mBank, the principal subsidiary of Mackinac Financial Corporation [Nasdaq: MFNC], has been recognized with the 2013 Restructuring Community Impact Award by The M&A Advisor, for helping Manistique's second largest employer evade permanent closure.

 

Paul Tobias, chairman and CEO of Mackinac Financial Corporation and chairman of mBank, accepted the prestigious award, at the 7th Annual Turnaround Awards Gala in Palm Beach, Fla.  The awards represent the leading deal-teams, firms and dealmakers' activities that set the standard for turnaround, reorganization and restructuring transactions.

 

This year, 120 nominees, representing over 300 companies, were finalists for the awards. An independent judging committee of 12 M&A, Restructuring and Finance industry experts determined the ultimate recipients of the awards, which were revealed "Academy-Award style" at the gala held on March 6.

 

The award was the result of a 10-month effort to lead Manistique's second largest employer, Manistique Papers Inc. (MPI), through troubled financial times. MPI, a company with approximately 150 local employees and a 72-acre manufacturing site, was facing Chapter 7 bankruptcy, a closure that would have devastated the local economy.  mBank responded and within a week purchased the senior secured debt at a discount from the former lender helping MPI to avoid Chapter 7 bankruptcy and liquidation.

 

The next step was to keep the company operational during the Chapter 11 process to allow time for a potential buyer to be procured.  mBank provided additional working capital through a new 'debtor in possession' loan arrangement.  The above noted credit facilities were supported by the Michigan Economic Development Corporation (MEDC) in conjunction with the Governor's Office through various loan participation programs.  As a result, the mill was able to re-open after a brief six-week closure in August 2011.

 

In May 2012, after months of negotiations, MPI and mBank reached an agreement with The Watermill Group, a private equity investment firm based in Massachusetts, to purchase the mill through the 363 bankruptcy auction process. mBank was the lead facilitator of the transaction and provided the needed funding to consummate the sale with continued participation assistance from the MEDC, and new financing from the USDA through various loan guarantee programs.

 

mBank President & CEO Kelly W. George, commenting on mBank's role, stated, "We at mBank are very humbled and proud that we were able to boldly provide the financial support and expertise to a vital member of our local community to save hundreds of jobs and to help rehabilitate the paper mill, a long standing member of our business community for over 90 years. It has been a privilege to partner with The Watermill Group and the various government agencies like the MEDC and the USDA to achieve such a terrific and worthwhile outcome. I believe that this is the essence of real community banking; providing local banking services and financial expertise to foster economic development in order to preserve and create employment opportunities, keeping our communities vibrant and strong with good quality of life for all."

 

About The M&A Advisor

Since 1998, The M&A Advisor has been presenting, recognizing the achievement of and facilitatingconnections between the world's leading mergers and acquisitions, financing and turnaroundprofessionals with a comprehensive range of services including M&A SUMMITS; M&A AWARDS;M&A CONNECTS™; M&A ALERTS™, M&A LINKS™ MandA.TV and M&A MARKET INTEL™. Visit www.maadvisor.com to learn more.

 

About Mackinac Financial Corporation and mBank

Headquartered in Manistique, Michigan, mBank is the principal subsidiary of Mackinac Financial Corporation whose common stock is traded on the NASDAQ stock market as "MFNC."  With assets in excess of $545 million, the community bank empowers individuals and small- to medium-sized businesses with smart financing and depository solutions for peace of mind.

Visit www.bankmbank.com for news, updates and announcements from mBank.  

 

The M-TEC at Bay College invites you to attend the 13th Annual Safety Conference on Friday, April 26th. This conference is an all day event and offers timely and high quality workplace safety and health presentations.

 

The conference kicks off with a general session, Life After 12,500 Volts,  a shocking, but motivational safety presentation for everyone from the corporate office to the factory floor.  

 

This year's conference is dedicated to Workers Memorial Day, which is observed each year on April 28th. It is an occasion for reflection and remembrance of the thousands of workers who have been seriously injured or sickened as a result of preventable workplace hazards and to honor those workers who have died on the job. 

 

Should you attend? YES! Whether you are on a safety committee, a human resource manager, plant manager, safety director, training director, or an employee in any industry then this conference is for you.

 

Click HERE for brochure. 

 

 Registration Information

 

Register by calling

906.217.4106 or 800.221.2001 x 4106,

or e-mail charlebm@baycollege.edu

 

Presentations have limited seating

REGISTER EARLY - to ensure your selections

 

$59 EARLY BIRD by April 8, 2013

$69 AFTER April 8, 2013

 

5TH PERSON FREE!

Register 4 people from your company and the 5th person is free. To receive this discount, registrants must be with the same company and paid for using the same method of payment.

Mark your calendar for this year's annual Chamber of Commerce dinner to be held on Saturday, April 27th.  The theme for this year will be Alger County:  Our History, Our Future.  The event will be at Sydney's Restaurant and begin with a 5:30 social hour and meeting and dinner to follow at 6:30.  There will be the annual "Business of the Year" award, raffles, 50/50 and prizes.  

 

Tickets are $30 and are available from the Fuzzy Boyak Welcome Center or by calling (906) 387-2138.  We hope you can enjoy this great food and networking opportunity!