MANISTIQUE – The Directors of Mackinac Financial Corporation, the holding company for mBank, announced the consummation of the acquisition of The First National Bank of Eagle River (FNBER), Eagle River, Wis., from its holding company Ellis Bankshares, Inc. (Ellis). FNBER was immediately consolidated into mBank and all branches opened as mBank locations on Monday, May 2.

The transaction is the first outside of Michigan for Mackinac and will increase post-transaction assets to an estimated $860 million and balance sheet loans to $700 million. Combined core deposits are expected to total approximately $600 million. mBank does not currently plan to close any FNBER branches following the transaction. Combined with mBank’s current Michigan locations, the addition of the three FNBER Northern Wisconsin offices will increase total mBank branches from 17 to 20.

“On behalf of the entire mBank Board of Directors, staff, and management, we would like to extend a sincere welcome to all First National Bank of Eagle River clients and employees,” said Kelly W. George, mBank president and CEO. “First National Bank of Eagle River customers and staff are valued additions to our

community bank footprint. Providing friendly, secure, and flexible banking products and services to all existing customers will be the primary objective as we look to deepen our banking relationships with current clients, and reach out to attract new ones. As one of our company’s core values is to support and advance the betterment of our local communities, mBank will also promptly begin assisting the various civic and educational organizations in our new markets including honoring any pending long-term pledges made by First National Bank of Eagle River. in closing, we feel privileged to be able to serve the banking needs of the citizens and businesses of Vilas and Oneida counties as well as the other surrounding communities of their client base, and look forward to long standing relationships in the area built on the fine tradition of First National Bank of Eagle River.”

mBank has already pledged $10,500 in new aggregate donations to the Northland Pines, Three Lakes and Phelps schools districts in addition to the Three Eagle Trail Foundation, Eagle River Revitalization Program and Humane Society of Vilas County. mBank will also honor the multi-year commitments made by FNBER to the Walter E. Olson library ($50,000) in Eagle River and Demmer Library ($30,000) of Three Lakes.

“We are very excited to enter the Northern Wisconsin market by partnering with another long-standing, community minded financial institution” commented Paul D. Tobias, Chairman of Mackinac and mBank. “Strategically, the proximity to our current footprint complements our Upper Peninsula markets very well and allows us to consider the potential of other Northern Wisconsin partnerships to enhance our franchise value in the future.”