SOURCE: Mackinac Financial Corporation

March 07, 2005 10:01 ET

North Country Bank Gets a New Name

North Country Bank and Trust Changes Its Name to mBank

MANISTIQUE, MI -- (MARKET WIRE) -- March 7, 2005 -- Mackinac Financial Corporation (NASDAQ: MFNC) announced today that North Country Bank and Trust is changing its name to mBank. Beginning in April 2005, the new name and new logo will be prominently displayed at the Bank's community and commercial locations throughout Michigan.

"The new bank name is an outgrowth of a $30 million recapitalization of the Bank's holding company (Mackinac Financial Corporation) in December 2004," said Paul Tobias, Chairman and CEO of MFNC. "The mBank name more accurately depicts the fresh capital and positive approach to growth we're taking to community and commercial banking throughout the state of Michigan. It's not at all reflective of new ownership, because the bank hasn't changed owners. Rather, the new name is a sign that our customers can expect a stronger bank, with more competitive products and personalized services."

mBank is dedicated to rebuilding a strong community and commercial banking presence in Michigan, and currently has no plans to change bank hours, locations or payment centers. Customers can continue to make payments by mail or at their usual banking location. Current customers can continue to use their checks, ATM, debit, and credit cards with the old name on them. Checks with the mBank name will be issued with new check orders, and mBank will provide new debit, credit, and ATM cards upon the expiration of current ones.

About Mackinac Financial Corporation

Mackinac Financial Corporation is a registered bank holding company which owns mBank. The Bank has 12 branches in the Upper Peninsula and Northern Michigan, as well as 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.

Forward-Looking Statements

This release contains certain forward-looking statements. Words such as "anticipates," "believes," "estimates," "expects," "intends," "should," "will," and variations of such words and similar expressions are intended to identify forward-looking statements: as defined by the Private Securities Litigation Reform Act of 1995. These statements reflect management's current beliefs as to expected outcomes of future events and are not guarantees of future performance. These statements involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. Factors that could cause a difference include among others: changes in the national and local economies or market conditions; changes in interest rates and banking regulations; the impact of competition from traditional or new sources; and the possibility that anticipated cost savings and revenue enhancements from mergers and acquisitions, bank consolidations, branch closings and other sources may not be fully realized at all or within specified time frames, as well as other risks and uncertainties including but not limited to those details from time to time in filings of the Company with the Securities and Exchange Commission. These and other factors may cause decisions and actual results to differ materially from current expectations. Mackinac Financial Corporation undertakes no obligation to revise, update, or clarify forward-looking statements to reflect events or conditions after the date of this release.

For more information, visit www.northcountrybank.com or call 248-258-6900

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