGULATORY APPROVAL TO REDEEM

$7 MILLION OF PREFERRED STOCK

 

For Release:

 

March 27, 2013

Nasdaq:

 

MFNC

Contact:

 

Ernie R. Krueger, (906) 341-7158 /ekrueger@bankmbank.com

Website:

 

www.bankmbank.com

 

Manistique, Michigan — Mackinac Financial Corporation (Nasdaq: MFNC), the bank holding company for mBank (the “Bank”), announced today that it received required regulatory approval to redeem $7.0 million of its $11.0 million outstanding preferred stock. The 7,000 shares with a par value of $1,000 per share are now eligible to be redeemed from third-parties that purchased the preferred from the United States Treasury when auctioned in August 2012. The actual redemption price(s) and effective date of the redemption(s) have not yet been determined.

 

Commenting, Paul Tobias, Chairman and CEO stated, “This partial redemption of our preferred stock will be another step in the execution of our strategic plan for increasing value to our common shareholders. The approval of this action by our regulators also supports this action as it relates to our strong consolidated capital levels subsequent to this redemption, a further indication of our overall financial strength.”

 

This press release is for informational purposes only and is neither an offer to purchase nor a solicitation to buy any of the preferred stock of Mackinac Financial Corporation, nor is it a solicitation for acceptance of any redemption. Mackinac Financial Corporation will redeem preferred shares only pursuant to the terms of the relevant definitive agreements for the redemptions.

 

Mackinac Financial Corporation is a registered bank holding company formed under the Bank Holding Company Act of 1956 with assets in excess of $550 million and whose common stock is traded on the NASDAQ stock market as “MFNC.”   The principal subsidiary of the Corporation is mBank.  Headquartered in Manistique, Michigan, mBank has 11 branch locations; seven in the Upper Peninsula, three in the Northern Lower Peninsula and one in Oakland County, Michigan.  The Corporation’s banking services include commercial lending and treasury management products and services geared toward small to mid-sized businesses, as well as a full array of personal and business deposit products and consumer loans.

 

Forward-Looking Statements

 

This release contains certain forward-looking statements. Words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “should,” “will,” and variations of such words and similar expressions are intended to identify forward-looking statements: as defined by the Private Securities Litigation Reform Act of 1995. These statements reflect management’s current beliefs as to expected outcomes of future events and are not guarantees of future performance. These statements involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood, and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. Factors that could cause a difference include among others: changes in the national and local economies or market conditions; changes in interest rates and banking regulations; the impact of competition from traditional or new sources; and the possibility that anticipated cost savings and revenue enhancements from mergers and acquisitions, bank consolidations, branch closings and other sources may not be fully realized at all or within specified time frames as well as other risks and uncertainties including but not limited to those detailed from time to time in filings of the Corporation with the Securities and Exchange Commission. These and other factors may cause decisions and actual results to differ materially from current expectations. Mackinac Financial Corporation undertakes no obligation to revise, update, or clarify forward-looking statements to reflect events or conditions after the date of this release.