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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 6/09/21 Mackinac Financial Corp./MI DEFM14A 1:4.2M Toppan Merrill/FA |
Document/Exhibit Description Pages Size 1: DEFM14A Definitive Proxy Statement - Merger or Acquisition HTML 1.54M
tm2118358-1_defm14a - none - 33.000226s |
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PROXY STATEMENT AND PROSPECTUS
OF NICOLET BANKSHARES, INC. |
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PROXY STATEMENT
OF MACKINAC FINANCIAL CORPORATION |
|
| For shareholders of Nicolet: | | | For shareholders of Mackinac: | |
|
Nicolet Bankshares, Inc.
111 North Washington Street, Green Bay, WI 54301 Thursday, July 15, 2021 9:45 a.m., Central Daylight Time |
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www.virtualshareholdermeeting.com/MFNC2021SM
Thursday, July 15, 2021 10:00 a.m., Eastern Daylight Time |
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Michael E. Daniels
President and Chief Executive Officer Nicolet Bankshares, Inc. |
| |
Paul D. Tobias
Chairman and Chief Executive Officer Mackinac Financial Corporation |
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| If you are a Nicolet shareholder: | | | If you are a Mackinac shareholder: | |
| Nicolet Bankshares, Inc. | | | Mackinac Financial Corporation | |
| 111 North Washington Street | | | 130 South Cedar Street | |
| Green Bay, Wisconsin 54301 | | | Manistique, Michigan 49854 | |
|
(920) 430-1400
ir@nicoletbank.com |
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(248) 290-5900
JDeering@bankmbank.com |
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| | | | By Order of the Board of Directors | |
| | | |
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|
| | | | Michael E. Daniels | |
| | | | President and Chief Executive Officer | |
| | | | Nicolet Bankshares, Inc. | |
| | | | June 3, 2021 | |
| | | | By Order of the Board of Directors | |
| | | |
|
|
| | | | Paul D. Tobias | |
| | | | Chairman of the Board and Chief Executive Officer | |
| | | | Mackinac Financial Corporation | |
| | | | June 3, 2021 | |
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EXPERTS | | | | | 94 | | |
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| | | | A-1 | | | |
| | | | B-1 | | | |
| | | | C-1 | | | |
| | | | D-1 | | |
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For Mackinac shareholders:
Paul D. Tobias
Mackinac Financial Corporation 30 South Cedar Street Manistique, Michigan 49854 telephone: (248) 290-5900 |
| |
For Nicolet shareholders:
|
|
Comparative per share data
|
| |
Three Months Ended
March 31, 2021 |
| |
Year Ended
December 31, 2020 |
| ||||||
Earnings per diluted common share | | | | | | | | | | | | | |
Nicolet
|
| | | $ | 1.75 | | | | | $ | 5.70 | | |
Mackinac
|
| | | $ | 0.37 | | | | | $ | 1.27 | | |
Pro forma combined
|
| | | $ | 1.79 | | | | | $ | 3.84 | | |
Mackinac merger equivalent*
|
| | | $ | 0.39 | | | | | $ | 0.85 | | |
Book value per common share: | | | | | | | | | | | | | |
Nicolet
|
| | | $ | 55.07 | | | | | | N/A | | |
Mackinac
|
| | | $ | 16.13 | | | | | | N/A | | |
Pro forma combined
|
| | | $ | 59.82 | | | | | | N/A | | |
Mackinac merger equivalent*
|
| | | $ | 13.16 | | | | | | N/A | | |
(In thousands)
|
| |
Historical
|
| |
Pro Forma
Adjustments |
| | | | |
Pro Forma
Combined |
| |||||||||||||||
|
Mackinac
|
| |
Nicolet
|
| | ||||||||||||||||||||||
Cash and cash equivalents, including certificates of deposits in other banks
|
| | | $ | 245,919 | | | | | $ | 763,150 | | | | | $ | (49,692) | | | |
A
|
| | | $ | 959,377 | | |
Investment securities, including equity securities
|
| | | | 109,414 | | | | | | 562,419 | | | | | | (421) | | | |
B
|
| | | | 671,412 | | |
Loans held for sale
|
| | | | 1,937 | | | | | | 16,883 | | | | | | — | | | | | | | | | 18,820 | | |
Loans
|
| | | | 1,061,819 | | | | | | 2,846,351 | | | | | | (7,387) | | | |
C
|
| | | | 3,900,783 | | |
Allowance for credit losses
|
| | | | (5,842) | | | | | | (32,626) | | | | | | (13,955) | | | |
D
|
| | | | (52,423) | | |
Other real estate owned, net
|
| | | | 1,692 | | | | | | 3,797 | | | | | | (664) | | | |
E
|
| | | | 4,825 | | |
Bank owned life insurance
|
| | | | 16,537 | | | | | | 83,788 | | | | | | — | | | | | | | | | 100,325 | | |
Goodwill
|
| | | | 19,574 | | | | | | 163,151 | | | | | | 99,942 | | | |
F
|
| | | | 282,667 | | |
Other intangibles, net
|
| | | | 4,200 | | | | | | 11,350 | | | | | | 600 | | | |
G
|
| | | | 16,150 | | |
Other assets
|
| | | | 52,998 | | | | | | 125,541 | | | | | | 4,921 | | | |
B,H
|
| | | | 183,460 | | |
Total Assets
|
| | | $ | 1,508,248 | | | | | $ | 4,543,804 | | | | | $ | 33,345 | | | | | | | | $ | 6,085,397 | | |
Deposits
|
| | | $ | 1,273,279 | | | | | $ | 3,900,594 | | | | | $ | 500 | | | |
I
|
| | | $ | 5,174,373 | | |
Short-term borrowings
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
Long-term borrowings
|
| | | | 53,459 | | | | | | 43,988 | | | | | | 100 | | | |
I
|
| | | | 97,547 | | |
Other liabilities
|
| | | | 11,334 | | | | | | 49,176 | | | | | | 14,600 | | | |
J
|
| | | | 75,110 | | |
Total Liabilities
|
| | | | 1,338,072 | | | | | | 3,993,758 | | | | | | 15,200 | | | | | | | | | 5,347,030 | | |
Common stock & Additional paid-in capital
|
| | | | 127,397 | | | | | | 271,488 | | | | | | 71,372 | | | |
