Merchants Bank Receives Regulatory Approval to Purchase Associated Bank Locations in Rushford and Lanesboro

WINONA, Minn. – The Comptroller of the Currency (OCC) has approved Merchants Bank’s purchase of the Rushford and Lanesboro branch locations of Associated Bank, according to Merchants Financial Group Inc., President and CEO Richard L. Mahoney.

“We are looking forward to the opportunity to serve these important customers,” Mahoney said.

The sale includes about $47 million in deposit and $11 million in loan relationships, as well as the physical locations of the banks in Rushford and Lanesboro. The approved sale also includes Ag loans and related deposits from Associated’s location in Red Wing. The sale is tentatively scheduled to be completed November 15, 2013. Terms of the sale have not been disclosed.