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GREEN BAY, Wis. and MANISTIQUE, Mich., April 12, 2021 /PRNewswire/ Nicolet Bankshares, Inc. (NASDAQ: NCBS) ( Nicolet ) and Mackinac Financial Corporation (NASDAQ: MFNC) ( Mackinac ) today jointly announced the execution of a definitive merger agreement, pursuant to which Nicolet will acquire Mackinac and its wholly-owned banking subsidiary, mBank.
Mackinac Financial
Based on the financial results as of December 31, 2020, the combined company will have pro forma total assets of $6.1 billion, deposits of $5.2 billion and loans of $3.9 billion, and Mackinac would represent approximately 25% of the combined company s year-end assets.
Mike Daniels, President and CEO of Nicolet National Bank said, The acquisition of mBank is an important step in Nicolet s planned growth. This deal is not about expanded geographies but rather about the characteristics of the communities we will serve. Together, we will combine two organizations that
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GREEN BAY, Wis., Jan. 19, 2021 /PRNewswire/ Nicolet Bankshares, Inc. (NASDAQ: NCBS) ( Nicolet ) announced fourth quarter 2020 net income of $18.0 million and earnings per diluted common share of $1.74, compared to $18.1 million and $1.72 for third quarter 2020, and $12.3 million and $1.18 for fourth quarter 2019, respectively. Annualized quarterly return on average assets was 1.58%, 1.55% and 1.46%, for fourth quarter 2020, third quarter 2020 and fourth quarter 2019, respectively, even with elevated cash assets in 2020.
For the year ended December 31, 2020, net income was $60.1 million, 10% higher than $54.6 million for 2019. Net income for 2020 included record secondary mortgage income, higher net interest income and efficiency efforts, which partially offset $4 million of isolated costs ($3 million after-tax) in second quarter for pandemic-related actions and branch efficiency decisions as well as $9 million ($7 million after-tax) hi