January 16, 2018 / 11:21 PM / a month ago

BRIEF-First Federal Of Northern Michigan Bancorp To Merge With Mackinac Financial

Jan 16 (Reuters) - Mackinac Financial Corp:

* PRESS RELEASE - FIRST FEDERAL OF NORTHERN MICHIGAN BANCORP, INC. TO MERGE WITH MACKINAC FINANCIAL CORPORATION

* MACKINAC FINANCIAL CORP - FFNM SHAREHOLDERS WILL RECEIVE .576 SHARES OF MACKINAC COMMON STOCK FOR EACH SHARE OF FFNM COMMON STOCK

* MACKINAC FINANCIAL CORP - TOTAL CONSIDERATION TO FFNM SHAREHOLDERS IN CONNECTION WITH TRANSACTION WOULD EQUATE TO $41.8 MILLION, OR $11.22 PER SHARE

* MACKINAC FINANCIAL - UNDER TERMS OF AGREEMENT, SHAREHOLDERS OF FFNM WILL ALSO RECEIVE A SPECIAL CASH DIVIDEND IMMEDIATELY PRIOR TO CLOSE OF $8.0 MILLION

* MACKINAC FINANCIAL CORP - ONE MUTUALLY AGREEABLE DIRECTOR FROM FFNM WILL JOIN MACKINAC AND MBANK BOARDS

* MACKINAC FINANCIAL - SEES TRANSACTION TO BE ACCRETIVE TO EPS, EXCLUSIVE OF TRANSACTION RELATED COSTS, FOR 2018 OF 8.0% Source text for Eikon: Further company coverage:

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