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Mackinac Financial Corp to acquire Peninsula Financial Corp

Friday, 18 Jul 2014 04:30pm EDT 

Mackinac Financial Corp and Peninsula Financial Corp:Announced the execution of a definitive agreement for Mackinac to acquire Peninsula in a cash and stock transaction for a fixed $13.285 million purchase of $10.50 million of equity.Shareholders of Peninsula will also receive a special dividend immediately prior to close of any equity greater than $10.50 million as specified in the merger agreement.Under the terms of the merger agreement, shareholders of Peninsula will receive a mix of shares of Mackinac common stock and cash for each share of Peninsula common stock.Mix depending on cash/stock elections made by each Peninsula shareholder, provided that the aggregate cash consideration will not exceed 35pct of the total merger consideration.Transaction is expected to close late in the Q3 2014 or early Q4 2014.Total transaction expenses are estimated to be about $2.0 million on an after-tax basis.Merger agreement also provides that Peninsula Bank will be consolidated into mBank.Mackinac was advised by River Branch Capital LLC and the law firm of Honigman Miller Schwartz and Cohn LLP. Peninsula was advised by Wipfli, LLP and the law firm of Godfrey & Kahn. 

Company Quote

2 Sep 2015