Nicolet acquires Michigan bank

Posted on Apr 13, 2021 :: Insight on Business, Web Exclusive
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Posted by of Insight Publications

Nicolet Bankshares, Inc. is moving into Michigan as part of its latest acquisition.

Nicolet, which is based in Green Bay, is acquiring Mackinac Financial Corp. and its wholly owned subsidy, mBank.

According to financial results as of Dec. 31, 2020, the combined company will have pro forma total assets of $6.1 billion, deposits worth $5.2 billion and loans of $3.9 billion.

“The acquisition of mBank is an important step in Nicolet’s planned growth. This deal is not about expanded geographies but rather about the characteristics of the communities we will serve,” said Nicolet President and CEO Mike Daniels. “We look forward to becoming an integral part of the Upper Peninsula and northern Michigan.”

After the merger, Mackinac’s Chairman and CEO Paul Tobias will join the boards of Nicolet Bankshares and Nicolet Bank. All of Mackinac’s customer-facing employees are expected to stay in their job.

As part of the deal, Nicolet’s office in Eagle River will be closed and consolidated with the local mBank office.