A,K
|
| | | | 470,257 | | |
Retained earnings
|
| | | | 41,721 | | | | | | 271,191 | | | | | | (52,169) | | | |
A,K
|
| | | | 260,743 | | |
Accumulated other comprehensive income
|
| | | | 1,058 | | | | | | 7,367 | | | | | | (1,058) | | | |
K
|
| | | | 7,367 | | |
Total Stockholders’ Equity
|
| | | | 170,176 | | | | | | 550,046 | | | | | | 18,145 | | | | | | | | | 738,367 | | |
Total Liabilities and Stockholders’ Equity
|
| | | $ | 1,508,248 | | | | | $ | 4,543,804 | | | | | $ | 33,345 | | | | | | | | $ | 6,085,397 | | |
Outstanding shares
|
| | | | 10,550 | | | | | | 9,988 | | | | | | 2,355 | | | | | | | | | 12,343 | | |
(In thousands, except per share data)
|
| |
Three Months Ended
March 31, 2021 |
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Pro Forma
Adjustments |
| | | | |
Pro Forma
Combined |
| |||||||||||||||
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Mackinac
|
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Nicolet
|
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Interest income
|
| | | $ | 14,892 | | | | | $ | 36,876 | | | | | $ | 871 | | | |
A
|
| | | $ | 52,639 | | |
Interest expense
|
| | | | 1,114 | | | | | | 3,235 | | | | | | (50) | | | |
B
|
| | | | 4,299 | | |
Net interest income
|
| | | | 13,778 | | | | | | 33,641 | | | | | | 921 | | | | | | | | | 48,340 | | |
Provision for credit losses
|
| | | | 50 | | | | | | 500 | | | | | | — | | | | | | | | | 550 | | |
Noninterest income
|
| | | | 2,398 | | | | | | 17,126 | | | | | | — | | | | | | | | | 19,524 | | |
Noninterest expense
|
| | | | 11,848 | | | | | | 26,081 | | | | | | 28 | | | |
D
|
| | | | 37,957 | | |
Income before income tax expense
|
| | | | 4,278 | | | | | | 24,186 | | | | | | 892 | | | | | | | | | 29,356 | | |
Income tax expense
|
| | | | 398 | | | | | | 5,947 | | | | | | 223 | | | |
F
|
| | | | 6,568 | | |
Net income
|
| | | $ | 3,880 | | | | | $ | 18,239 | | | | | $ | 669 | | | | | | | | $ | 22,788 | | |
Weighted average common shares outstanding | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 10,523 | | | | | | 9,998 | | | | | | 2,355 | | | |
G
|
| | | | 12,353 | | |
Diluted
|
| | | | 10,523 | | | | | | 10,403 | | | | | | 2,355 | | | |
G
|
| | | | 12,758 | | |
Earnings per common share | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | $ | 0.37 | | | | | $ | 1.82 | | | | | | | | | | | | | | $ | 1.84 | | |
Diluted
|
| | | $ | 0.37 | | | | | $ | 1.75 | | | | | | | | | | | | | | $ | 1.79 | | |
(In thousands, except per share data)
|
| |
Year Ended
December 31, 2020 |
| |
Pro Forma
Adjustments |
| | | | |
Pro Forma
Combined |
| |||||||||||||||
|
Mackinac
|
| |
Nicolet
|
| | ||||||||||||||||||||||
Interest income
|
| | | $ | 62,029 | | | | | $ | 149,202 | | | | | $ | 1,876 | | | |
A
|
| | | $ | 213,107 | | |
Interest expense
|
| | | | 7,223 | | | | | | 19,864 | | | | | | (200) | | | |
B
|
| | | | 26,887 | | |
Net interest income
|
| | | | 54,806 | | | | | | 129,338 | | | | | | 2,076 | | | | | | | | | 186,220 | | |
Provision for credit losses
|
| | | | 1,000 | | | | | | 10,300 | | | | | | 13,892 | | | |
C
|
| | | | 25,192 | | |
Noninterest income
|
| | | | 10,199 | | | | | | 62,626 | | | | | | — | | | | | | | | | 72,825 | | |
Noninterest expense
|
| | | | 46,949 | | | | | | 100,719 | | | | | | 20,198 | | | |
D,E
|
| | | | 167,866 | | |
Income before income tax expense
|
| | | | 17,056 | | | | | | 80,945 | | | | | | (32,014) | | | | | | | | | 65,987 | | |
Income tax expense
|
| | | | 3,583 | | | | | | 20,476 | | | | | | (8,004) | | | |
F
|
| | | | 16,055 | | |
Net income
|
| | | | 13,473 | | | | | | 60,469 | | | | | | (24,011) | | | | | | | | | 49,931 | | |
Less: Net income attributable to noncontrolling
|
| | | | — | | | | | | 347 | | | | | | — | | | | | | | | | 347 | | |
Net income attributable to Nicolet
|
| | | $ | 13,473 | | | | | $ | 60,122 | | | | | $ | (24,011) | | | |
H
|
| | | $ | 49,584 | | |
Weighted average common shares outstanding | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 10,580 | | | | | | 10,337 | | | | | | 2,355 | | | |
G
|
| | | | 12,692 | | |
Diluted
|
| | | | 10,580 | | | | | | 10,541 | | | | | | 2,355 | | | |
G
|
| | | | 12,896 | | |
Earnings per common share | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | $ | 1.27 | | | | | $ | 5.82 | | | | | | | | | | | | | | $ | 3.91 | | |
Diluted
|
| | | $ | 1.27 | | | | | $ | 5.70 | | | | | | | | | | | | | | $ | 3.84 | | |
(In thousands, except per share data)
|
| |
Mackinac Net Assets
at Fair Value |
| |||
Cash and cash equivalents
|
| | | $ | 245,919 | | |
Investment securities
|
| | | | 109,414 | | |
Loans held for sale
|
| | | | 1,937 | | |
Loans
|
| | | | 1,054,432 | | |
Allowance for credit losses
|
| | | | (5,905) | | |
Other real estate owned, net
|
| | | | 1,028 | | |
Bank owned life insurance
|
| | | | 16,537 | | |
Core deposit intangible
|
| | | | 4,800 | | |
Other assets
|
| | | | 54,055 | | |
Total Assets
|
| | | $ | 1,482,217 | | |
Deposits
|
| | | $ | 1,273,279 | | |
Short-term borrowings
|
| | | | — | | |
Long-term borrowings
|
| | | | 53,559 | | |
Other liabilities
|
| | | | 25,934 | | |
Total Liabilities
|
| | | $ | 1,353,272 | | |
Net assets acquired
|
| | | $ | 128,945 | | |
Purchase price: | | | | | | | |
Shares of Mackinac outstanding*
|
| | | | 10,705 | | |
Exchange ratio
|
