Answer: If the tree still has good foliage it may be okay. If the leaves have fallen or are falling it could be too late. The peeling bark may be due to injury. If it is on the southwest side of the tree it could be winter sun injury. There is little you can do but keep the soil adequately moist and give it time to try to recover. Mimosa is not a long lived species and can get into trouble down the line. But they grow fast and are attractive and worth planting or replanting.
If you cut a pencil sized branch and see a gray staining around the outer parts of the cross section this could be a sign of a systemic root disease and you would not want to plant a mimosa back in the same spot.
You might contact your County Extension Office to see about having the problem diagnosed.
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