Mackinac Financial Corporation Declares Cash Dividend on Common Stock

Rhea-AI Summary

Mackinac Financial Corporation (Nasdaq: MFNC) announced a cash dividend of $.14 per common share for Q3 2020, as approved by its Board of Directors on September 21, 2020. This dividend is payable on October 12, 2020 to shareholders on record as of October 1, 2020, remaining unchanged from the previous quarter. With assets exceeding $1.5 billion, the company's principal subsidiary, mBank, operates 29 branches across Michigan and Northern Wisconsin, offering various commercial and personal banking services.

Positive

• Declared a cash dividend of $.14 per share, maintaining shareholder income.
• Company assets exceed $1.5 billion, indicating a strong financial base.

Negative

• None.

MANISTIQUE, Mich., Sept. 21, 2020 (GLOBE NEWSWIRE) -- Mackinac Financial Corporation (Nasdaq: MFNC), the bank holding company for mBank (the “Bank”), announced the approval of a cash dividend by its Board of Directors on September 21, 2020. The Board of Directors declared a cash dividend of $.14 per common share for the third quarter of 2020, payable October 12, 2020 to shareholders of record at October 1, 2020. The dividend is unchanged from the prior quarter’s dividend.

Mackinac Financial Corporation is a registered bank holding company formed under the Bank Holding Company Act of 1956 with assets in excess of $1.5 billion 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 29 branch locations; eleven in the Upper Peninsula, ten in the Northern Lower Peninsula, one in Oakland County, Michigan, and seven in Northern Wisconsin. The Company’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.

Forward-Looking Statements

This release contains certain forward-looking statements. Words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “should,” “will,” and variations of such words and similar expressions are intended to identify forward-looking statements: as defined by the Private Securities Litigation Reform Act of 1995. These statements reflect management’s current beliefs as to expected outcomes of future events and are not guarantees of future performance. These statements involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood, and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. Factors that could cause a difference include among others: changes in the national and local economies or market conditions; changes in interest rates and banking regulations; the impact of competition from traditional or new sources; and the possibility that anticipated cost savings and revenue enhancements from mergers and acquisitions, bank consolidations, and other sources may not be fully realized at all or within specified time frames as well as other risks and uncertainties including but not limited to those detailed from time to time in filings of the Company with the Securities and Exchange Commission. These and other factors may cause decisions and actual results to differ materially from current expectations. Mackinac Financial Corporation undertakes no obligation to revise, update, or clarify forward-looking statements to reflect events or conditions after the date of this release.

Contact:	Jesse A. Deering, (248) 290-5906 /jdeering@bankmbank.com
Website:	www.bankmbank.com

FAQ

When is the cash dividend from Mackinac Financial Corporation payable?

The cash dividend is payable on October 12, 2020.

What is the amount of the dividend declared by MFNC?

Mackinac Financial Corporation declared a dividend of $.14 per common share.

What is the record date for the dividend?

The record date for the dividend is October 1, 2020.

How often does Mackinac Financial Corporation declare dividends?

The dividend declared is unchanged from the prior quarter, indicating a consistent dividend policy.