Mackinac Financial Corporation Announces Continuance of Stock Buyback Program
(firmenpresse) - MANISTIQUE, MI -- (Marketwired) -- 04/29/15 -- Mackinac Financial Corporation (NASDAQ: MFNC) (the "Corporation"), the bank holding company for mBank, today announced that on April 28, 2015, its Board of Directors authorized the continuance of the common stock repurchase program, which was previously approved for $1,200,000. The authorization of the continuance increases this prior approval by $750,000.
Under this program, the Corporation is authorized to repurchase shares through Rule 10b5-1 plans, open market purchases, privately negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws. Depending on market conditions and other factors, repurchases may be made at any time from time to time, without prior notice. The company may suspend or discontinue the program at any time.
In connection with the repurchase program, the Corporation has entered into a written trading plan under Rule 10b5-1 of the Securities Exchange Act of 1934 by which the Corporation authorized the repurchase of common stock at certain designated prices. However, the trading plan does not require that any shares be repurchased. The shares repurchase program will continue to be in effect following the expiration of the trading plan or the date on which purchases are completed.
Mackinac Financial Corporation is a registered bank holding company formed under the Bank Holding Company Act of 1956 with assets in excess of $720 million and whose common stock is traded on the NASDAQ stock market as "MFNC." The principal subsidiary of the Corporation is mBank. Headquartered in Manistique, Michigan, mBank has 17 branch locations; thirteen in the Upper Peninsula, three in the Northern Lower Peninsula and one in Oakland County, Michigan. The Corporation's banking services include commercial lending and treasury management products and services geared toward small to mid-sized businesses, as well as a full array of personal and business deposit products and consumer loans.
Contact:
Ernie R. Krueger
(906) 341-7158
Website:
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Datum: 29.04.2015 - 19:13 Uhr
Sprache: Deutsch
News-ID 389568
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Town:
MANISTIQUE, MI
Kategorie:
Commercial & Investment Banking
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