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.

 

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