Mackinac Financial Corporation Announces Stock Buyback Program
28 Août 2019 - 8:35PM
Mackinac Financial Corporation (Nasdaq: MFNC) (the “Corporation”),
the bank holding company for mBank, announced today that its Board
of Directors has authorized a common stock repurchase program. The
new program authorizes the repurchase of 5% of the Company’s
outstanding common stock.
Under this program, management 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 or from time to time, without prior notice. The Corporation
may suspend or discontinue the program at any time.
There is no guarantee as to the exact number of
shares, if any, that will be repurchased by the Corporation, and
the Corporation may discontinue purchases at any time that
management determines additional purchases are not warranted. As of
August 28, 2019, the Corporation had approximately 10.7 million
shares outstanding.
Paul D. Tobias, Chairman and CEO of the
Corporation, remarked, “The Board’s approval of this program
reflects our confidence in our company’s intrinsic value.
Repurchasing stock is one means of underscoring our commitment to
enhancing shareholder value. We are pleased to have the capacity
and flexibility to return capital to our shareholders while
remaining inquisitive on accretive acquisition opportunities.”
Mackinac Financial Corporation is a registered
bank holding company formed under the Bank Holding Company Act of
1956 with assets in excess of $1.3 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, EVP & Chief Financial Officer (248)
290-5906/jdeering@bankmbank.com |
Website: |
www.bankmbank.com |
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