Nicolet Bank to acquire mBank

The deal is expected to be finalized this fall.
Published: Apr. 13, 2021 at 5:54 AM EDT
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GREEN BAY, Wis. (WLUC) - Nicolet Bank of Wisconsin plans to buy Mackinac Financial Corporation and its mBank subsidiary.

The move was announced Monday in a press release.

“Nicolet always takes the long view when it comes to acquisitions,” said Bob Atwell, Nicolet Bankshares President and CEO. “This deal with Mackinac represents a unique and sizeable opportunity to expand Nicolet’s franchise across a greater Northern footprint, while at the same time, being highly accretive to long-term shareholder value. It also opens up the possibility for future expansion into the state of Michigan, if and when the opportunity arises.”

MBank is headquartered in Manistique and has 28 branches. Ten of those are in the Upper Peninsula.

“On behalf of our Board of Directors, I am pleased to announce our merger into the Nicolet family,” said Paul Tobias, mBank Chairman and CEO. “We have found a strategic partner that is a true community bank with deep commitments to the markets we serve. The market cultures of our respective organizations mesh well, and the greater lending access will strengthen our value to current and prospective customers. This deal represents a fair transaction that unlocks shareholder value for us both.”

The deal is expected to be finalized this fall.

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