Mackinac redeems remaining $4 million of series A preferred stock

By Jennifer Chiou

New York, Jan. 2 - Mackinac Financial Corp. announced the redemption of its last 4,000 shares of outstanding series A fixed-rate cumulative preferred stock.

According to a press release, the preferreds were redeemed at par plus accrued dividends at a total cost of $4,026,000.

The shares were originally issued to the Treasury under the TARP Capital Purchase Program and subsequently sold to private investors.

The bank holding company is based in Manistique, Mich.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.