Exhibit 99

PRESS RELEASE

For Release:		November 4, 2009
Nasdaq:		MFNC
Contact:		Investor Relations at (888) 343-8147
Website:		www.bankmbank.com

MACKINAC FINANCIAL CORPORATION
REPORTS THIRD QUARTER AND NINE MONTHS 2009 RESULTS

(Manistique, Michigan) — Mackinac Financial Corporation (Nasdaq: MFNC), the bank holding company for mBank (the “Bank”) today announced third quarter 2009 income of $1.536 million or $.45 per share compared to a net income of $.216 million, or $.06 per share for the third quarter of 2008. Net income for the first nine months of 2009 totaled $2.087 million, or $.61 per share, compared to $2.124 million, or $.62 per share, for the same period in 2008.

The quarter and nine month results for 2009 includes a $1.208 million gain on the sale of two branch banking offices, $.644 million in security gains and the FDIC special assessment which was charged to all banking organizations based upon asset size, and amounted to $.215 million for mBank. The nine month results for 2008 include the positive effect, $3.475 million, of a lawsuit settlement and the negative effects, $.425 million, of a severance agreement. Excluding the branch sales, security gains and the charge for the FDIC special assessment for 2009 and the lawsuit settlement and severance payment in 2008, our adjusted nine month net income in 2009 would be $1.023 million, or $.30 income per share compared to adjusted income of $.142 million, $.04 per share in the 2008 nine month period.

A provision for loan losses of $1.400 million was recorded in the nine month period and $.700 million in the third quarter of 2009 compared to $1.200 million and $.450 million for the same periods in 2008. The 2009 provision restores the allowance for loan losses to an adequate level based upon the current level of loans, historical loss rates and specific reserves required for problem loans.

Weighted average shares totaled 3,419,736 year to date and for the third quarter in 2009 compared to 3,422,777 for the nine month period and 3,419,736 at the third quarter of 2008.

Net interest margin in the third quarter of 2009 increased to $4.310 million, or 3.66% compared to $3.371 million, or 3.39% in the third quarter of 2008. For the nine month period the net interest margin totaled $11.856 million, or 3.54% compared to $9.534 million or 3.24% for the same period in 2008. This increased margin was due to a combination of a significant reduction in funding costs partially offset by decreased rates on earning assets. Paul Tobias, Chairman and Chief Executive officer, commented, “Our improved interest margin reflects

pricing discipline on new and renewed loans in addition to the lower rates on wholesale deposits, and the benefit of increased low cost transactional deposits. We expect this trend to continue.”

Noninterest income, totaled $2.418 million in the third quarter of 2009, compared to $.288 million the third quarter of 2008. In the third quarter and for the nine months ended in 2009, noninterest income included a $1.208 million gain from the sale of two branch offices and net security gains of $.644 million. Included in noninterest income for the third quarter and nine months ended periods of 2008 was the $3.475 million lawsuit settlement. Excluding these extraordinary items for both periods, the normalized 2009 nine month noninterest income exceeded 2008 by $.526 million, or 60.46%. Noninterest expense in the third quarter and for the nine month periods of 2009 was $10.152 million compared to $9.597 million in 2008. This increase was largely attributed to FDIC insurance premiums, which increased by $.668 million in 2009.

Total assets of the Corporation at September 30, 2009 were $513.180 million, up $72.227 million, or 16.38% from the $440.953 million in total assets reported at September 30, 2008 and up $61.749 million, or 13.68%, from total assets of $451.431 million at year-end 2008. Asset totals at September 30, 2009 reflect increased balances of investment securities of approximately $33 million, which the Corporation added to leverage the $11 million proceeds of TARP funding.

