SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13G
(Rule 13d-102)
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INFORMATION TO BE INCLUDED IN STATEMENTS PURSUANT TO RULES 13d-1(b), (c)
AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. __ )*
Mackinac Financial Corporation
(Name of Issuer)
Common Stock, no par value
(Title of Class of Securities)
554571109
(CUSIP Number)
May 26, 2005
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
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* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
CUSIP No. 554571109 13G Page 2 of 18 Pages
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(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Endicott Partners, L.P.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [x]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF (5) SOLE VOTING POWER
60,700
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
60,700
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
60,700
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
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(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
1.8%
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(12) TYPE OF REPORTING PERSON
PN
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CUSIP No. 554571109 13G Page 3 of 18 Pages
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(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Endicott Partners II, L.P.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [x]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF (5) SOLE VOTING POWER
115,000
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
115,000
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
115,000
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
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(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
3.4%
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(12) TYPE OF REPORTING PERSON
PN
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CUSIP No. 554571109 13G Page 4 of 18 Pages
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(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Endicott Offshore Investors, Ltd.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [x]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
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NUMBER OF (5) SOLE VOTING POWER
112,400
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
112,400
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
112,400
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
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(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
3.3%
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(12) TYPE OF REPORTING PERSON
CO
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CUSIP No. 554571109 13G Page 5 of 18 Pages
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(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
W.R. Endicott, L.L.C.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [x]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF (5) SOLE VOTING POWER
60,700
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
60,700
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
60,700
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
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(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
1.8%
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(12) TYPE OF REPORTING PERSON
OO
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CUSIP No. 554571109 13G Page 6 of 18 Pages
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(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
W.R. Endicott II, L.L.C.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [x]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF (5) SOLE VOTING POWER
115,000
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
115,000
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
115,000
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
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(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
3.4%
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(12) TYPE OF REPORTING PERSON
OO
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CUSIP No. 554571109 13G Page 7 of 18 Pages
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(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Endicott Management Company
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [x]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF (5) SOLE VOTING POWER
124,300
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
124,300
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
124,300
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
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(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
3.6%
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(12) TYPE OF REPORTING PERSON
CO
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CUSIP No. 554571109 13G Page 8 of 18 Pages
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(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Wayne K. Goldstein (in the capacity described herein)
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [x]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
300,000
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
300,000
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
300,000
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
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(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
8.8%
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(12) TYPE OF REPORTING PERSON
IN
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CUSIP No. 554571109 13G Page 9 of 18 Pages
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(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Robert I. Usdan (in the capacity described herein)
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [x]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
300,000
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
300,000
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
300,000
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
8.8%
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(12) TYPE OF REPORTING PERSON
IN
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CUSIP No. 554571109 13G Page 10 of 18 Pages
ITEM 1(a). NAME OF ISSUER:
Mackinac Financial Corporation
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
130 South Cedar Street, Manistique, MI 49854
ITEM 2(a). NAME OF PERSON FILING:
(i) Endicott Partners, L.P., a Delaware limited partnership
("EPLP");
(ii) Endicott Partners II, L.P., a Delaware limited partnership
("EPII");
(iii) Endicott Offshore Investors, Ltd., a British Virgin Islands
international business company ("EOI");
(iv) W.R. Endicott, L.L.C., a Delaware limited liability company
("WRE LLC") and general partner of EPLP;
(v) W.R. Endicott II, L.L.C., a Delaware limited liability
company ("WRE II LLC") and general partner of EPII;
(vi) Endicott Management Company, a Delaware corporation
("Endicott Management") and advisor to EOI and two managed
accounts;
(vii) Wayne K. Goldstein ("Mr. Goldstein"), a Managing Member of
WRE LLC and WRE II LLC and Co-President of Endicott
Management; and
(viii)Robert I. Usdan ("Mr. Usdan"), a Managing Member of WRE LLC
and WRE II LLC and Co-President of Endicott Management.
ITEM 2(b). ADDRESS OF PRINCIPAL OFFICE OR, IF NONE, RESIDENCE:
The address of the principal business offices of each of: (i)
EPLP; (ii) EPII; (iii) WRE LLC; (iv) WRE II LLC; (v) Endicott Management; (vi)
Mr. Goldstein; and (vii) Mr. Usdan is 237 Park Avenue, Suite 801, New York,
New York 10017.
The address of the principal business offices of EOI is c/o
Trident Fund Services (B.V.I.) Ltd, Wickhams Cay, P.O. Box 146, Road Town,
Tortola, British Virgin Islands.
