Rod Nelson, President/CEO
Merchants Financial Group, Inc. (MFGI) reported net income of $9,749,529 through the first three quarters of 2014. The figure is $281,644 ahead of last year’s net income and ahead of MFGI’s plan. Based on the performance, the MFGI Board of Directors voted to increase the shareholder semiannual dividend by five cents to 50 cents per share, according to MFGI President & CEO Rod Nelson.
“I am pleased that we can continue to reward our shareholders for their confidence and continue to bring value to those shareholders, our customers and our employees,” Nelson said. The dividend will be paid to shareholders of record as of November 21, 2014. “I do expect that we will finish the year on a positive note.”
Nelson said the main drivers for the continued success are the work of business bankers across all locations in securing new business, maintaining loan credit quality and the success of the mortgage area.
MFGI has a strong correspondent mortgage network that supports smaller banks across Minnesota, Wisconsin, Iowa, North and South Dakota and Nebraska by helping those banks provide mortgages to their customers. That work, coupled with the efforts of the mortgage lenders at Merchants Bank locations, has continued to have a positive impact on the organization.
“The reason for our success is our people and their ability to create and enhance relationships with customers in all our markets. We continuously strive to add the very best people to our team and are focused on continued talent enrichment as we grow,” Nelson said.
If Merchants Bank could be embodied in a person, it would be Pete Roehl. He was decent, caring, kind, loyal, sincere, dedicated to helping others, committed to always doing the right thing and a leader. As President and CEO of Merchants Bank and Merchants Financial Group from 1986-2000, he oversaw Merchants’ growth from $167 million to $500 million.
When, at the age of 79, his heart stopped beating on August 27 of this year, the Merchants Bank family lost a person who helped shape the culture of the Bank into what it is today – a true community bank where employees take leadership roles in making our communities better places to live, and where those employees take pride in knowing their customers by name.
One of Pete’s many gifts was the ability to make you know you mattered. When he asked how you were, he wanted the real answer – good or bad – because he cared.
Asked about his success a number of years ago by the Winona Daily News, Pete said: “I think my successes stem from a real and sincere caring for people. I like people. If you respect them, they feel that and give it back to you.”
Pete was at Merchants for 33 years in total, beginning in 1968 as a business banker. After his retirement in 2000, he continued to serve on the Board of Directors until he turned 75 and then as a Director Emeritus. His legacy continues in many ways, including through his grandson Ryan Meyer, who works in the Bank’s Operations department.
Our world was better because he was here with us. We will miss him, and we pledge to continue to honor and celebrate his memory every day through our actions.