| | | | 0.22 | | |
Pro Forma Nicolet shares to be issued
|
| | | | 2,355 | | |
Nicolet closing stock price on April 9, 2021
|
| | | $ | 84.40 | | |
Pro Forma stock consideration
|
| | | $ | 198,769 | | |
Pro Forma cash consideration
|
| | | | 49,692 | | |
Total Pro Forma purchase price
|
| | | $ | 248,461 | | |
Preliminary goodwill
|
| | | $ | 119,516 | | |
(In thousands)
|
| | | ||||
Reversal of historical Mackinac loan fair value adjustments
|
| | | $ | 1,391 | | |
Estimate of loan fair value adjustments
|
| | | | (14,683) | | |
Net pro forma fair value adjustments
|
| | | | (13,292) | | |
Gross up of PCD loans for credit mark (see also D below)
|
| | | | 5,905 | | |
Cumulative pro forma adjustments to loans
|
| | | $ | (7,387) | | |
(In thousands)
|
| | | ||||
Reversal of historical Mackinac allowance for credit losses
|
| | | $ | 5,842 | | |
Estimate of lifetime credit losses for PCD loans (see also C above)
|
| | | | (5,905) | | |
Estimate of lifetime credit losses for non-PCD loans (Day 2 imposed on 3/31/2021)
|
| | | | (13,892) | | |
Cumulative pro forma adjustments to the allowance for credit losses
|
| | | $ | (13,955) | | |
|
Transaction Price / Book Value Per Share
|
| | | | 145% | | |
|
Transaction Price / Tangible Book Value Per Share
|
| | | | 169% | | |
|
Transaction Price / 2020 Earnings Per Share
|
| | | | 18.2x | | |
|
Transaction Price / Estimated 2021 Earnings Per Share(1)
|
| | | | 18.4x | | |
|
Core Deposit Premium(2)
|
| | | | 8.9% | | |
|
Core Deposit Premium(3)
|
| | | | 8.4% | | |
|
Market Premium as of April 8, 2021
|
| | | | 66.8% | | |
| | |
Beginning Value
April 8, 2020 |
| |
Ending Value
April 8, 2021 |
| ||||||
Mackinac
|
| | | | 0% | | | | | | 34.0% | | |
Mackinac Peer Group
|
| | | | 0% | | | | | | 30.5% | | |
S&P 500 Index
|
| | | | 0% | | | | | | 49.0% | | |
NASDAQ Bank Index
|
| | | | 0% | | | | | | 80.6% | | |
| | |
Beginning Value
April 6, 2018 |
| |
Ending Value
April 8, 2021 |
| ||||||
Mackinac
|
| | | | 0% | | | | | | (11.6%) | | |
Mackinac Peer Group
|
| | | | 0% | | | | | | (4.6%) | | |
S&P 500 Index
|
| | | | 0% | | | | | | 57.3% | | |
NASDAQ Bank Index
|
| | | | 0% | | | | | | 13.1% | | |
| | |
Beginning Value
April 8, 2020 |
| |
Ending Value
April 8, 2021 |
| ||||||
Nicolet
|
| | | | 0% | | | | | | 51.7% | | |
Nicolet Peer Group
|
| | | | 0% | | | | | | 63.6% | | |
S&P 500 Index
|
| | | | 0% | | | | | | 49.0% | | |
NASDAQ Bank Index
|
| | | | 0% | | | | | | 80.6% | | |
| | |
Beginning Value
April 6, 2018 |
| |
Ending Value
April 8, 2021 |
| ||||||
Nicolet
|
| | | | 0% | | | | | | 55.9% | | |
Nicolet Peer Group
|
| | | | 0% | | | | | | 5.7% | | |
S&P 500 Index
|
| | | | 0% | | | | | | 57.3% | | |
NASDAQ Bank Index
|
| | | | 0% | | | | | | 13.1% | | |
|
Ames National Corporation
BankFinancial Corporation CF Bankshares Inc. ChoiceOne Financial Services Inc. Citizens Community Bancorp, Inc. County Bancorp, Inc. Farmers & Merchants Bancorp, Inc. First Capital, Inc. First Savings Financial Group |
| |
Guaranty Federal Bancshares, Inc.
Hawthorn Bancshares, Inc. Landmark Bancorp, Inc. LCNB Corp. Limestone Bancorp, Inc. Middlefield Banc Corp. Ohio Valley Banc Corp. Richmond Mutual Bancorporation, Inc. SB Financial Group, Inc. |
|
| | |
Mackinac
|
| |
Peer
Group Median |
| |
Peer
Group Mean |
| |
Peer
Group Low |
| |
Peer
Group High |
| |||||||||||||||
Total assets ($mm)
|
| | | $ | 1,502 | | | | | | 1,475 | | | | | | 1,497 | | | | | | 1,018 | | | | | | 1,976 | | |
Loans / Deposits (%)
|
| | | | 85.5% | | | | | | 84.3 | | | | | | 83.5 | | | | | | 56.3 | | | | | | 107.8 | | |
Non-performing assets(1) / Total assets (%)
|
| | | | 0.48% | | | | | | 0.53 | | | | | | 0.80 | | | | | | 0.05 | | | | | | 2.90 | | |
Tangible common equity/Tangible assets (%)
|
| | | | 9.7% | | | | | | 9.5 | | | | | | 9.8 | | | | | | 7.5 | | | | | | 17.8 | | |
Tier 1 Risk Based Capital Ratio (%)
|
| | | | 14.2% | | | | | | 13.0 | | | | | | 13.6 | | | | | | 9.7 | | | | | | 20.6 | | |
Total Risk Based Capital Ratio (%)
|
| | | | 14.8% | | | | | | 14.3 | | | | | | 15.5 | | | | | | 12.9 | | | | | | 21.9 | | |
LTM Return on average assets (%)
|
| | | | 0.92% | | | | | | 0.94 | | | | | | 1.12 | | | | | | 0.38 | | | | | | 2.59 | | |
LTM Return on average tangible common equity (%)
|
| | | | 10.0% | | | | | | 10.8 | | | | | | 12.4 | | | | | | 5.2 | | | | | | 31.3 | | |
LTM Net interest margin (%)
|
| | | | 4.40% | | | | | | 3.40 | | | | | | 3.35 | | | | | | 2.52 | | | | | | 3.97 | | |
LTM Efficiency ratio (%)
|
| | | | 70.5% | | | | | | 63.0 | | | | | | 62.9 | | | | | | 46.2 | | | | | | 74.0 | | |
Price / Tangible book value (%)
|
| | | | 101% | | | | | | 110 | | | | | | 111 | | | | | | 87 | | | | | | 159 | | |
Price / LTM Earnings per share (x)
|
| | | | 10.9x | | | | | | 12.0 | | | | | | 12.6 | | | | | | 4.1 | | | | | | 29.9 | | |
Current Dividend Yield (%)
|
| | | | 4.0% | | | | | | 2.6 | | | | | | 2.5 | | | | | | 0.0 | | | | | | 4.2 | | |
Market Capitalization ($mm)
|
| | | $ | 146 | | | | | | 144 | | | | | | 156 | | | | | | 85 | | | | | | 277 | | |
|
Alerus Financial Corporation
Community Trust Bancorp, Inc. Farmers National Banc. Corp. First Financial Corporation First Internet Bancorp First Mid Bancshares, Inc. German American Bancorp, Inc. Great Southern Bancorp, Inc. HBT Financial, Inc. |
| |
Horizon Bancorp, Inc.
