Effective August 10, 2012, the Board of Directors of Mackinac Financial Corporation increased its number by one and appointed Mr. David R. Steinhardt as a director of the company. Mr. Steinhardt, 43, has been the owner and managing partner of Wooster Capital Management, LP, an investment advisor, since April 2003. From October 2011 to present, Mr. Steinhardt has served as president of KCPS Capital USA Ltd., an investment advisor.

From March 2012 to present, Mr. Steinhardt has been the owner and manager of Steinhardt Capital Management, LLC, which is the general partner of Steinhardt Capital Investors, LLLP.