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Nicolet Bankshares, Inc To Acquire Mackinac Financial Corporation

Share this article Share this article 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

Nicolet Bankshares, Inc Announces Record 2020 Earnings

Share this article Share this article 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

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