U.P. headquartered bank acquires bank in Wisconsin

U.P. headquartered bank acquires bank in Wisconsin

EAGLE RIVER, Wisc. — A bank headquartered in the Upper Peninsula is crossing the border and getting a little bit bigger.

Mackinac Financial Corporation, the holding company for mBank, announced that it’s acquiring First National Bank of Eagle River in Wisconsin.

Officials say this acquisition of Mackinac’s first branches outside of Michigan will increase mBank’s asset position as the largest bank headquartered in the U.P.

mBank President and CEO Kelly W. George says it won’t change anything with Upper Peninsula clients.

“We will hope to offer more of a wide–variety in technology,” said mBank President and CEO Kelly W. George, “maybe more advanced mobile banking products and services, more website–based type of applications as you get bigger. Also potentially as you get larger you can make a few larger loans as well too and maybe there are a few clients that we couldn’t service before and maybe we’ll be able to service them now.”

Three full–service banking locations are included in the deal, and plans call for all offices and branch locations to remain open after the transaction closes.

Officials anticipate that the acquisition will be wrapped up late in the first quarter or early in the second quarter of this year.