Independent Bank Corporation Lakeland Financial Corporation Mercantile Bank Corporation MidWestOne Financial Group, Inc. Old Second Bancorp, Inc. Peoples Bancorp Inc. QCR Holdings Inc. Stock Yard Bancorp, Inc. West Bancorporation, Inc. |
|
| | | | | | | | |
Peer Group
|
| |
Peer Group
|
| |
Peer Group
|
| |
Peer Group
|
| ||||||||||||
| | |
Nicolet
|
| |
Median
|
| |
Mean
|
| |
Low
|
| |
High
|
| |||||||||||||||
Total assets ($mm)
|
| | | $ | 4,552 | | | | | | 4,609 | | | | | | 4,533 | | | | | | 3,014 | | | | | | 5,887 | | |
Loans / Deposits (%)
|
| | | | 71.3% | | | | | | 84.9 | | | | | | 83.8 | | | | | | 69.3 | | | | | | 96.4 | | |
Non-performing assets(1) / Total assets (%)
|
| | | | 0.29% | | | | | | 0.36 | | | | | | 0.37 | | | | | | 0.07 | | | | | | 0.81 | | |
Tangible common equity/Tangible assets (%)
|
| | | | 8.3% | | | | | | 9.3 | | | | | | 9.4 | | | | | | 7.0 | | | | | | 11.6 | | |
Tier 1 Risk Based Capital Ratio (%)
|
| | | | 12.2% | | | | | | 13.3 | | | | | | 13.3 | | | | | | 10.3 | | | | | | 19.3 | | |
Total Risk Based Capital Ratio (%)
|
| | | | 12.9% | | | | | | 14.9 | | | | | | 15.5 | | | | | | 11.5 | | | | | | 20.5 | | |
LTM Return on average assets (%)
|
| | | | 1.42% | | | | | | 1.19 | | | | | | 1.13 | | | | | | 0.13 | | | | | | 1.61 | | |
LTM Return on average tangible common equity (%)
|
| | | | 17.6% | | | | | | 12.1 | | | | | | 12.7 | | | | | | 9.1 | | | | | | 17.8 | | |
LTM Net interest margin (%)
|
| | | | 3.38% | | | | | | 3.34 | | | | | | 3.32 | | | | | | 1.68 | | | | | | 4.05 | | |
LTM Efficiency ratio (%)
|
| | | | 48.4% | | | | | | 56.3 | | | | | | 55.4 | | | | | | 42.0 | | | | | | 69.0 | | |
Price/Tangible book value (%)
|
| | | | 231% | | | | | | 148 | | | | | | 164 | | | | | | 107 | | | | | | 274 | | |
Price/LTM Earnings per share (x)
|
| | | | 14.7x | | | | | | 12.7 | | | | | | 14.2 | | | | | | 9.5 | | | | | | 20.8 | | |
Price/2021 estimated earnings per share (x)
|
| | | | 13.7x | | | | | | 12.9 | | | | | | 13.7 | | | | | | 9.5 | | | | | | 21.5 | | |
Price/2022 estimated earnings per share (x)
|
| | | | 16.0x | | | | | | 12.5 | | | | | | 13.4 | | | | | | 8.1 | | | | | | 20.6 | | |
Current Dividend Yield (%)
|
| | | | 0.0% | | | | | | 2.4 | | | | | | 2.4 | | | | | | 0.3 | | | | | | 4.2 | | |
Market Capitalization ($mm)
|
| | | $ | 839 | | | | | | 605 | | | | | | 709 | | | | | | 348 | | | | | | 1,732 | | |
Acquiror
|
| |
Target
|
|
VyStart CU | | | Heritage Southeast Bancorp. | |
Peoples Bancorp Inc. | | | Premier Financial Bancorp Inc. | |
Seacoast Banking Corp. of Florida | | | Legacy Bank of Florida | |
Banc of California Inc. | | | Pacific Mercantile Bancorp | |
Shore Bancshares Inc. | | | Severn Bancorp Inc. | |
Stock Yards Bancorp Inc. | | | Kentucky Bancshares Inc. | |
First Busey Corp. | | | Cummins-American Corp. | |
BancorpSouth Bank | | | FNS Bancshares Inc. | |
BancorpSouth Bank | | | National United Bancshares Inc. | |
Virginia National Bankshares Corp. | | | Fauquier Bankshares Inc. | |
| | | | | | | | |
Nationwide Precedent
Transactions |
| | | | | | | | | | | | | |||||||||
| | |
Nicolet/
Mackinac |
| |
Median
|
| |
Mean
|
| |
Low
|
| |
High
|
| |||||||||||||||
Transaction Price / LTM Earnings
Per Share (x) |
| | | | 18.2x | | | | | | 17.3 | | | | | | 18.3 | | | | | | 10.1 | | | | | | 29.2 | | |
Transaction Price / Book Value Per Share (%)
|
| | | | 145% | | | | | | 134 | | | | | | 135 | | | | | | 85 | | | | | | 179 | | |
Transaction Price / Tangible Book Value Per Share (%)
|
| | | | 169% | | | | | | 153 | | | | | | 142 | | | | | | 85 | | | | | | 179 | | |
Tangible Book Value Premium
to Core Deposits (%) |
| | | | 8.4% | | | | | | 6.7 | | | | | | 6.9 | | | | | | 1.5 | | | | | | 14.7 | | |
1-Day Market Premium (%)
|
| | | | 66.8% | | | | | | 29.8 | | | | | | 30.9 | | | | | | 8.1 | | | | | | 68.8 | | |
Discount Rate
|
| |
11.0x
|
| |
12.0x
|
| |
13.0x
|
| |
14.0x
|
| |
15.0x
|
| |
16.0x
|
| ||||||||||||||||||
11.0%
|
| | | $ | 13.21 | | | | | $ | 14.23 | | | | | $ | 15.24 | | | | | $ | 16.25 | | | | | $ | 17.26 | | | | | $ | 18.28 | | |
12.0%
|
| | | | 12.67 | | | | | | 13.64 | | | | | | 14.61 | | | | | | 15.58 | | | | | | 16.55 | | | | | | 17.52 | | |
13.0%
|
| | | | 12.16 | | | | | | 13.09 | | | | | | 14.01 | | | | | | 14.94 | | | | | | 15.87 | | | | | | 16.79 | | |
14.0%
|
| | | | 11.67 | | | | | | 12.56 | | | | | | 13.45 | | | | | | 14.33 | | | | | | 15.22 | | | | | | 16.11 | | |
15.0%
|
| | | | 11.21 | | | | | | 12.06 | | | | | | 12.91 | | | | | | 13.76 | | | | | | 14.61 | | | | | | 15.46 | | |
Discount Rate
|
| |
90%
|
| |
100%
|
| |
110%
|
| |
120%
|
| |
130%
|
| |
140%
|
| ||||||||||||||||||
11.0%
|
| | | $ | 11.91 | | | | | $ | 13.01 | | | | | $ | 14.10 | | | | | $ | 15.19 | | | | | $ | 16.29 | | | | | $ | 17.38 | | |
12.0%
|
