Manistique's local financial powerhouse, mBank
, is growing further afield with the recent purchase of a northern Wisconsin bank.
Mackinac Financial Corporation, which owns mBank, announced it will acquire First National Bank of Eagle River, headquartered in Eagle River, Wisconsin.
The Eagle River bank has three locations, in Eagle River, Three Lakes and Saint Germain, and about $140 million in assets, and will be mBank's first expansion outside of Michigan--although not that far, as the headquarters is just about 40 miles from the U.P. border.
"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," says Kelly George, mBank president and CEO. "We are thrilled to enter the northern Wisconsin market and expand our footing into another state for the first time."
mBank intends to keep all three FNB Eagle River branches open, and the $12.5 million all-cash transaction is expected to close in the first half of 2016. The acquisition bolsters mBank's assets to make it the 12th largest financial institution headquartered in Michigan, with 20 branch locations.
Writer: Sam Eggleston