Exhibit 21 — Subsidiaries of Mackinac Financial Corporation

First Manistique Agency, Inc. — 100% owned
(incorporated as a Michigan corporation)

First Rural Relending Company — 100% owned
(incorporated as a Michigan corporation)

North Country Capital Trust — 100% owned
(organized as a Delaware business trust)

mBank — 100% owned
(incorporated as a Michigan banking corporation)

Mackinac Financial Corporation directly owns the four subsidiaries listed above.

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