Exhibit 99

PRESS RELEASE

For Release:	April 30, 2009
Nasdaq:	MFNC
Contact:	Investor Relations at (888) 343-8147
Website:	www.bankmbank.com

MACKINAC FINANCIAL CORPORATION
REPORTS FIRST QUARTER 2009 RESULTS

(Manistique, Michigan) – Mackinac Financial Corporation (Nasdaq: MFNC), the bank holding company for mBank (the “Bank”) today announced first quarter 2009 income of $.090 million or $.03 per share compared to net income of $.139 million, or $.04 per share for the first quarter of 2008. Operating results for the first quarter of 2009 included a provision for loan losses of $.550 million. There was no provision for the first quarter of 2008. Weighted average shares outstanding amounted to 3,419,736 in the first quarter of 2009 and 3,428,695 in the first quarter of 2008.

Net interest margin in the first quarter of 2009 increased to $3.495 million, 3.35%, compared to $3.045 million, or 3.13%, in the first quarter of 2008. This increase was primarily due to a reduction in funding costs between periods, as interest rates on brokered deposits declined. Paul Tobias, Chairman and Chief Executive Officer, commented, “We are pleased with the improvement in our net interest margin, which reflects not only the benefits received from decreased pricing on wholesale deposits, but also the positive impact of our disciplined internal loan and deposit pricing. In this low interest rate environment, we have been diligent in setting interest rate floors on loans and have aggressively lowered rates on deposit products, which will translate into increased margin contribution in future periods.”

Noninterest income, at $.391 million in the first quarter of 2009, increased $.081 million from the first quarter 2008 level of $.310 million, largely due to increased service fees. Noninterest expense of $3.239 million reflects an increase in FDIC insurance premiums of $.116 million for the first quarter of 2009 and in total showed a moderate increase of $.048 million, or 1.5%, from the first quarter of 2008.

Total assets of the Corporation at March 31, 2009 were $466.375 million, up 11.79 percent from the $417.175 million in total assets reported at March 31, 2008. First quarter 2009 total assets were up 3.31 percent from the $451.431 million of total assets at year-end 2008.

Total loans at March 31, 2009 were $370.776 million, a 2.98% increase from the $360.056 million at March 31, 2008. Total loans at the end of the first quarter of 2009 were up slightly from year-end 2008 total loans of $370.281 million. Tobias stated, “Loan growth in the first quarter was impacted by $14.425 million in paydowns; however, our first quarter new loan production was relatively strong at $9.390 million, with almost all new production occurring in the Upper Peninsula, which has not had the severe level of economic downturn that other parts of the state have experienced. We will be seeking loan growth opportunities in 2009 but will continue to adhere to our strict credit standards and pricing.”

Total deposits of $385.757 million at March 31, 2009 were up 18.31 percent from deposits of $326.047 million on March 31, 2008. Deposits were up 3.95 percent from year-end 2008 deposits of $371.097 million. Deposit growth increases in the 2009 first quarter were due to increases in wholesale brokered deposits of $11.123 million and growth in bank deposits of $3.537 million, primarily low cost transactional deposits. Deposit balances increased by $59.710 million from March 2008 to March 2009, with increased brokered deposits accounting for substantially all of the growth.

Nonperforming assets at the end of the first quarter of 2009 totaled $15.489 million which was up $8.413 million from 2008 year end balances. The increase in nonperforming assets in the first quarter includes two large commercial credit relationships in Southeast Michigan, with a total balance of $5.8 million. Tobias, commenting on credit quality, stated, “The Southeastern Michigan market continues to weaken. Real estate values have fallen rapidly. Our additions to nonperforming assets reflect two credits where original collateral values have decreased to the point where we needed to add to our reserve for loan losses. We are actively involved with these borrowers and are taking all necessary steps to collect our principal and minimize earnings impact.”

Shareholders’ equity at March 31, 2009 totaled $41.864 million, or $12.24 per share, compared to $39.633 million, or $11.56 per share on March 31, 2007.