Loans at September 30, 2009 totaled $384.100 million, a 6.25% increase from the $361.521 million at September 30, 2008, from year-end loans of $370.280 million. Kelly George, President and Chief Executive Officer of mBank stated, “We continue to see good loan growth opportunities. Loan growth in the first nine months was strong despite large paydowns amounting to $11.4 million, along with normal loan principal reductions of $30.6 million. Given the current economic environment, and tough requirements for loan pricing and credit quality, we are pleased with current year to date production which totaled $72.8 million, 97% of which occurred in the Upper Peninsula and Northern Lower Michigan markets. In general, the Upper Peninsula has not experienced the economic downturn and collateral deterioration that has occurred elsewhere in Michigan. We continue to see loan opportunities, however; we expect some slowing of loan growth through the end of 2009. We expect continued success in loan production attributed to our expertise with the SBA 504 and 7A programs. mBank ranks third in the entire state of Michigan in dollar volume of SBA loans at $13.2 million. These programs benefit us with new loan opportunities along with a secondary source of balance sheet liquidity and the potential for significant fee income when the guaranteed portion is sold. “

Total deposits of $418.581 million at September 30, 2009 were up 16.05% from deposits of $360.694 million on September 30, 2008. Deposits were up $47.484 million, or 12.80% from year-end 2008 deposits of $371.097 million. Total 2009 deposit growth reflects increases in noncore funding of $42.108 million and net increases in core deposits of $5.376 million, along with growth of $30 million to replace deposits of two branch offices sold in the third quarter at 2009. In the third quarter of 2009, we sold two branch offices in the northwestern part of the Upper Peninsula, which had total core deposits of approximately $30 million. We were able to replace the $30 million of deposits sold with new transactional account balances, while increased brokered deposits were utilized to fund increased investment balances to leverage TARP funding. Deposit growth occurred in all three of our regional markets, but we are especially pleased with our success in Southeast Michigan with $12.0 million of growth, almost all transactional account deposits.

Nonperforming assets at the end of the third quarter of 2009 totaled $17.349 million, 3.38% of total assets, an increase of $10.273 million from 2008 year end balances. Mr. George commented, “The extended economy slowdown continues to put added stress on marginal loan relationships. We do not have a systematic problem with asset quality, and in fact, more than 50% of our nonperforming assets stems from six relationships. We increased nonperforming loans by approximately $1.7 million during the third quarter, $1.5 million from one secured commercial loan relationship in the Northern Lower Peninsula which stemmed from the continued economic distress in Michigan markets. We have reevaluated the supporting collateral in this relationship and we feel exposure is low. We recognize the importance of early identification of problematic credits and

monitor all of our delinquencies to determine risk of loss. We intend to manage our nonperforming assets in order to limit carrying costs and further collateral deterioration by aggressive disposition.”

Total shareholders’ equity at September 30, 2009 totaled $55.766 million, compared to $41.427 million on September 30, 2008. The increase of $14.339 million includes $11 million of preferred stock which was issued in April 2009. Book value of common shareholders’ equity was $13.25 per share at September 30, 2009, an increase of $3.50 per share since the recapitalization, priced at $9.75 in December 2004.

George, commenting on recent events added, “In the third quarter we completed the sale of two of our Upper Peninsula branch offices, which resulted in an above market deposit premium, and a net gain of $1.208 million. The sale of these branch offices tightened up the footprint of our franchise, reduced operating costs, and will allow us to deploy capital to higher growth markets. We also, as planned, reduced liquidity by selling approximately $16 million of investment securities which resulted in a gain of $.644 million. This action was a part of our TARP participation strategy to leverage our balance sheet to offset TARP costs.” George concluded, “We are somewhat satisfied with our performance thus far in 2009, and we will continue to evaluate our banking franchise to build on our 2009 successes by further expanding noninterest income and improving net interest income to increase franchise value. We recently added several key income producing employees to expand our efforts in generating noninterest income along with loan and deposit growth. One primary emphasis for the futures is a broadening of our consumer lending. We made a significant commitment to this strategy with the recent executive staff addition which will provide leadership from our new mortgage and consumer lending office in Marquette.”

Tobias concluded, “We are satisfied that we have positioned ourselves well in a difficult economy. We have stumbled a bit in Southeastern Michigan, but have our problems identified and are reducing exposures and dealing with the significant non-performing loans. Our capital strength, low cost structure and core earnings momentum make us optomistic about the future prospects of our organization. We will continue to explore opportunities for FDIC assisted deposit and loan transactions to expand our core deposit mix, while staying the course with solid organic growth opportunities within our current markets. As always, our initiatives will be governed by the ultimate strategy of preserving and increasing value for our shareholders.”

