MANISTIQUE — The Directors of Mackinac Financial Corporation, the holding company for mBank, announced the consummation of the all-cash acquisition of Lincoln Community Bank (Lincoln), Merrill, Wis. Lincoln was immediately consolidated into mBank and both branches were opened as mBank locations on Monday, Oct. Consistent with the terms of the agreement and plan of merger, the total cash consideration was $8.5 million.

The acquired assets equate to roughly $60 million, loans of approximately $40 million, and core deposits of $52 million. The transaction will increase Mackinac’s post-transaction assets to an estimated $1.32 billion and balance sheet loans to approximately $1.1 billion. mBank plans to close Lincoln’s Gleason, WI office at year-end. The office will remain open and fully operational until this closure occurs. The addition of the single acquired office (following the anticipated Gleason closing), will increase mBank’s total branches from 29 to 30.

“On behalf of the entire Mackinac Board of Directors, staff, and management, we would like to extend a sincere welcome to all Lincoln clients and employees,” said Kelly W. George, Mackinac President and mBank President and CEO. “Our primary objective will be to provide professional, secure and flexible banking products and services to all customers as we look to deepen our banking relationships with current clients and actively work to attract new ones. mBank also looks forward to becoming an active corporate citizen within the Merrill market and assisting with various municipal, educational, charitable and business development organizations to help make a positive difference within the communities. We also are excited that current President Clyde Nelson will remain with the company as the Merrill Market Executive prior to his retirement.”