Mackinac in Michigan Completes Tarp Redemption

Mackinac Financial (MFNC) in Manistique, Mich., has completed the redemption of stock originally issued to the Treasury Department under the Troubled Asset Relief Program.

The $564 million-asset company repurchased $4 million of preferred stock from private investors who obtained the shares in a 2012 Treasury auction. Mackinac paid $1,000 a share for 4,000 shares, plus accrued and unpaid dividends, according to a Thursday press release.

Mackinac issued $11 million in preferred stock to the Treasury in April 2009. It raised $11.6 million in August 2012 with the goal of using the funds to exit the program.

Mackinac has 11 branches in Michigan.

 

For reprint and licensing requests for this article, click here.
Community banking Law and regulation Michigan
MORE FROM AMERICAN BANKER