TITLE

Mackinac in Michigan Cleared for Partial Tarp Redemption

AUTHOR(S)
Cumming, Chris
PUB. DATE
March 2013
SOURCE
American Banker;3/28/2013, Vol. 178 Issue 48, p23
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports Mackinac Financial in Manistique, Michigan received regulatory approval to repurchase about two-thirds of the preferred stock issued to the U.S. Treasury Department when the company received a bailout from the Troubled Asset Relief Program (Tarp) in 2009. The article notes some of the stock is owned by third parties that bought it at the Treasury's August 2012 auction. A press release from Mackinac Financial's chief executive officer Paul Tobias is noted.
ACCESSION #
86435686

 

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