RTTNews | Apr 13, 2021 10:45AM EDT

10:44 Tuesday, April 13, 2021 (RTTNews.com) - Mackinac Financial Corp. (MFNC) shares are spiking more than 55 percent on Tuesday morning trade as the bank holding company for mBank entered into a merger agreement with Nicolet National Bank. The deal is valued at around $248 million.

Currenty, shares are at $20.47, up 555.43 percent from the previous close of $13.17 on a volume of 10,594,190. The shares have traded in a range of $8.08-$21.95 on average volume of 25,400.

mBank will merge with and into Nicolet National Bank. Mackinac shareholders shall receive 0.22 shares of Nicolet common stock and $4.64 in cash for each share of Mackinac common stock with total consideration to consist of approximately 80% stock and 20% cash.

Read the original article on RTTNews ( https://www.rttnews.com/3184598/stock-alert-mackinac-financial-gains-55-on-merger-plan-with-nicolet.aspx)

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