Mackinac Financial Corporation Repurchases Warrants Issued Under the U.S. Treasury Capital Purchase Program
Mackinac Financial Corporation (NASDAQ: MFNC), the bank holding company for mBank (the "Bank"), today announced that on December 19, 2012, it repurchased the 379,310 warrants issued on April 19, 2009 to the U.S. Treasury as part of its participation in the U.S. Treasury's Capital Purchase Program. The repurchase price of the warrants was $1,300,000. Paul D. Tobias, Chairman and CEO, stated, "We are pleased to have retired these common stock warrants, since we believe that our common stock trades below intrinsic value. The redemption of these common stock warrants concludes our participation with the U.S. Treasury Capital Purchase Program. This additional milestone is further evidence of our financial strength and reflects our optimism for our future."
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