Merchants Financial Group, Inc. Reports Another Strong Year With Income of More Than $11.6 million in 2013

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Rodney Nelson

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.

Matthew Schuldt Named President at Merchants Bank in Caledonia and Spring Grove

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Matt Schuldt

CALEDONIA/SPRING GROVE, Minn. – Caledonia native Matthew Schuldt has been appointed Market President for Merchants Bank in Caledonia and Spring Grove, according to Merchants Bank’s Southern Region President Jay Friedl.

Schuldt served as Interim President of First Community Bank in Lester Prairie, Minn., and also worked in other roles at the bank, including Vice President of Lending, working with consumer, agriculture and commercial lending customers.

“Matt’s experience will serve our Caledonia and Spring Grove customers very well as he helps them find the solution that is best for their individual needs,” Friedl said.

In addition to his experience at First Community Bank, Schuldt also spent eight years working with Eide Bailly, a public accounting and business advisory firm. He also volunteers as a youth wrestling coach.

“I’m excited to be a part of an organization so well thought of by community bankers throughout the state. Certainly, Merchants has the resources that make it possible to finance almost any sort of loan, but the strength of the organization is how it treats each customer like that person is the Bank’s only customer,” Schuldt said.

Schuldt started his new position in Caledonia and Spring Grove on February 24.

2013 Holiday Open Houses

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Caledonia
Join us for a Holiday Open House on Friday, December 13 from 9:00 a.m. – 5:00 p.m. We’ll have refreshments in our lobby during regular business hours.

Cannon Falls
Join us for a Holiday Open House on Friday, December 20 from 8:30 a.m. – 6:00 p.m. Cookies and refreshments will be served in our bank lobby during banking hours and we’ll have the following musical performances:

  • 9:00 a.m. — Cannon Falls High School 9th grade choir
  • 10:00 a.m. — Cannon Falls High School Flute choir
  • 11:00 a.m. — St. Paul’s School Choir
  • 1:30 p.m. — Cannon Falls High School Concert and Jazz Choirs
  • 3:00 p.m. — Holiday music featuring our own Merchants employees, John Anderson on guitar, Shelly Schroeder on flute, and Becky Clark on cello.

Hampton
Join us for a Holiday Open House on Friday, December 20 from 8:00 a.m. – 6:00 p.m. Cookies and refreshments will be served in our bank lobby. Piano music will be preformed 1:00-4:00 p.m. by Elizabeth Schriever.

Hastings
Join us for a Holiday Open House on Tuesday, December 10 from 11:00 a.m. – 1:30 p.m. A light lunch and refreshments will be served.

La Crescent
Join us for a Holiday Open House on December 20 & 23 from 8:30 a.m. – 4:00 p.m. Please join us for cookies, coffee and holiday spirit.

Red Wing
Join us for a Holiday Open House December 16-20 during regular hours. Refreshments will be served in our bank lobby during banking hours. There will be music throughout the day on Monday, December 16 by Merchants employees Becky Clark, John Anderson & Shelly Schroeder. Red Wing High School Ovation Choir will perform at 4:00 p.m.

Spring Grove
Join us for a Holiday Open House on Friday, December 6 from 9:00 a.m. – 5:00 p.m. Please join us for refreshments in our lobby. From 2:00 – 5:00 p.m., children may have their photo taken with Santa and can enjoy milk and cookies too!

St. Charles
Join us for a Holiday Open House on Friday, December 20 from 10:00 a.m. – 2:30 p.m. Please join us for refreshments in our lobby.

Winona
Please join us in a wonderful community tradition at Merchants Bank, as Winona area school groups fill our treasured lobby in Downtown Winona with “The Sounds of Christmas.” During our Holiday Open House, refreshments will be served in our Bank lobbies during regular business hours December 17-20. The concert schedule includes:

Tuesday, December 17
9:30 a.m. — Cochrane-Fountain City 5th & 6th Grade Choir
2:45 p.m. — Cotter High School Concert Choir

Wednesday, December 18
9:30 a.m. — Hope Lutheran High School Band and Choir
10:30 a.m. — Cochrane-Fountain City High School Chamber Choir
1:45 p.m. — Cotter Junior High School Choir

Thursday, December 19
9:00 a.m. — Cotter Junior High School Jazz Band
10:00 a.m. — St. Martin’s School Primary Choir
12:00 p.m. — Flutistry
1:00 p.m. — St. Matthew’s 7th-8th grade Choir
2:00 p.m. — Bluffview Montessori School 7th-8th grade Choir

Friday, December 20
9:30 a.m. — Ridgeway Community School Choir
11:00 a.m. — St. Stanislaus Middle School Band
12:00 p.m. — Lewiston-Altura High School Choir and Brass Band
2:30 p.m. — Winona Senior High School Concert Choir