ITEM 2(c). CITIZENSHIP:
EPLP - a Delaware limited partnership
EPII - a Delaware limited partnership
EOI - a British Virgin Islands international business company
WRE LLC - a Delaware limited liability company
WRE II LLC - a Delaware limited liability company
Endicott Management - a Delaware corporation
Mr. Goldstein - United States
Mr. Usdan - United States
ITEM 2(d). TITLE OF CLASS OF SECURITIES:
Common Stock, no par value
ITEM 2(e). CUSIP NUMBER:
554571109
CUSIP No. 554571109 13G Page 11 of 18 Pages
ITEM 3. If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b)
or (c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the
Act,
(b) [ ] Bank as defined in Section 3(a)(6) of the Act,
(c) [ ] Insurance Company as defined in Section 3(a)(19) of
the Act,
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act of 1940,
(e) [ ] Investment Adviser in accordance with Rule
13d-1 (b)(1)(ii)(E),
(f) [ ] Employee Benefit Plan or Endowment Fund in accordance
with Rule 13d-1 (b)(1)(ii)(F),
(g) [ ] Parent Holding Company or control person in accordance
with Rule 13d-1 (b)(1)(ii)(G),
(h) [ ] Savings Association as defined in Section 3(b) of the
Federal Deposit Insurance Act,
(i) [ ] Church Plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the
Investment Company Act of 1940,
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to 13d-1(c), check this box: [x]
CUSIP No. 554571109 13G 12 of 18 Pages
ITEM 4. OWNERSHIP.
(a) Amount Beneficially Owned:
-------------------------
EPLP may be deemed to beneficially own 60,700 Shares. EPII may be
deemed to beneficially own 115,000 Shares. EOI may be deemed to beneficially own
112,400 Shares.
WRE LLC may be deemed to beneficially own 60,700 Shares as a
result of its voting and dispositive power over the 60,700 Shares held by EPLP.
WRE II LLC may be deemed to beneficially own 115,000 Shares as a result of its
voting and dispositive power over the 115,000 Shares held by EPII.
Endicott Management may be deemed to beneficially own 124,300
Shares as a result of its voting and dispositive power over: (i) the 112,400
Shares held by EOI; and (ii) the 11,900 Shares held by two managed accounts.
Messrs. Goldstein and Usdan may each be deemed to beneficially
own 300,000 Shares by virtue of their ultimate voting and dispositive power
over: (i) the 60,700 Shares held by EPLP; (ii) the 115,000 Shares held by EPII;
(iii) the 112,400 Shares held by EOI; and (iv) the 11,900 Shares held by the two
managed accounts.
(b) Percentage Beneficially Owned:
-----------------------------
Based on calculations made in accordance with Rule 13d-3(d), and
there being 3,428,695 Shares to be outstanding as of April 30, 2005, as
disclosed in the 10-Q filed March 31, 2005: (i) EPLP may be deemed to
beneficially own approximately 1.8% of the outstanding Shares; (ii) EPII may be
deemed to beneficially own approximately 3.4% of the outstanding Shares; (iii)
EOI may be deemed to beneficially own approximately 3.3% of the outstanding
Shares; (iv) WRE LLC may be deemed to beneficially own approximately 1.8% of the
outstanding Shares; (v) WRE II LLC may be deemed to beneficially own
approximately 3.4% of the outstanding Shares; (vi) Endicott Management may be
deemed to beneficially own approximately 3.6% of the outstanding Shares; (vii)
Mr. Goldstein may be deemed to beneficially own approximately 8.8% of the
outstanding Shares; and (viii) Mr. Usdan may be deemed to beneficially own
approximately 8.8% of the outstanding Shares.
(c) Number of Shares as to Which Such Person Has:
--------------------------------------------
(i) EPLP may be deemed to have sole power to direct the voting
and disposition of the 60,700 Shares it beneficially owns. EPII may be deemed to
have sole power to direct the voting and disposition of the 115,000 Shares it
beneficially owns. EOI may be deemed to have sole power to direct the voting and
disposition of the 112,400 Shares it beneficially owns. WRE LLC may be deemed to
have sole power to direct the voting and disposition of the 60,700 Shares it
beneficially owns by virtue of the relationships
CUSIP No. 554571109 13G Page 13 of 18 Pages
described in Item 2. WRE II LLC may be deemed to have sole power to direct the
voting and disposition of the 115,000 Shares it beneficially owns by virtue of
the relationships described in Item 2. Endicott Management may be deemed to have
sole voting power to direct the voting and disposition of the 124,300 Shares it
beneficially owns by virtue of the relationships described in Item 2.
