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mBank Returning to Delta County
| Source: Mackinac Financial Corporation
ESCANABA, MI--(Marketwire - January 28, 2009) - mBank announced it will re-enter the Delta
County, Michigan market in grand fashion.
According to Kelly George, mBank's Chief Executive Officer, the bank has
entered into a lease agreement to operate a full-service branch in the new
Menards store in Escanaba, Michigan when it opens for business in March.
"We are very excited about the opportunity to get back and have a physical
presence in Delta County," George said. "It makes sense for us and bodes
well for Upper Peninsula commerce. In addition to our capital outlay, we
plan to hire three or four people to staff the operation."
George indicated they approached Menards several months ago and received a
favorable response to its request to occupy 700 square feet of the new
store they were building. "They have been good to work with and we think
it is going to be a beneficial partnership for both of us," George said.
"We have always wanted to get back to Escanaba as it is a natural fit for
us. We have a customer base there and it fits our footprint for future
plans to service the commerce hubs of the U.P."
Menards, known as the place to "Save Big Money," is a family-owned home
improvement retailer based in Eau Claire, Wisconsin, with over 243 stores
in 12 states. Menards plans to open the 240,000-square-foot store at 3300
Ludington Street on Tuesday, March 24, with plans for a nine-day grand
opening celebration in early April.
George said in addition to the existing customer base, the decision to
expand in these hard economic times was made because of the stability of
the economy in the U.P. "In light of all the issues down state, we'd rather
expend some capital here. The economy in the U.P. does not fluctuate like
it does elsewhere; it once again has proven to be more stable than other
parts of the state."
The arrangement is a first for the retailer. For the bank it provides an
opportunity to offer expanded hours in an environment with substantial foot
traffic at a minimal amount of capital expense.
Initial plans are to operate the mBank branch from 8:00 a.m. to 7:00 p.m.,
Monday through Friday and 8:00 a.m. to 4:00 p.m. on Saturday. George is
confident that with the bank's unique products and expanded hours of
operation, it will be well received by area consumers. "The store will
draw customers from across our service area. Having a branch there along
with our extended hours will make banking convenient."
The bank is in the process of working through the regulatory process for
approval, and once received, the final arrangements will be made.
Mackinac Financial Corporation (NASDAQ : MFNC ) is a registered bank holding
company formed under the Bank Holding Company Act of 1956 with assets in
excess of $450 million and whose common stock is traded on the NASDAQ stock
market as "MFNC." The principal subsidiary of the Corporation is mBank.
Headquartered in Manistique, Michigan, mBank has 12 branch locations; eight
in the Upper Peninsula, three in the Northern Lower Peninsula and one in
Oakland County, Michigan. The Company's banking services include
commercial lending and treasury management products and services geared
toward small to mid-sized businesses, as well as a full array of personal
and business deposit products and consumer loans.
Forward-Looking Statements
This release contains certain forward-looking statements. Words such as
"anticipates," "believes," "estimates," "expects," "intends," "should,"
"will," and variations of such words and similar expressions are intended
to identify forward-looking statements: as defined by the Private
Securities Litigation Reform Act of 1995. These statements reflect
management's current beliefs as to expected outcomes of future events and
are not guarantees of future performance. These statements involve certain
risks, uncertainties and assumptions that are difficult to predict with
regard to timing, extent, likelihood, and degree of occurrence. Therefore,
actual results and outcomes may materially differ from what may be
expressed or forecasted in such forward-looking statements. Factors that
could cause a difference include among others: changes in the national and
local economies or market conditions; changes in interest rates and banking
regulations; the impact of competition from traditional or new sources; and
the possibility that anticipated cost savings and revenue enhancements from
mergers and acquisitions, bank consolidations, branch closings and other
sources may not be fully realized at all or within specified time frames as
well as other risks and uncertainties including but not limited to those
detailed from time to time in filings of the Company with the Securities
and Exchange Commission. These and other factors may cause decisions and
actual results to differ materially from current expectations. Mackinac
Financial Corporation undertakes no obligation to revise, update, or
clarify forward-looking statements to reflect events or conditions after
the date of this release.