Honigman Advises Mackinac Financial Corp. on Pending Acquisition
Honigman Miller Schwartz and Cohn LLP is advising Mackinac Financial Corp. (NASDAQ: MFNC), on the pending acquisition of First Federal of Northern Michigan Bancorp Inc. (“First Federal”). The acquisition is structured as an all-stock merger valued at approximately $41.8 million, inclusive of an expected special cash dividend by First Federal to its shareholders of $8 million.
Mackinac Financial’s principal subsidiary mBank is headquartered in Manistique, Michigan. The company's banking services include commercial lending and treasury management products and services geared toward small to mid-sized businesses, including personal and business deposit products and consumer loans.
The Honigman team is led by Jeffrey H. Kuras and includes Jessica M. Herron and Claire B. Ziegeler. Honigman also advised Mackinac Financial with respect to certain tax and employee benefit matters related to the transaction.