Nicolet Bankshares, Inc.and Mackinac Financial Corporation jointly announced the execution of a definitive merger agreement, whereby Nicolet Bank will acquire Mackinac and its wholly-owned banking subsidiary, mBank.
The merger would create the #1 community bank in the Upper Peninsula, as ranked by total pro forma deposits.
The transaction has been unanimously approved by the boards of directors of both companies. It is subject to both Mackinac and Nicolet shareholder approval, regulatory approvals and other customary closing conditions and is expected to close in the third quarter of 2021.
Nicolet has branches in both Marinette and Menominee. mBank has a branch in Stephenson.