| | | | 11.43 | | | | | | 12.48 | | | | | | 13.52 | | | | | | 14.57 | | | | | | 15.61 | | | | | | 16.66 | | |
13.0%
|
| | | | 10.97 | | | | | | 11.97 | | | | | | 12.97 | | | | | | 13.97 | | | | | | 14.97 | | | | | | 15.97 | | |
14.0%
|
| | | | 10.54 | | | | | | 11.49 | | | | | | 12.45 | | | | | | 13.41 | | | | | | 14.37 | | | | | | 15.32 | | |
15.0%
|
| | | | 10.12 | | | | | | 11.04 | | | | | | 11.96 | | | | | | 12.87 | | | | | | 13.79 | | | | | | 14.71 | | |
Annual Estimate Variance
|
| |
11.0x
|
| |
12.0x
|
| |
13.0x
|
| |
14.0x
|
| |
15.0x
|
| |
16.0x
|
| ||||||||||||||||||
(15.0)%
|
| | | $ | 10.62 | | | | | $ | 11.41 | | | | | $ | 12.20 | | | | | $ | 12.98 | | | | | $ | 13.77 | | | | | $ | 14.56 | | |
(10.0)%
|
| | | | 11.13 | | | | | | 11.96 | | | | | | 12.80 | | | | | | 13.63 | | | | | | 14.47 | | | | | | 15.30 | | |
(5.0)%
|
| | | | 11.64 | | | | | | 12.52 | | | | | | 13.40 | | | | | | 14.28 | | | | | | 15.16 | | | | | | 16.04 | | |
0.0%
|
| | | | 12.15 | | | | | | 13.08 | | | | | | 14.00 | | | | | | 14.93 | | | | | | 15.85 | | | | | | 16.78 | | |
5.0%
|
| | | | 12.66 | | | | | | 13.63 | | | | | | 14.60 | | | | | | 15.58 | | | | | | 16.55 | | | | | | 17.52 | | |
10.0%
|
| | | | 13.17 | | | | | | 14.19 | | | | | | 15.21 | | | | | | 16.23 | | | | | | 17.24 | | | | | | 18.26 | | |
15.0%
|
| | | | 13.68 | | | | | | 14.74 | | | | | | 15.81 | | | | | | 16.87 | | | | | | 17.94 | | | | | | 19.00 | | |
Discount Rate
|
| |
12.0x
|
| |
13.0x
|
| |
14.0x
|
| |
15.0x
|
| |
16.0x
|
| |
17.0x
|
| ||||||||||||||||||
10.0%
|
| | | $ | 60.68 | | | | | $ | 64.53 | | | | | $ | 68.38 | | | | | $ | 72.24 | | | | | $ | 76.09 | | | | | $ | 79.95 | | |
11.0%
|
| | | | 58.23 | | | | | | 61.92 | | | | | | 65.60 | | | | | | 69.28 | | | | | | 72.97 | | | | | | 76.65 | | |
12.0%
|
| | | | 55.91 | | | | | | 59.43 | | | | | | 62.96 | | | | | | 66.48 | | | | | | 70.00 | | | | | | 73.52 | | |
13.0%
|
| | | | 53.71 | | | | | | 57.08 | | | | | | 60.45 | | | | | | 63.81 | | | | | | 67.18 | | | | | | 70.55 | | |
14.0%
|
| | | | 51.61 | | | | | | 54.84 | | | | | | 58.06 | | | | | | 61.29 | | | | | | 64.51 | | | | | | 67.73 | | |
Discount Rate
|
| |
160%
|
| |
180%
|
| |
200%
|
| |
220%
|
| |
240%
|
| |
260%
|
| ||||||||||||||||||
10.0%
|
| | | $ | 62.59 | | | | | $ | 68.51 | | | | | $ | 74.43 | | | | | $ | 80.35 | | | | | $ | 86.26 | | | | | $ | 92.18 | | |
11.0%
|
| | | | 60.08 | | | | | | 65.73 | | | | | | 71.39 | | | | | | 77.04 | | | | | | 82.70 | | | | | | 88.36 | | |
12.0%
|
| | | | 57.69 | | | | | | 63.10 | | | | | | 68.51 | | | | | | 73.91 | | | | | | 79.32 | | | | | | 84.73 | | |
13.0%
|
| | | | 55.42 | | | | | | 60.59 | | | | | | 65.77 | | | | | | 70.94 | | | | | | 76.11 | | | | | | 81.28 | | |
14.0%
|
| | | | 53.27 | | | | | | 58.22 | | | | | | 63.17 | | | | | | 68.12 | | | | | | 73.06 | | | | | | 78.01 | | |
Annual Estimate Variance
|
| |
12.0x
|
| |
13.0x
|
| |
14.0x
|
| |
15.0x
|
| |
16.0x
|
| |
17.0x
|
| ||||||||||||||||||
(15.0)%
|
| | | $ | 50.53 | | | | | $ | 53.59 | | | | | $ | 56.64 | | | | | $ | 59.70 | | | | | $ | 62.76 | | | | | $ | 65.82 | | |
(10.0)%
|
| | | | 52.70 | | | | | | 55.94 | | | | | | 59.18 | | | | | | 62.42 | | | | | | 65.66 | | | | | | 68.90 | | |
(5.0)%
|
| | | | 54.88 | | | | | | 58.30 | | | | | | 61.72 | | | | | | 65.14 | | | | | | 68.56 | | | | | | 71.98 | | |
0.0%
|
| | | | 57.06 | | | | | | 60.66 | | | | | | 64.26 | | | | | | 67.86 | | | | | | 71.46 | | | | | | 75.06 | | |
5.0%
|
| | | | 59.23 | | | | | | 63.02 | | | | | | 66.80 | | | | | | 70.58 | | | | | | 74.37 | | | | | | 78.15 | | |
10.0%
|
| | | | 61.41 | | | | | | 65.37 | | | | | | 69.34 | | | | | | 73.30 | | | | | | 77.27 | | | | | | 81.23 | | |
15.0%
|
| | | | 63.59 | | | | | | 67.73 | | | | | | 71.88 | | | | | | 76.02 | | | | | | 80.17 | | | | | | 84.31 | | |
Regional Group:
|
| | | | |||
Buyer (State)
|
| |
Target (State)
|
| | ||
Stock Yards Bancorp, Inc. (KY) | | | Kentucky Bancshares, Inc. (KY) | | | ||
First Busey Corporation (IL) | | | Cummins-American Corp. (IL) | | | ||
First Mid Bancshares, Inc. (IL) | | | LINCO Bancshares, Inc. (MO) | | | ||
Northwest Bancshares, Inc. (PA) | | | MutualFirst Financial, Inc. (IN) | | | ||
First Defiance Financial Corp. (OH) | | | United Community Financial Corp. (OH) | | | ||
First Midwest Bancorp, Inc. (IL) | | | Bridgeview Bancorp, Inc. (IL) | | | ||
Simmons First National Corporation (AR) | | | Reliance Bancshares, Inc. (MO) | | | ||
First Merchants Corporation (IN) | | | MBT Financial Corp. (MI) | | | ||
First Busey Corporation (IL) | | | Banc Ed Corp. (IL) | | | ||
MidWestOne Financial Group, Inc. (IA) | | | ATBancorp (IA) | | | ||
Old National Bancorp (IN) | | | Klein Financial, Inc. (MN) | | | ||
WesBanco, Inc. (WV) | | | Farmers Capital Bank Corporation (KY) | | |
Nationwide Group:
|
| | | | |||
Buyer (State)
