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Mackinac Financial (MFNC) in Manistique, Mich., has received regulatory approval to buy back nearly two-thirds of the preferred stock it issued under the Troubled Asset Relief Program.
March 27 -
Mackinac Financial (MFNC) in Manistique, Mich., has raised roughly $11.6 million through a rights offering and the sale of common stock to an investor.
August 14 -
Mackinac Financial (MFNC) in Manistique, Mich., will raise up to $18 million through a common stock rights offering and a securities purchase agreement with an investor.
March 28
Mackinac Financial (MFNC) in Manistique, Mich., has launched an asset-based lending unit.
The $552 million-asset company announced the formation of wholly-owned subsidiary Mackinac Commercial Credit in a
Mackinac Commercial Credit opened for business in Birmingham, Mich., on Sept. 10. It headed by Don Barr, an industry veteran with 40 years of experience in traditional banking and asset-based lending.
Mackinac's new unit received a $3 million investment from its parent company. It secured a $25 million line of credit from Wells Fargo Capital Finance to fund its loan and purchased receivable portfolio, according to the release.
"We are pleased to have earned the confidence of Wells Fargo Commercial Finance unit, a recognized U.S. leader in providing financing to commercial finance companies," Chairman and Chief Executive Paul Tobias said in the release. "As we expand this line of business, we will be exploring our options for supplemental capitalization."
