SOURCE: Mackinac Financial Corporation

August 01, 2005 12:28 ET

Mackinac Financial Corporation and mBank Announce Senior Management Changes

MANISTIQUE, MI -- (MARKET WIRE) -- August 1, 2005 -- Jim Bess, Chief Executive Officer of mBank, has stepped down as President and CEO of mBank, the principal bank subsidiary of Mackinac Financial Corporation (NASDAQ: MFNC). Paul D.Tobias, Chairman of mBank and Chairman and Chief Executive Officer of Mackinac Financial Corporation ("Mackinac"), will assume the CEO position at mBank and Kelly W. George, formerly Executive Vice President and Chief Lending Officer, will become President of mBank.

Tobias said, "Jim was hired by the previous Board of Directors to affect a turnaround at North Country Bank and Trust, now mBank. He led a fine team that accomplished the Board's assignment. The announced management transition has been a part of the plan for several months and our ability to make these changes is a testament to Jim's fine work."

Mr. George, a graduate of The Ohio State University, began his banking career with Bank One Cleveland N.A. and National City Bank in Cleveland, Ohio, from 1990-1997 where he held various positions in branch management and retail / commercial lending. He was then hired as a Bank Examiner with the Federal Reserve Bank of Cleveland where he was an Examiner-in-Charge for the supervision of various financial institutions. His duties included evaluating commercial banks and parent holding companies in the areas of capital protection, asset quality, management, earnings performance, liquidity, and interest rate risk sensitivity. He then went to work at a community bank in Millersburg, Ohio, The Commercial and Savings Bank, where he played a key role in the strategic rehabilitation of a troubled bank under serious regulatory enforcement actions. Mr. George accepted the challenge to work with Mr. Bess at North Country Bank and Trust (nka mBank) in September of 2003. Here he provided leadership throughout all lending areas of the Bank to improve the Bank's non-performing loan portfolio and credit risk management systems. In April of 2005, following the successful rehabilitation and subsequent $30M recapitalization of the Bank in December of 2004, he was promoted to EVP.

Mackinac Financial Corporation is a registered bank holding company which owns mBank. The Bank has 12 branches in Northern Michigan and a commercial banking office in Bloomfield Hills, Michigan. The Company's banking services include commercial lending and treasury management products and services geared toward small to mid-sized businesses; as well as checking and savings accounts, time deposits, interest bearing transaction accounts, safe deposit facilities, real estate mortgage lending, and direct and indirect consumer financing.

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