|
| |
Target (State)
|
| | ||
VyStar Credit Union (FL) | | | Heritage Southeast Bancorporation Inc. (GA) | | | ||
Peoples Bancorp Inc. (OH) | | | Premier Financial Bancorp, Inc. (WV) | | | ||
Banc of California, Inc. (CA) | | | Pacific Mercantile Bancorp (CA) | | | ||
Stock Yards Bancorp, Inc. (KY) | | | Kentucky Bancshares, Inc. (KY) | | | ||
First Busey Corporation (IL) | | | Cummins-American Corp. (IL) | | | ||
First Mid Bancshares, Inc. (IL) | | | LINCO Bancshares, Inc. (MO) | | | ||
Dollar Mutual Bancorp (PA) | | | Standard AVB Financial Corp. (PA) | | | ||
Enterprise Financial Services Corp (MO) | | | Seacoast Commerce Banc Holdings (CA) | | | ||
Blue Ridge Bankshares, Inc. (VA) | | | Bay Banks of Virginia, Inc. (VA) | | | ||
Provident Financial Services, Inc. (NJ) | | | SB One Bancorp (NJ) | | | ||
United Community Banks, Inc. (GA) | | | Three Shores Bancorporation, Inc. (FL) | | | ||
LendingClub Corporation (CA) | | | Radius Bancorp, Inc. (MA) | | | ||
Heartland Financial USA, Inc. (IA) | | | AIM Bancshares, Inc. (TX) | | | ||
Business First Bancshares, Inc. (LA) | | | Pedestal Bancshares, Inc. (LA) | | | ||
FB Financial Corporation (TN) | | | Franklin Financial Network, Inc. (TN) | | |
| | |
Price-to-LTM
Earnings Multiple |
| |
Price-to-Common
Tangible Book Value Multiple |
| |
Price-to-Adjusted
Common Tangible Book Value Multiple(1) |
| |
Premium-to-Core
Deposits Multiple(2) |
| ||||||||||||
Merger Consideration
|
| | | | 18.4x | | | | | | 172.5% | | | | | | 188.3% | | | | | | 9.28% | | |
Precedent Transactions Regional Group:
|
| ||||||||||||||||||||||||
25th Percentile
|
| | | | 15.6x | | | | | | 135.1% | | | | | | 137.8% | | | | | | 3.89% | | |
Median
|
| | | | 20.3x | | | | | | 162.0% | | | | | | 180.1% | | | | | | 8.47% | | |
75th Percentile
|
| | | | 23.3x | | | | | | 190.8% | | | | | | 227.3% | | | | | | 13.9% | | |
Precedent Transactions Nationwide Group:
|
| ||||||||||||||||||||||||
25th Percentile
|
| | | | 12.5x | | | | | | 109.6% | | | | | | 126.5% | | | | | | 3.25% | | |
Median
|
| | | | 18.6x | | | | | | 149.3% | | | | | | 156.7% | | | | | | 6.75% | | |
75th Percentile
|
| | | | 30.8x | | | | | | 171.4% | | | | | | 179.5% | | | | | | 9.36% | | |
| | |
Tangible
Equity/ Tangible Assets |
| |
Core
Deposits(1) |
| |
LTM
ROAA(2) |
| |
LTM
ROAE(2) |
| |
Efficiency
Ratio |
| |
NPAs/
Assets(3) |
| |
LLR/
Loans(4) |
| |||||||||||||||||||||
Company
|
| | | | 9.74% | | | | | | 89.3% | | | | | | 0.92% | | | | | | 8.19% | | | | | | 70.5% | | | | | | 0.48% | | | | | | 0.54% | | |
Precedent Transactions — Regional Group Median:
|
| | | | 10.2% | | | | | | 86.4% | | | | | | 0.79% | | | | | | 8.17% | | | | | | 65.3% | | | | | | 0.48% | | | | | | 1.06% | | |
Precedent Transactions — Nationwide Group Median:
|
| | | | 9.58% | | | | | | 84.4% | | | | | | 0.68% | | | | | | 5.54% | | | | | | 63.4% | | | | | | 0.59% | | | | | | 1.14% | | |
| | |
Price-to-LTM
EPS Multiple |
| |
Price-to-2021E
EPS Multiple |
| |
Price-to-Tangible
Common Equity Multiple |
| |
Tangible Book
Premium-to-Core Deposits Multiple (1) |
| ||||||||||||
Merger Consideration
|
| | | | 18.4x | | | | | | 18.8x | | | | | | 172.5% | | | | | | 9.28% | | |
Comparable Public Companies — Regional Group: | | ||||||||||||||||||||||||
25th Percentile
|
| | | | 11.0x | | | | | | 11.1x | | | | | | 121.6% | | | | | | 2.47% | | |
Median
|
| | | | 11.6x | | | | | | 12.5x | | | | | | 129.4% | | | | | | 3.14% | | |
75th Percentile
|
| | | | 13.2x | | | | | | 13.5x | | | | | | 139.9% | | | | | | 5.35% | | |
Comparable Public Companies — Nationwide Group: | | ||||||||||||||||||||||||
25th Percentile
|
| | | | 10.4x | | | | | | 10.9x | | | | | | 114.0% | | | | | | 1.54% | | |
Median
|
| | | | 12.5x | | | | | | 11.8x | | | | | | 126.3% | | | | | | 3.01% | | |
75th Percentile
|
| | | | 14.9x | | | | | | 14.0x | | | | | | 136.0% | | | | | | 4.75% | | |
| | |
Tangible
Equity/ Tangible Assets |
| |
LTM
ROAA |
| |
LTM
ROAE |
| |
LTM
Net Interest Margin |
| |
NPAs/
Assets(2) |
| |
LLR/ Loans
|
| ||||||||||||||||||
Mackinac(1) | | | | | 9.74% | | | | | | 0.92% | | | | | | 8.19% | | | | | | 4.40% | | | | | | 0.48% | | | | | | 0.54% | | |
Comparable Public Companies — Regional Group Median:
|
| | | | 9.89% | | | | | | 1.01% | | | | | | 9.48% | | | | | | 3.46% | | | | | | 0.53% | | | | | | 1.31% | | |
Comparable Public Companies — Nationwide
Group Median: |
| | | | 9.05% | | | | | | 1.00% | | | | | | 9.06% | | | | | | 3.55% | | | | | | 0.32% | | | | | | 1.23% | | |
Implied Multiple Value for
Mackinac Common Stock Based On: |
| |
Value of
Merger Consideration ($000) |
| |
Price-to-LTM
Earnings Multiple(1) |
| |
Price-to-Common
Tangible Book Value Multiple(1) |
| |
Price-to-Adjusted
Common Tangible Book Value Multiple(1)(2) |
| |
Premium-to-
Core Deposits Multiple(1)(3) |
