MARQUETTE, Mich. -- Michigan Financial Corp., a $759 million-asset bank holding company, announced net income for the second quarter of $2 million, or 70 cents a share, up 16.7% from the $1.7 million, or 60 cents a share, a year earlier.

Net income for the first six months of 1994 was $3.8 million, or $1.34 per share.

Michigan Financial attributed its 1994 earnings primarily to improved net interest margins.

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