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Mackinac Financial
Corporation
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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