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) Subsidiaries of mBank NCB Real Estate Company - 100% owned (incorporated as a Michigan corporation) American Financial Mortgage Corporation - 100% owned (incorporated as a Michigan corporation) mBank Mortgage Company LLC - 99% owned (incorporated as a Michigan corporation) mBank Employee Services, LLC - 79% owned (incorporated as a Michigan corporation) Mackinac Financial Corporation directly owns the first four subsidiaries listed above. mBank owns the remaining four subsidiaries.