Randy Domeyer Promoted

Randy Domeyer

Randy Domeyer

Randy Domeyer will succeed Dave Grewe as Manager for the Business Banking Department in Winona and as Senior Lending Officer for the Winona Region, according to Merchants Bank President & Chief Banking Officer Greg Evans.

“We are extremely fortunate to have someone with Randy’s experience poised to carry on the commitment to excellence that Dave has demonstrated in that capacity for the past several years,” Evans said.

Domeyer joined Merchants in 2008, returning to Winona. Domeyer spent the first 20 years of his banking career with Norwest Bank and then Wells Fargo. He left in 2000 to become the President of Wells Fargo in Blue Earth and later transferred to become Wells Fargo’s Business Banking Manager in Faribault.  From 2005-2008, Domeyer was Chief Credit Officer for Roundbank in Waseca.

Grewe has led the Business Banking Department for the past five years. He has been with Merchants two times, first from the mid-1970s to the mid-1980s, and then again beginning in 2002. He has also worked in the La Crosse market with First Bank and State Bank.

Both Domeyer and Grewe have been exceptionally active in community activities. Domeyer is actively involved in the Winona Rotary Club, Winona County Chapter for the American Red Cross, and the Winona Area Chamber of Commerce Economic Development Committee. Grewe has been a member of the Winona Chamber of Commerce, a Chamber Ambassador, a long-time member of the Winona Jaycees, and a past Winter Carnival Chairman. He has been very involved in Steamboat Days, serving as President in 2006. Currently he is president of Westfield Golf Club and serves on both the Latsch Board and CEDA (Community Economic Development Association) Board.

Grewe, who will retire June 30, has already started transitioning his management responsibilities for oversight of the lending functions to Domeyer. Grewe will also work with members of the business banking team in Winona to make sure the needs of all customers are met.

Net Income Ahead of Plan

Rod Nelson

Rod Nelson

Merchants Financial Group, Inc., reported income of $2,797,997, more than $300,000 ahead of plan, for the first quarter of 2014, according to MFGI President & CEO Rod Nelson.

As a result of the positive performance, the MFGI Board of Directors approved a semiannual dividend of 45 cents per share to be paid to shareholders. The dividend is the same as the amount paid in December of last year.

“We continue to see excellent work across our locations by our business bankers as they increase our loan portfolio. Our staff continues to work smarter. We are looking closely at ways to maintain our margins, and we are diligent about keeping our expenses in check,” Nelson said. “With increased regulation, 2014 is a year that will be full of change for the banking industry. We are more than up to that challenge, and I do anticipate another strong year.”

Merchants’ numbers were behind last year’s first quarter numbers of $3,209,760 because of decreased mortgage income. Nelson said the decrease in mortgage activity is something that is consistent throughout the banking industry and was anticipated by Merchants when putting together its plan for 2014. Total income for 2013 was $11,612,049.