Merchants Bank has reached an agreement to purchase the current Associated Bank branch locations in Rushford and Lanesboro, Minnesota.
The sale includes about $47 million in deposit and loan relationships, as well as the physical locations of the banks in Rushford and Lanesboro.
“Acquiring these locations aligns with our long-term vision to provide our banking services to customers across our region,” said Merchants Financial Group, Inc. President and CEO Richard L. Mahoney. “We recognize Rushford and Lanesboro as important communities in terms of our area’s economic development, and we look forward to serving all the financial needs of these important customers.”
Merchants Bank is also acquiring a small pool of agricultural loans and related deposits from the Associated branch in Red Wing. One of the focuses of the Merchants organization is Ag lending. Associated will continue to operate its Red Wing location. Affected customers will be notified individually at a later date.
The sale is pending regulatory approval. Barring complications, Mahoney said he expects the sale to be completed by late November.
The high cost of insurance may be a challenge for many employers. But there may be an answer to these questions:
- Are you combating higher health insurance premiums? Yes
- Are you considering or are you offering your employees a high deductible health plan (HDHP)? Yes
- Are you looking for peace of mind about your health care expenses? Yes
- Do you want it to be as easy as possible? Yes
Then, you’ll want a Health Savings Account (HSA) from Merchants Bank.
The Winona Area Public Schools (WAPS) is one business that is offering HSAs, and the results have been good, according to Jolie Severson, Payroll and Benefits Administrator at WAPS. More than 411 of the more than 600 employees at WAPS have HSA accounts.
“I would rate our experience as 10 out of 10,” Severson said. “The staff at Merchants is helpful with setting up our employees’ accounts online, allowing personal funds to be directly deposited. All questions and special circumstances are answered with efficiency and satisfaction.”
Severson said there are a number of other benefits for employees.
“It’s not a use it or lose it account, so all the funds in the account stays with the employee for years to come. There are employees who are building up this account for retirement with tax-free dollars,” Severson said. “Employees have become better health care consumers as they manage their medical needs.”
Plus, the account is portable if the employee were to leave and can be transferred to a spouse upon death.
If you want to learn more, talk with your insurance agent and then talk to us at Merchants Bank. We’d be happy to come on-site to help educate your employees.
A Business Banker from Merchants Bank will provide specialized support for your specific business financing request. Our numerous business loan program options are designed to meet the specific needs of your business, from a business line of credit to fleet financing.
We are a SBA Preferred Lender, which means we can help qualified applicants right when they need us. We’ll listen and help you with the business loan you need. It’s that simple. Contact a Business Banker today to schedule a free, no obligation review of your business. Work with someone who cares about your business as much as you do. At Merchants Bank, we care about you and what’s right for your business. Loans are subject to credit approval.