| |||||||||||||||
Merger Consideration
|
| | | $ | 248,305 | | | | | | 18.4x | | | | | | 172.5% | | | | | | 188.3% | | | | | | 9.28% | | |
DCF Analysis — Terminal P/E Multiple | | ||||||||||||||||||||||||||||||
Midpoint Value
|
| | | $ | 245,264 | | | | | | 18.2x | | | | | | 170.7% | | | | | | 186.1% | | | | | | 9.05% | | |
DCF Analysis — Terminal P/Adj. TBV Multiple | | ||||||||||||||||||||||||||||||
Midpoint Value
|
| | | $ | 208,523 | | | | | | 15.5x | | | | | | 145.1% | | | | | | 155.0% | | | | | | 5.78% | | |
Implied Value for Mackinac Common Stock Based Upon:(3)
|
| |
Minimum
Implied Value |
| |
Average or Midpoint
Implied Value |
| |
Maximum
Implied Value |
| |||||||||
Comparable M&A Transactions — Regional Group
|
| | | $ | 233,161 | | | | | $ | 245,956 | | | | | $ | 272,896 | | |
Comparable M&A Transactions — Nationwide Group
|
| | | $ | 210,920 | | | | | $ | 224,107 | | | | | $ | 250,867 | | |
Comparable Public Company Analysis — Regional Group(4)
|
| | | $ | 142,754 | | | | | $ | 189,003 | | | | | $ | 213,656 | | |
Comparable Public Company Analysis — Nationwide Group(4)
|
| | | $ | 144,945 | | | | | $ | 206,311 | | | | | $ | 225,379 | | |
DCF — Terminal P/E Multiple
|
| | | $ | 214,782 | | | | | $ | 245,696 | | | | | $ | 279,005 | | |
DCF — Terminal P/Adj. TBV Multiple
|
| | | $ | 192,600 | | | | | $ | 208,897 | | | | | $ | 226,341 | | |
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Acquisition Proposal
|
| | | | 46 | | |
|
Adverse Recommendation
|
| | | | 30 | | |
|
Affiliate
|
| | | | 46 | | |
|
Agreement
|
| | | | 1 | | |
|
Articles of Merger
|
| | | | 2 | | |
|
Bank
|
| | | | 46 | | |
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Bank Merger
|
| | | | 46 | | |
|
Bank Plan of Merger
|
| | | | 2 | | |
|
Borrowing Affiliate
|
| | | | 28 | | |
|
Business Day
|
| | | | 46 | | |
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Closing
|
| | | | 1 | | |
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Closing Date
|
| | | | 1 | | |
|
Code
|
| | | | 1 | | |
|
Company
|
| | | | 1 | | |
|
Company Articles of Incorporation
|
| | | | 46 | | |
|
Company Benefit Plan
|
| | | | 46 | | |
|
Company Board
|
| | | | 46 | | |
|
Company Bylaws
|
| | | | 46 | | |
|
Company Capital Stock
|
| | | | 46 | | |
|
Company Capitalization Date
|
| | | | 6 | | |
|
Company Common Stock
|
| | | | 46 | | |
|
Company Debt Agreement
|
| | | | 46 | | |
|
Company Director
|
| | | | 2 | | |
|
Company Disclosure Schedules
|
| | | | 52 | | |
|
Company Employees
|
| | | | 29 | | |
|
Company ERISA Affiliate
|
| | | | 46 | | |
|
Company Evaluation Date
|
| | | | 8 | | |
|
Company Financial Statements
|
| | | | 8 | | |
|
Company Investment Securities
|
| | | | 18 | | |
|
Company Loans
|
| | | | 10 | | |
|
Company Material Contract
|
| | | | 16 | | |
|
Company Permitted Exceptions
|
| | | | 10 | | |
|
Company Preferred Stock
|
| | | | 6 | | |
|
Company Regulatory Reports
|
| | | | 47 | | |
|
Company SEC Reports
|
| | | | 47 | | |
|
Company Shareholder Approval
|
| | | | 47 | | |
|
Company Shareholders Meeting
|
| | | | 30 | | |
|
Company Stock Certificates
|
| | | | 3 | | |
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Company Stock Plans
|
| | | | 47 | | |
|
Confidentiality Agreement
|
| | | | 27 | | |
|
Contemplated Transactions
|
| | | | 47 | | |
| | | | | 47 | | | |
|
Control, Controlling or Controlled
|
| | | | 47 | | |
|
Conversion Fund
|
| | | | 3 | | |
|
Covered Employees
|
| | | | 38 | | |
|
CRA
|
| | | | 47 | | |
|
Deposit Insurance Fund
|
| | | | 47 | | |
|
Derivative Transactions
|
| | | | 47 | | |
|
Dissenting Shares
|
| | | | 47 | | |
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DOL
|
| | | | 47 | | |
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Effective Time
|
| | | | 2 | | |
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Environment
|
| | | | 48 | | |
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Environmental Laws
|
| | | | 48 | | |
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ERISA
|
| | | | 48 | | |
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Exchange Act
|
| | | | 48 | | |
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Exchange Agent
|
| | | | 3 | | |
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Exchange Ratio
|
| | | | 3 | | |
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Expenses
|
| | | | 33 | | |
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FDIC
|
| | | | 48 | | |
|
Federal Reserve
|
| | | | 48 | | |
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GAAP
|
| | | | 48 | | |
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Hazardous Materials
|
| | | | 48 | | |
|
Indemnification Proceeding
|
| | | | 33 | | |
|
Indemnified Employee
|
| | | | 33 | | |
|
Indemnified Party
|
| | | | 33 | | |
|
Intangible Assets
