Monday, September 27, 2021

Mackinac Financial Corporation (MFNC) Stock Set for Long-Term Growth Following Acquisition by Nicolet Bankshares, Inc.

Mackinac Financial Corporation (MFNC) has seen a very promising pre-market uptrend in stock price, climbing 36.37% to nearly USD$18 per share. This news is hot on the heels of the stock news that MFNC is being acquired by Nicolet Bankshares, Inc (NCBS).


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Merger Announcement

In their joint announcement regarding the acquisition of MFNC and its banking subsidiary, mBank, by NCBS, the two companies proposed the execution of a definitive merger agreement. With MNFC representing nearly 25% of the combined company’s year-end assets, their combined financial results as of the end of 2020 indicate pro forma total assets of USD$6.1 billion, USD$5.3 billion in deposits, and USD$3.9 billion in loans.

Why NCBS acquired MFNC


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Espousing the importance of their commensurate values and ideas about how community banking should be conducted, NCBS hopes to utilize mBank to increase their commercial banking presence in the Upper Peninsula and Northern Michigan. Their shared codes of conduct are indicative of their commitment to both their customer base and the local communities they hope to serve.

Status of the Merger

With such promising expansion opportunities and greater lending access, the CEOs of both companies are very confident in the growth of their combined company’s footprint and long-term stock price. With this paradigm, the merger has been unanimously approved by both boards of directors. The merger is expected to close in Q3 of 2021 following shareholder and regulatory approvals, as well as other customary closing conditions.

Consequences for Current MFNC Stockholders

Following the merger agreement and in accordance with its terms, MFNC stockholders will be eligible to receive 0.22 shares of NCBS stock and USD$4.64 for each share of MFNC stock they held before the merge. As of the market close on April 9th, 2021, NCBS stock price for their common shares was USD$84.4. The purchase price implied for each share is USD$23.21, with an aggregate transaction value of almost USD$248 million.

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