The stock of struggling Michigan National Corp. gained ground Thursday as investors lined up to participate in a $200 million stock-repurchase program that caps a massive restructuring effort.

Shares of the Farmington Hills-based banking company rose by 3.6%, or $2.81 per share, closing at $80.56. The buyback, announced late Wednesday, includes common stock and warrants and is scheduled for completion Dec. 3.

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