Mackinac Financial plans $11 million private placement of securities

Company also plans $7 million rights offering of its common stock

By Devika Patel

Knoxville, Tenn., March 28 - Mackinac Financial Corp. said it will raise between $5 million and $11 million in a private placement of its securities, comprised of varying types and amounts, with investor Steinhardt Capital Investors, LLLP.

The company also plans a $7 million rights offering of common stock.

Proceeds from the securities sale and rights offering will be used to repurchase the company's outstanding TARP securities issued by the company to the U.S. Department of the Treasury under the Troubled Asset Relief Capital Purchase Program.

The bank holding company is based in Manistique, Mich.

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