Merchants Financial Group, Inc. (MFGI) posted earnings of $6,275,265 through the first half of 2015, more than $960,000 ahead of its plan, according to Merchants Financial Group, Inc. President & CEO Rodney R. Nelson.
“It’s again been a team effort and a team accomplishment,” Nelson said. “Specifically, the performance was driven by good commercial loan volume, mortgage loans that exceeded our expectations and continued excellence in credit quality.”
Nelson noted that the banking industry continues to evolve, and the Merchants Bank organization is continuing to enhance what it offers, especially in the areas of bank security and e-channel delivery, to ensure customer expectations are being met.
“As I look forward to the remainder of the year, I am anticipating we will continue to meet and exceed our goals,” Nelson said.
MFGI owns 21 Merchants Bank locations, including Minnesota locations in Winona, St. Charles, Goodview, Rochester, Rushford, Lanesboro, Caledonia, La Crescent, Spring Grove, Cannon Falls, Red Wing, Hampton, and the southern Twin Cities metropolitan suburbs of Apple Valley, Cottage Grove, Hastings, Lakeville and Rosemount. Merchants has Wisconsin locations in Eau Claire and Onalaska. Merchants Bank was founded in 1875 and is celebrating its 140th anniversary this year. All banks are FDIC members and equal housing lenders. Merchants Capital, the company’s leasing arm, is based in the Twin Cities.
Merchants Bank has more than 440 employees, many of whom give significant volunteer time to organizations in their communities. Additionally, during 2014, Merchants Bank made charitable donations to nearly 300 organizations. The ownership of Merchants Financial Group is made up of its employees and mostly individuals and families from southeastern Minnesota and west-central Wisconsin.