WINONA, Minn. – Merchants Financial Group, Inc. ended 2013 with its second best year ever in terms of net income at $11,612,049, according Merchants Financial Group, Inc. President & CEO Rodney R. Nelson.
“We were pleased with our results. We finished well ahead of our plan for the year, and we continue to be well positioned for continued growth,” Nelson said.
The $11,612,049 is a slight decrease from the record year of 2012 when, aided by extraordinary mortgage volume, Merchants reported net income of $12,439,492. Merchants saw increases in many other key indicators in 2013. Loan balances increased 12.2% to $972.26 million, up from $867.15 million in 2012. Equity increased to $116.0 million in 2013, up from $112.2 million. Deposits increased to $1.13 billion, up from $1.07 billion in 2012. The asset size of Merchants also increased to $1.366 billion in 2013, up from $1.286 billion in 2012.
Merchants acquired locations in Rushford and Lanesboro in November, and recently acquired a new location in Eau Claire. Merchants also made changes in leadership as Nelson succeeded Richard L. Mahoney as Merchants Financial Group, Inc. President & CEO on January 1. Greg Evans was also recently named President & Chief Banking Officer for Merchants Bank and will oversee operations at its 21 bank locations. Both Nelson and Evans are long-time leaders in the Merchants organization.
“As an organization, we are prepared for growth. We look forward to the coming year and continuing to serve our customers in the manner they deserve,” Nelson said.