|
| | | | 48 | | |
|
Internal Control Over Financial Reporting
|
| | | | 8 | | |
|
IRS
|
| | | | 48 | | |
|
IRS Guidelines
|
| | | | 37 | | |
|
Joint Proxy Statement
|
| | | | 48 | | |
|
Knowledge
|
| | | | 48 | | |
|
Legal Requirement
|
| | | | 48 | | |
|
Letter of Transmittal
|
| | | | 3 | | |
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Material Adverse Effect
|
| | | | 48 | | |
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MBCA
|
| | | | 49 | | |
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Merger
|
| | | | 1 | | |
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Merger Consideration
|
| | | | 3 | | |
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Nasdaq Rules
|
| | | | 49 | | |
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New Plans
|
| | | | 38 | | |
|
Nicolet
|
| | | | 1 | | |
|
Nicolet Articles of Incorporation
|
| | | | 49 | | |
|
Nicolet Bank
|
| | | | 49 | | |
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Nicolet Benefit Plan
|
| | | | 49 | | |
|
Nicolet Board
|
| | | | 49 | | |
|
Nicolet Bylaws
|
| | | | 49 | | |
|
Nicolet Capital Stock
|
| | | | 49 | | |
|
Nicolet Capitalization Date
|
| | | | 21 | | |
|
Nicolet Common Stock
|
| | | | 49 | | |
|
Nicolet Common Stock Price
|
| | | | 49 | | |
|
Nicolet Disclosure Schedules
|
| | | | 52 | | |
|
Nicolet Equity Award
|
| | | | 49 | | |
|
Nicolet ERISA Affiliate
|
| | | | 49 | | |
|
Nicolet Evaluation Date
|
| | | | 23 | | |
|
Nicolet Financial Statements
|
| | | | 22 | | |
|
Nicolet Loans
|
| | | | 23 | | |
|
Nicolet Material Contract
|
| | | | 50 | | |
|
Nicolet Preferred Stock
|
| | | | 21 | | |
|
Nicolet SEC Reports
|
| | | | 50 | | |
|
Nicolet Shareholder Approval
|
| | | | 50 | | |
|
Nicolet Shareholders Meeting
|
| | | | 33 | | |
|
Nicolet Stock Plans
|
| | | | 50 | | |
|
Old Plans
|
| | | | 38 | | |
|
Order
|
| | | | 50 | | |
|
Ordinary Course of Business
|
| | | | 50 | | |
|
OREO
|
| | | | 50 | | |
|
Outstanding Company Shares
|
| | | | 50 | | |
|
PATRIOT Act
|
| | | | 19 | | |
|
PBGC
|
| | | | 50 | | |
|
Per Share Cash Consideration
|
| | | | 3 | | |
|
Per Share Stock Consideration
|
| | | | 3 | | |
|
Person
|
| | | | 50 | | |
|
Previously Disclosed
|
| | | | 52 | | |
|
Proceeding
|
| | | | 50 | | |
|
Registration Statement
|
| | | | 50 | | |
|
Regulatory Authority
|
| | | | 50 | | |
|
Representative
|
| | | | 51 | | |
|
Requisite Regulatory Approvals
|
| | | | 51 | | |
|
Schedules
|
| | | | 52 | | |
|
SEC
|
| | | | 51 | | |
|
Securities Act
|
| | | | 51 | | |
|
Severance Costs
|
| | | | 51 | | |
|
Subsidiary
|
| | | | 51 | | |
|
Superior Proposal
|
| | | | 51 | | |
|
Surviving Entity
|
| | | | 1 | | |
|
Takeover Statutes
|
| | | | 51 | | |
|
Tangible Assets
|
| | | | 51 | | |
|
Tax
|
| | | | 51 | | |
|
Tax Return
|
| | | | 52 | | |
|
Termination Date
|
| | | | 42 | | |
|
Termination Fee
|
| | | | 42 | | |
|
Transaction Costs
|
| | | | 52 | | |
|
Transition Date
|
| | | | 52 | | |
|
U.S.
|
| | | | 52 | | |
|
WBCL
|
| | | | 52 | | |
Nicolet:
|
| |
Company:
|
|
Nicolet Bankshares, Inc.
By: /s/ Robert B. Atwell
Name: Robert B. Atwell
Title: Chairman, President and Chief Executive Officer
|
| |
Mackinac Financial Corporation
By: /s/ Paul D. Tobias
Name: Paul D. Tobias
Title: Chairman and Chief Executive Officer
|
|
| | | | NICOLET NATIONAL BANK | |
| [BANK SEAL] | | |
By:
|
|
| | | |
Name:
|
|
| | | |
Title:
|
|
| ATTEST: | | | | |
| | | |||
| | | |||
| Secretary | | | | |
| | | | MBANK | |
| [BANK SEAL] | | |
By:
|
|
| | | |
Name:
|
|
| | | |
Title:
|
|
| ATTEST: | | | | |
| | | |||
| | | |||
| Secretary | | | | |
Telephone No. |
|
|
By:
|
| | | |
|
Name:
|
| | | |
|
Its:
|
| | | |
|
111 N. Washington Street
Green Bay, WI 54301 |
| | | |
|
Telephone No.
|
| | | |
|
|
| |
|
|
This ‘DEFM14A’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/31/25 | ||||
12/31/23 | ||||
12/31/22 | ||||
4/12/22 | ||||
12/31/21 | ||||
9/30/21 | ||||
7/15/21 | 8-K | |||
7/14/21 | ||||
7/8/21 | ||||
Filed on: | 6/9/21 | |||
6/3/21 | ||||
6/1/21 | ||||
5/28/21 | ||||
5/26/21 | ||||
5/7/21 | ||||
4/12/21 | 425, 8-K | |||
4/9/21 | ||||
4/8/21 | ||||
3/31/21 | 10-Q | |||
3/30/21 | 8-K | |||
3/22/21 | ||||
3/16/21 | ||||
3/2/21 | ||||
2/22/21 | ||||
1/8/21 | ||||
1/4/21 | ||||
12/31/20 | 10-K | |||
12/28/20 | ||||
12/21/20 | ||||
10/27/20 | ||||
10/21/20 | ||||
10/7/20 | ||||
10/2/20 | ||||
10/1/20 | 4 | |||
9/30/20 | 10-Q | |||
6/30/20 | 10-Q | |||
4/8/20 | ||||
3/31/20 | 10-Q, 8-K | |||
2/20/20 | ||||
2/3/20 | ||||
1/27/20 | ||||
1/17/20 | ||||
1/9/20 | ||||
1/1/20 | ||||
12/31/19 | 10-K, 11-K | |||
12/20/19 | ||||
6/30/19 | 10-Q | |||
1/1/19 | ||||
12/31/18 | 10-K, 11-K | |||
4/6/18 | ||||
3/1/18 | 8-K | |||
1/1/18 | ||||
1/1/17 | ||||
6/6/02 | ||||
3/14/02 | ||||
11/1/00 | ||||
4/5/00 | ||||
List all Filings |