WCF Advisors LLC advises First National Bank of Eagle River on sale to Mackinac Financial Corp.
June 2, 2016
Wipfli Corporate Finance Advisors LLC (WCF) is pleased to announce the successful sale of its client, First National Bank of Eagle River (FNBER), to Mackinac Financial Corp. (Mackinac), the parent company of mBank.
FNBER currently operates three full-service banking centers in Northern Wisconsin; one in Eagle River, Three Lakes and Saint Germain.
The acquisition is Mackinac’s first outside of Michigan and is expected to boost the company’s assets to $860 million, loans to $700 million, and core deposits to approximately $600 million.
Financial terms of the transaction were not disclosed.
“We are extremely pleased and excited to be able to partner with another long-standing community-focused institution in First National Bank of Eagle River,” said Kelly George, mBank President and CEO. “mBank remains a “well capitalized,” safe and sound community bank and we believe the cultures and markets of the two institutions are very similar and offer many similarities for employees and clients alike. We are thrilled to enter the Northern Wisconsin market and expand our footing into another state for the first time. The scale and accretion gained through the transaction should provide additional strength to our operating metrics as well as empower us to further support the local communities we serve, a core component of our mission statement.”
Tom Ellis, President of FNBER stated, "The merger of the two organizations will create a stronger overall organization continuing the long tradition of community-based banking identified with First National Bank since its inception in 1922."
Ellis added, "The culture and values of mBank mirror those of First National Bank, providing a family-oriented environment for its employees, friendly, courteous and professional staffs, and generous commitments of time and funding in support of community programs."
FNBER's investment banking team at WCF is led by Kevin Janke and Thomas Back.