Tobias concluded, “We start 2009 with a cautious, but positive outlook for the future. Our net interest margin will provide a solid platform for enhanced earnings; however, we are concerned about the economy, which continues to stress our borrowers. Late in April, we received the $11 million proceeds from the issuance of Series A Preferred Stock to the U.S. Treasury. This capital will be used to increase the strong capital position of the Bank. The Bank will use the capital to grow loans. In addition, the capital will allow the Corporation to consider acquisitions of deposit franchises that would enhance our funding mix.”

Mackinac Financial Corporation is a registered bank holding company formed under the Bank Holding Company Act of 1956 with assets in excess of $450 million and whose common stock is traded on the NASDAQ stock market as “MFNC.” The principal subsidiary of the Corporation is mBank. Headquartered in Manistique, Michigan, mBank has 13 branch locations; nine in the Upper Peninsula, three in the Northern Lower Peninsula and one in Oakland County, 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 a full array of personal and business deposit products and consumer loans.

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 detailed 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.

MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS

(Dollars in thousands, except per share data)

	For The Period Ended
	March 31,			December 31,			March 31,
	2009			2008			2008
	(Unaudited)						(Unaudited)
Selected Financial Condition Data (at end of period):
Assets	$	466,375		$	451,431		$	417,175
Loans		370,776			370,280			360,056
Investment securities		51,071			47,490			24,581
Deposits		385,757			371,097			326,047
Borrowings		36,210			36,210			48,849
Shareholders’ Equity		41,864			41,552			39,633
Selected Statements of Income Data:
Net interest income	$	3,495		$	12,864		$	3,045
Income before taxes		97			2,659			164
Net income		90			1,872			139
Income per common share — Basic		.03			.55			.04
Income per common share — Diluted		.03			.55			.04
Weighted average shares outstanding		3,419,736			3,422,012			3,428,695
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin		3.35	%		3.23	%		3.13	%
Efficiency ratio		82.36			85.51			95.34
Return on average assets		.08			.44			.13
Return on average equity		.87			4.61			1.42
Average total assets	$	454,741		$	425,343		$	417,682
Average total shareholders’ equity		41,813			40,630			39,491
Average loans to average deposits ratio		99.54	%		105.61	%		106.48	%
Common Share Data (at end of period):
Market price per common share	$	4.00		$	4.40		$	8.50
Book value per common share	$	12.24		$	12.15		$	11.56
Common shares outstanding		3,419,736			3,419,736			3,428,695
Other Data (at end of period):
Allowance for loan losses	$	4,793		$	4,277		$	3,924
Non-performing assets	$	15,489		$	7,076		$	4,518
Allowance for loan losses to total loans		1.29	%		1.16	%		1.09	%
Non-performing assets to total assets		3.32	%		1.57	%		1.08	%
Number of:
Branch locations		13			12			12
FTE Employees		101			100			103

MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

	March 31,			December 31,			March 31,
	2009			2008			2008
	(unaudited)						(unaudited)
ASSETS
Cash and due from banks	$	21,394		$	10,112		$	6,849
Federal funds sold		—			—			1,568
Cash and cash equivalents		21,394			10,112			8,417
Interest-bearing deposits in other financial institutions		569			582			382
Securities available for sale		51,071			47,490			24,581
Federal Home Loan Bank stock		3,794			3,794			3,794
Loans:
Commercial		295,595			296,088			291,980
Mortgage		71,554			70,447			64,624
Installment		3,627			3,745			3,452
Total Loans		370,776			370,280			360,056
Allowance for loan losses		(4,793	)		(4,277	)		(3,924	)
Net loans		365,983			366,003			356,132
Premises and equipment		11,134			11,189			11,511
Other real estate held for sale		2,199			2,189			1,137
Other assets		10,231			10,072			11,221
TOTAL ASSETS	$	466,375		$	451,431		$	417,175
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES:
Deposits:
Noninterest bearing deposits	$	31,541		$	30,099		$	26,876
NOW, money market, checking		75,026			70,584			81,952
Savings		19,585			20,730			11,530
CDs<$100,000		70,708			73,752			83,087
CDs>$100,000		26,886			25,044			22,010
Brokered		162,011			150,888			100,592
Total deposits		385,757			371,097			326,047
Borrowings:
Federal funds purchased		—			—			10,410
Short-term		—			—			2,159
Long-term		36,210			36,210			36,280
Total borrowings		36,210			36,210			48,849
Other liabilities		2,544			2,572			2,646
Total liabilities		424,511			409,879			377,542
Shareholders’ equity:
Preferred stock — No par value:
Authorized 500,000 shares, no shares outstanding
Common stock and additional paid in capital — No par value
Authorized - 18,000,000 shares
Issued and outstanding - 3,419,736; 3,419,736, and 3,428,695 respectively		42,833			42,815			42,862
Accumulated deficit		(1,619	)		(1,708	)		(3,441	)
Accumulated other comprehensive income (loss)		650			445			212
Total shareholders’ equity		41,864			41,552			39,633
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	466,375		$	451,431		$	417,175

MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands except per share data)

	Three Months Ended
	March 31,
	2009		2008
	(Unaudited)		(Unaudited)
INTEREST INCOME:
Interest and fees on loans:
Taxable	$	5,002	$	6,100
Tax-exempt		90		108
Interest on securities:
Taxable		459		266
Tax-exempt		1		1
Other interest income		2		89
Total interest income		5,554		6,564
INTEREST EXPENSE:
Deposits		1,778		3,065
Borrowings		281		454
Total interest expense		2,059		3,519
Net interest income		3,495		3,045
Provision for loan losses		550		—
Net interest income after provision for loan losses		2,945		3,045
NONINTEREST INCOME:
Service fees		243		174
Net security gains		—		65
Net gains on sale of secondary market loans		58		48
Other		90		23
Total noninterest income		391		310
NONINTEREST EXPENSE:
Salaries and employee benefits		1,597		1,807
Occupancy		378		355
Furniture and equipment		189		178
Data processing		220		221
Professional service fees		153		153
Loan and deposit		136		101
FDIC insurance assessment		125		9
Telephone		43		45
Advertising		78		60
Other		320		262
Total noninterest expense		3,239		3,191
Income before provision for income taxes		97		164
Provision for income taxes		7		25
NET INCOME	$	90	$	139
INCOME PER COMMON SHARE:
Basic	$	.03	$	.04
Diluted	$	.03	$	.04

MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
LOAN PORTFOLIO AND CREDIT QUALITY

(Dollars in thousands)

Loan Portfolio Balances (at end of period):

	March 31,		December 31,		March 31,
	2009		2008		2008
Commercial Loans
Real estate — operators of nonresidential buildings	$	40,457	$	41,299	$	43,167
Hospitality and tourism		35,224		35,086		35,760
Real estate agents and managers		28,012		29,292		30,235
Operators of nonresidential buildings		13,512		13,467		9,039
Other		151,732		145,831		146,226
Total Commercial Loans		268,937		264,975		264,427
1-4 family residential real estate		65,792		65,595		59,532
Consumer		3,627		3,745		3,452
Construction
Commercial		26,658		31,113		27,553
Consumer		5,762		4,852		5,092
Total Loans	$	370,776	$	370,280	$	360,056

Credit Quality (at end of period):

	March 31,			December 31,			March 31,
	2009			2008			2008
Nonperforming Assets :
Nonaccrual loans	$	12,698		$	4,887		$	3,381
Loans past due 90 days or more		—			—			—
Restructured loans		592			—			—
Total nonperforming loans		13,290			4,887			3,381
Other real estate owned		2,199			2,189			1,137
Total nonperforming assets	$	15,489		$	7,076		$	4,518
Nonperforming loans as a % of loans		3.58	%		1.32	%		.94	%
Nonperforming assets as a % of assets		3.32	%		1.57	%		1.08	%
Reserve for Loan Losses:
At period end	$	4,793		$	4,277		$	3,924
As a % of loans		1.29	%		1.16	%		1.09	%
As a % of nonperforming loans		36.07	%		87.52	%		116.06	%
As a % of nonaccrual loans		37.75	%		87.52	%		116.06	%
Charge-off Information (year to date):
Average loans		370,943			361,324			357,778
Net charge-offs		34			2,169			222
Charge-offs as a % of average loans		.01	%		.60	%		.06	%

MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
QUARTERLY FINANCIAL HIGHLIGHTS

	March 31,			December 31,			September 30,			June 30,			March 31,
	2009			2008			2008			2008			2008
BALANCE SHEET (Dollars in thousands)
Total loans	$	370,776		$	370,280		$	361,521		$	362,122		$	360,056
Allowance for loan losses		(4,793	)		(4,277	)		(3,385	)		(3,585	)		(3,924	)
Total loans, net		365,983			366,003			358,136			358,537			356,132
Intangible assets		26			46			65			85			104
Total assets		466,375			451,431			440,953			437,327			417,175
Core deposits		196,860			195,165			208,940			200,293			203,445
Noncore deposits (1)		188,897			175,932			151,754			156,683			122,602
Total deposits		385,757			371,097			360,694			356,976			326,047
Total borrowings		36,210			36,210			36,210			36,280			48,849
Total shareholders’ equity		41,864			41,552			41,427			40,975			39,633
Total shares outstanding		3,419,736			3,419,736			3,419,736			3,419,736			3,428,695
AVERAGE BALANCES (Dollars in thousands)
Assets	$	454,741		$	441,583		$	423,702		$	418,246		$	417,682
Loans		370,943			366,077			358,844			362,574			357,778
Deposits		372,670			358,213			341,377			332,725			336,016
Equity		41,813			41,516			41,097			40,399			39,491
INCOME STATEMENT (Dollars in thousands)
Net interest income	$	3,495		$	3,330		$	3,371		$	3,118		$	3,045
Provision for loan losses		550			1,100			450			750			—
Net interest income after provision		2,945			2,230			2,921			2,368			3,045
Total noninterest income		391			308			288			3,747			310
Total noninterest expense		3,239			2,961			2,935			3,471			3,191
Income before taxes		97			(423	)		274			2,644			164
Provision for income taxes		7			(171	)		58			875			25
Net income	$	90		$	(252	)	$	216		$	1,769		$	139
PER SHARE DATA
Earnings — basic	$	.03		$	(.07	)	$	.06		$	.52		$	.04
Earnings — diluted		.03			(.07	)		.06			.52			.04
Book value		12.24			12.15			12.11			11.98			11.56
Market value, closing price		4.00			4.40			5.26			7.00			8.50
ASSET QUALITY RATIOS
Nonperforming loans/total loans		3.58	%		1.32	%		1.29	%		1.27	%		.94	%
Nonperforming assets/total assets		3.32			1.57			1.45			1.83			1.08
Allowance for loan losses/total loans		1.29			1.16			.94			.99			1.09
Allowance for loan losses/nonperforming loans		36.07			87.52			72.81			77.22			116.06
PROFITABILITY RATIOS
Return on average assets		.08	%		(.23	)%		.20	%		1.70	%		.13	%
Return on average equity		0.87			(2.42	)		2.08			17.62			1.42
Net interest margin		3.35			3.20			3.39			3.19			3.13
Efficiency ratio		82.36			80.30			79.12			88.45			95.34
Average loans/average deposits		99.54			102.20			105.12			108.97			106.48
CAPITAL ADEQUACY RATIOS
Tier 1 leverage ratio		7.86	%		8.01	%		8.31	%		8.56	%		7.85	%
Tier 1 capital to risk weighted assets		9.31			9.25			9.40			9.48			8.84
Total capital to risk weighted assets		10.56			10.38			10.31			10.45			9.92
Average equity/average assets		9.20			9.40			9.70			9.66			9.45
Tangible equity/tangible assets		8.97			9.20			9.38			9.35			9.48

⁽¹⁾ Noncore deposits include Internet CDs, brokered deposits and CDs greater than $100,000

MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
QUARTERLY FINANCIAL HIGHLIGHTS