(ii) By virtue of the relationships between and among the
Reporting Persons as described in Item 2, each of Messrs. Goldstein and Usdan,
may be deemed to share the power to direct the voting and disposition of 300,000
Shares.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
Not applicable.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
The limited partners and the general partner of EPLP and EPII and the
shareholders and advisor of EOI and the shareholders of two managed accounts
have the right to participate in the receipt of dividends from, or proceeds from
the sale of, the securities held for the account of EPLP, EPII, EOI and the two
managed accounts in accordance with their ownership interests in such entities.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
See Item 2.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
ITEM 10. CERTIFICATION.
By signing below we certify that, to the best of our knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and not held in connection with
or as a participant in any transaction having that purpose or effect.
CUSIP No. 554571109 13G Page 14 of 18 Pages
SIGNATURES
After reasonable inquiry and to the best of our knowledge and
belief, the undersigned certify that the information set forth in this statement
is true, complete and correct.
DATED: June 14, 2005
ENDICOTT PARTNERS, L.P.
By: W.R. Endicott, L.L.C.,
its general partner
By: /s/ Wayne K. Goldstein
-------------------------
Name: Wayne K. Goldstein
Title: Managing Member
ENDICOTT PARTNERS II, L.P.
By: W.R. Endicott II, L.L.C.,
its general partner
By: /s/ Wayne K. Goldstein
-------------------------
Name: Wayne K. Goldstein
Title: Managing Member
W.R. ENDICOTT, L.L.C.
By: /s/ Wayne K. Goldstein
-------------------------
Name: Wayne K. Goldstein
Title: Managing Member
W.R. ENDICOTT II, L.L.C.
By: /s/ Wayne K. Goldstein
-------------------------
Name: Wayne K. Goldstein
Title: Managing Member
ENDICOTT OFFSHORE INVESTORS, LTD.
By: /s/ Robert I. Usdan
-----------------------
Name: Robert I. Usdan
Title: Director
CUSIP No. 554571109 13G Page 15 of 18 Pages
ENDICOTT MANAGEMENT COMPANY
By: /s/ Wayne K. Goldstein
-------------------------
Name: Wayne K. Goldstein
Title: Co-President
/s/ Wayne K. Goldstein
-------------------------
Wayne K. Goldstein
/s/ Robert I. Usdan
-------------------------
Robert I. Usdan
CUSIP No. 554571109 13G Page 16 of 18 Pages
Exhibit Index
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Exhibit 1. Joint Filing Agreement as required by Rule 13d-1(k)(1) under the
Securities Exchange Act of 1934, as amended.
CUSIP No. 554571109 13G Page 17 of 18 Pages
Exhibit 1
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JOINT FILING AGREEMENT PURSUANT TO RULE 13d-1(k)(1)
The undersigned acknowledge and agree that the foregoing
statement on Schedule 13G is filed on behalf of each of the undersigned and that
all subsequent amendments to this statement on Schedule 13G shall be filed on
behalf of each of the undersigned without the necessity of filing additional
joint filing statements. The undersigned acknowledge that each shall be
responsible for the timely filing of such amendments, and for the completeness
and accuracy of the information concerning him, her or it contained herein, but
shall not be responsible for the completeness and accuracy of the information
concerning the other entities or persons, except to the extent that he, she or
it knows or has reason to believe that such information is inaccurate.
Dated as of June 14, 2005
ENDICOTT PARTNERS, L.P.
By: W.R. Endicott, L.L.C.,
its general partner
By: /s/ Wayne K. Goldstein
-------------------------
Name: Wayne K. Goldstein
Title: Managing Member
ENDICOTT PARTNERS II, L.P.
By: W.R. Endicott II, L.L.C.,
its general partner
By: /s/ Wayne K. Goldstein
-------------------------
Name: Wayne K. Goldstein
Title: Managing Member
W.R. ENDICOTT, L.L.C.
By: /s/ Wayne K. Goldstein
-------------------------
Name: Wayne K. Goldstein
Title: Managing Member
W.R. ENDICOTT II, L.L.C.
By: /s/ Wayne K. Goldstein
-------------------------
Name: Wayne K. Goldstein
Title: Managing Member
CUSIP No. 554571109 13G Page 18 of 18 Pages
ENDICOTT OFFSHORE INVESTORS, LTD.
By: /s/ Robert I. Usdan
-----------------------
Name: Robert I. Usdan
Title: Director
ENDICOTT MANAGEMENT COMPANY
By: /s/ Wayne K. Goldstein
-------------------------
Name: Wayne K. Goldstein
Title: Co-President
/s/ Wayne K. Goldstein
-------------------------
Wayne K. Goldstein
/s/ Robert I. Usdan
-------------------------
Robert I. Usdan