Mackinac receives approval to redeem $7 million of preferred stock

By Tali David

Minneapolis, March 27 - Mackinac Financial Corp. received required regulatory approval to redeem $7 million of its $11 million outstanding preferred stock, according to a press release.

The 7,000 shares with a par value of $1,000 per share are now eligible to be redeemed from third parties that purchased the preferreds from the United States Treasury when auctioned in August 2012.

The redemption prices and redemption dates have not yet been determined.

"This partial redemption of our preferred stock will be another step in the execution of our strategic plan for increasing value to our common shareholders," chairman and CEO Paul Tobias said in the release.

"The approval of this action by our regulators also supports this action as it relates to our strong consolidated capital levels subsequent to this redemption, a further indication of our overall financial strength."

The bank holding company is based in Manistique, Mich.

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