By Susanna Moon
Chicago, July 17 - Mackinac Financial Corp. registered $11 million of series A fixed-rate cumulative perpetual preferred stock for resale in an S-1 filing with the Securities and Exchange Commission.
The preferreds were sold to the U.S. Department of the Treasury under the Troubled Asset Relief Program.
The dividend rate is initially 5% and will step up to 9% on May 15, 2014. Dividends are payable quarterly.
The preferreds may be redeemed at par plus accrued dividends at any time subject to the approval of the Federal Reserve.
The liquidation preference is $1,000 per preferred.
The filing also covers warrants for 379,310 shares exercisable at $4.35 per share. The company's stock closed at $6.00 (Nasdaq: MFNC) on Monday.
The bank holding company is based in Manistique, Mich.
| Issuer: | Mackinac Financial Corp.
|
| Issue: | Series A fixed-rate cumulative perpetual preferred stock
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| Amount: | $11 million
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| Dividend rate: | 5%, stepping up to 9% on May 15, 2014
|
| Liquidation preference: | $1,000
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| Call option: | At any time subject to Fed approval
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