Mackinac Financial Corporation is a registered bank holding company formed under the Bank Holding Company Act of 1956 with assets in excess of $500 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 10 branch locations; six 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

		For The Period Ended
		September 30,				December 31,				September 30,
		2009				2008				2008
(Dollars in thousands, except per share data)		(Unaudited)								(Unaudited)
Selected Financial Condition Data (at end of period):
Assets		$	513,180			$	451,431			$	440,953
Loans			384,100				370,280				361,521
Investment securities			80,203				47,490				42,781
Deposits			418,581				371,097				360,694
Borrowings			36,140				36,210				36,210
Shareholders’ Equity			55,766				41,552				41,427
Selected Statements of Income Data (nine months and year ended):
Net interest income		$	11,856			$	12,864			$	9,534
Income before taxes and preferred dividend			3,552				2,659				3,082
Net income			2,087				1,872				2,124
Income per common share — Basic			.61				.55				.62
Income per common share — Diluted			.61				.55				.62
Three Months Ended:
Net interest income		$	4,310			$	3,330			$	3,371
Income before taxes and preferred dividend			2,585				(423	)			274
Net income			1,536				(252	)			216
Income per common share — Basic			.45				(.07	)			.06
Income per common share — Diluted			.45				(.07	)			.06
Selected Financial Ratios and Other Data (nine months and year ended):
Performance Ratios:
Net interest margin			3.54	%			3.23	%			3.24	%
Efficiency ratio			77.71				85.51				87.36
Return on average assets			.57				.44				.68
Return on average common equity			5.72				4.61				7.03
Average total assets		$	486,447			$	425,343			$	419,891
Average total common shareholders’ equity		$	44,312			$	40,630			$	40,332
Average loans to average deposits ratio			91.72	%			105.61	%			106.83	%
Common Share Data (at end of period):
Market price per common share		$	4.10			$	4.40			$	5.26
Book value per common share		$	13.25			$	12.15			$	12.11
Common shares outstanding			3,419,736				3,419,736				3,419,736
Weighted average shares outstanding			3,419,736				3,422,012				3,422,777
Other Data (at end of period):
Allowance for loan losses		$	4,081			$	4,277			$	3,585
Non-performing assets		$	17,439			$	7,076			$	6,400
Allowance for loan losses to total loans			1.06	%			1.16	%			.94	%
Non-performing assets to total assets			3.38	%			1.57	%			1.45	%
Number of:
Branch locations			10				12				12
FTE Employees			97				100				96

MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

		September 30,				December 31,				September 30,
		2009				2008				2008
(Dollars in thousands)		(unaudited)								(unaudited)
ASSETS
Cash and due from banks		$	23,249			$	10,112			$	8,217
Federal funds sold			—				—				4,422
Cash and cash equivalents			23,249				10,112				12,639
Interest-bearing deposits in other financial institutions			662				582				382
Securities available for sale			80,203				47,490				42,781
Federal Home Loan Bank stock			3,794				3,794				3,794
Loans:
Commercial			306,590				296,088				290,406
Mortgage			73,116				70,447				67,576
Installment			4,394				3,745				3,539
Total Loans			384,100				370,280				361,521
Allowance for loan losses			(4,081	)			(4,277	)			(3,385	)
Net loans			380,019				366,003				358,136
Premises and equipment			10,281				11,189				11,360
Other real estate held for sale			5,821				2,189				1,751
Other assets			9,151				10,072				10,110
TOTAL ASSETS		$	513,180			$	451,431			$	440,953
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES:
Noninterest bearing deposits		$	33,254			$	30,099			$	34,858
NOW, money market, checking			88,843				70,584				80,185
Savings			18,807				20,730				18,957
CDs<$100,000			59,637				73,752				74,940
CDs>$100,000			25,409				25,044				30,220
Brokered			192,631				150,888				121,534
Total deposits			418,581				371,097				360,694
Borrowings:
Federal funds purchased			—				—				—
Short-term			—				—				—
Long-term			36,140				36,210				36,210
Total borrowings			36,140				36,210				36,210
Other liabilities			2,693				2,572				2,622
Total liabilities			457,414				409,879				399,526
SHAREHOLDERS’ EQUITY:
Preferred stock — No par value:
Authorized 500,000 shares, no shares outstanding			10,466				—				—
Common stock and additional paid in capital — No par value
Authorized — 18,000,000 shares
Issued and outstanding — 3,419,736 shares			43,485				42,815				42,794
Retained Earnings			378				(1,708	)			(1,456	)
Accumulated other comprehensive income			1,437				445				89
Total shareholders’ equity			55,766				41,552				41,427
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	513,180			$	451,431			$	440,953

MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2009				2008				2009				2008
(Dollars in thousands except per share data)		(Unaudited)								(Unaudited)
INTEREST INCOME:
Interest and fees on loans:
Taxable		$	5,106			$	5,537			$	15,212			$	17,241
Tax-exempt			63				100				237				310
Interest on securities:
Taxable			888				303				2,020				840
Tax-exempt			7				1				11				4
Other interest income			28				87				44				257
Total interest income			6,092				6,028				17,524				18,652
INTEREST EXPENSE:
Deposits			1,550				2,308				4,894				7,924
Borrowings			232				349				774				1,194
Total interest expense			1,782				2,657				5,668				9,118
Net interest income			4,310				3,371				11,856				9,534
Provision for loan losses			700				450				1,400				1,200
Net interest income after provision for loan losses			3,610				2,921				10,456				8,334
OTHER INCOME:
Service fees			236				229				750				597
Net security gains			644				(1	)			644				64
Net gains on sale of secondary market loans			247				16				179				113
Proceeds from lawsuit settlements			—				—				—				3,475
Other			1,291				44				1,675				96
Total other income			2,418				288				3,248				4,345
OTHER EXPENSES:
Salaries and employee benefits			1,603				1,534				4,761				5,416
Occupancy			336				336				1,069				1,039
Furniture and equipment			193				202				604				570
Data processing			221				212				665				649
Professional service fees			161				120				458				352
Loan and deposit			402				176				1,175				430
Telephone			50				41				139				125
Advertising			80				93				238				213
Other			397				221				1,043				803
Total other expenses			3,443				2,935				10,152				9,597
Income before provision for income taxes			2,585				274				3,552				3,082
Provision for (benefit of) income taxes			864				58				1,142				958
NET INCOME			1,721				216				2,410				2,124
Preferred dividend expense			185				—				323				—
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS		$	1,536			$	216			$	2,087			$	2,124
INCOME PER COMMON SHARE:
Basic		$	.45			$	.06			$	.61			$	.62
Diluted		$	.45			$	.06			$	.61			$	.62

MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
LOAN PORTFOLIO AND CREDIT QUALITY

(Dollars in thousands)

Loan Portfolio Balances (at end of period):

		September 30,				December 31,				September 30,
		2009				2008				2008
Commercial Loans
Real estate — operators of nonresidential buildings		$	47,007			$	41,299			$	41,486
Hospitality and tourism			45,867				35,086				35,287
Real estate agents and managers			23,996				29,292				29,277
Lessors of nonresidential buildings			13,782				13,467				13,352
Other			151,862				145,831				140,631
Total Commercial Loans			282,514				264,975				260,033
1-4 family residential real estate			66,700				65,595				62,895
Consumer			4,394				3,745				3,539
Construction
Commercial			24,076				31,113				30,373
Consumer			6,416				4,852				4,681
Total Loans		$	384,100			$	370,280			$	361,521
Average loans for the period		$	321,414			$	278,953			$	321,414

Credit Quality (at end of period):

		September 30,				December 31,				September 30,
		2009				2008				2008
Nonperforming Assets :
Nonaccrual loans		$	10,655			$	4,887			$	4,649
Loans past due 90 days or more			—				—				—
Restructured loans			873				—				—
Total nonperforming loans			11,528				4,887				4,649
Other real estate owned			5,821				2,189				1,751
Total nonperforming assets		$	17,349			$	7,076			$	6,400
Nonperforming loans as a % of loans			3.00	%			1.32	%			1.29	%
Nonperforming assets as a % of assets			3.38	%			1.57	%			1.45	%
Reserve for Loan Losses:
At period end		$	4,081			$	4,277			$	3,385
As a % of average loans			1.10	%			1.16	%			0.94	%
As a % of nonperforming loans			35.40	%			87.52	%			72.81	%
As a % of nonaccrual loans			38.30	%			87.52	%			72.81	%
Charge-off Information (year to date):
Average loans			370,952				361,324				359,729
Net charge-offs			1,596				2,169				1,961
Charge-offs as a % of average loans			.43	%			.60	%			.55	%

MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
QUARTERLY FINANCIAL HIGHLIGHTS

		QUARTER ENDED
		(Unaudited)
		September 30,				June 30,				March 31,				December 31,				September 30,
		2009				2009				2009				2008				2008
BALANCE SHEET (Dollars in thousands)
Total loans		$	384,100			$	372,004			$	370,776			$	370,280			$	361,521
Allowance for loan losses			(4,081	)			(4,119	)			(4,793	)			(4,277	)			(3,385	)
Total loans, net			380,019				367,885				365,983				366,003				358,136
Intangible assets			—				6				26				46				65
Total assets			513,180				506,304				466,375				451,431				440,953
Core deposits			200,541				202,892				196,860				195,165				208,940
Noncore deposits (1)			218,040				210,260				188,897				175,932				151,754
Total deposits			418,581				413,152				385,757				371,097				360,694
Total borrowings			36,140				36,210				36,210				36,210				36,210
Total shareholders’ equity			55,766				53,939				41,864				41,552				41,427
Total shares outstanding			3,419,736				3,419,736				3,419,736				3,419,736				3,419,736
AVERAGE BALANCES (Dollars in thousands)
Assets		$	513,687			$	491,205			$	454,741			$	441,583			$	423,702
Loans			370,310				371,609				370,943				366,077				358,844
Deposits			419,102				401,510				372,670				358,213				341,377
Equity			54,594				49,855				41,813				41,516				41,097
INCOME STATEMENT (Dollars in thousands)
Net interest income		$	4,310			$	4,051			$	3,495			$	3,330			$	3,371
Provision for loan losses			700				150				550				1,100				450
Net interest income after provision			3,610				3,901				2,945				2,230				2,921
Total noninterest income			2,418				439				391				308				288
Total noninterest expense			3,443				3,470				3,239				2,961				2,935
Income before taxes			2,585				870				97				(423	)			274
Provision for income taxes			864				271				7				(171	)			58
Preferred dividend expense			185				138				—				—				—
Net income		$	1,536			$	461			$	90			$	(252	)		$	216
PER SHARE DATA
Earnings — basic		$	.45			$	.13			$	.03			$	(.07	)		$	.06
Earnings — diluted			.45				.13				.03				(.07	)			.06
Book value per common share			13.25				12.55				12.24				12.15				12.11
Market value, closing price			4.10				4.50				4.00				4.40				5.26
ASSET QUALITY RATIOS
Nonperforming loans/total loans			3.00	%			2.66	%			3.52	%			1.32	%			1.29	%
Nonperforming assets/total assets			3.38				2.93				3.27				1.57				1.45
Allowance for loan losses/total loans			1.06				1.11				1.29				1.16				.94
Allowance for loan losses/nonperforming loans			35.40				41.71				36.72				87.52				72.81
PROFITABILITY RATIOS
Return on average assets			.77	%			.38	%			.08	%			(.23)	%			.20	%
Return on average equity			7.17				3.71				.87				(2.42	)			2.08
Net interest margin			3.66				3.58				3.35				3.20				3.39
Efficiency ratio			70.09				76.55				82.36				80.30				79.12
Average loans/average deposits			88.36				92.55				99.54				102.20				105.12
CAPITAL ADEQUACY RATIOS
Tier 1 leverage ratio			10.30	%			9.65	%			7.86	%			8.01	%			8.31	%
Tier 1 capital to risk weighted assets			12.89				11.94				9.31				9.25				9.40
Total capital to risk weighted assets			13.90				13.00				10.56				10.38				10.31
Average equity/average assets			10.63				10.15				9.20				9.40				9.70
Tangible equity/tangible assets			10.87				10.65				8.97				9.20				9.38

MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES
QUARTERLY FINANCIAL HIGHLIGHTS