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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.
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