Welcome New Staff

FinkeAprilApril Finke has joined Merchants Bank as Leader Teller in Winona at the Lakeside branch and was recruited due to Tirzah Warren’s promotion to Assistant Lead Teller Administrator. April previously worked as a Lead Teller at Wells Fargo and Counter Manager at Clinique/Herbergers. She, her husband, Kevin, and son, Liam moved to Winona a little over a year ago. They recently welcomed daughter Kennedy on New Years Day 2016. April enjoys spending her free time with family and also enjoys camping, boating, and fishing.

Are You Taking Advantage of our eServices?

eServicesBlogGraphic

The Merchants Bank Mobile app offers Mobile Deposit and Bill Pay for consumer customers. Plus, with the convenience of eStatements, you can take Merchants Bank with you anywhere. So what do you need to get started? See our step-by-step guides below.

Enrolling in Mobile Banking

  1. Enroll in Mobile Banking through your Online Banking account. (Don’t have an Online Banking account? Sign up now.)
  2. Download the Merchants Bank Mobile Banking app on your phone. (Get links to our apps on the Google Play and Apple App stores.)
  3. Sign in the Mobile Banking.
  4. Following the instructions below for Consumer Mobile Deposit and Bill Pay.

Consumer Mobile Deposits

Have a check you’d like to deposit? It’s easy!

  1. Select the Account.
  2. Choose an account from the Deposit To menu.
  3. Enter the Amount.
  4. Snap a Picture/Endorse Your Check
    Take a clear picture of the check front and then flip it over. Endorse the check “For Deposit Only to Merchants Bank” and then take a picture of the back of the check.
  5. Choose Make Deposit.
  6. Confirmation
    After you give your deposit one final look and deposit your check, we’ll provide you with confirmation of your deposit.

Mobile Deposit Transaction Guidelines

  • $1,000 limit per check.
  • Daily limits: $2,500 mobile deposit limit per day and/or up to 10 checks.
  • Monthly limits: $5,000 mobile deposit limit per month and/or 20 checks.
  • Limits are not independent of each other. For example, if you deposit 10 checks for $100 each in one day, you have reached your per day limit of 10 checks even though you have not reached your total daily mobile deposit limit of $2,500.

Mobile Bill Pay

Pay bills with the tap of a finger. It’s really that easy once your payees are set up in your Merchants Online Banking.

  1. Select Payee.
  2. Select who you want to pay. To set up a Payee, simply login to your Merchants Online Banking.
  3. Select the Account you want the payment to come from.
  4. Enter the payment Amount.
  5. Select the Date you want the payment sent.
  6. Click Schedule Payment.

Enrolling in eStatements

Follow the steps outlined in this video to enroll now.

Have questions about our eService offerings? Contact our Electronic Banking Department at (866) 496-0522.

Merchants Mobile Banking is free, however, text or data charges may be imposed by your mobile provider. Check your plan for details. Your carrier may limit access outside the U.S.

Springtime Pea Salad from the Merchants Family Cookbook

Springtime Pea Salad

Ingredients:

  • 1 package frozen peas (10 ounces)
  • 2 celery ribs, thinly diced
  • 1 cup small cauliflowerettes cauliflower tops cut small)
  • 3 green onion tops, thinly sliced
  • 1/2 cup ranch dressing
  • 1/4 cup sour cream
  • 4 strips bacon, cooked and crumbled
  • 1/4 cup sunflower seeds

Directions:

Toss all ingredients together in a large bowl. Refrigerate until ready to serve.

Merchants Financial Group, Inc. Announces Record Year with $13,454,698 in Net Income

NelsonRod

Rod Nelson, President/CEO

Preliminary net income numbers for Merchants Financial Group, Inc. (MFGI) show its best year in history with $13,454,698 in earnings, according to MFGI President & CEO Rodney R. Nelson. The numbers are subject to final audit.

The record year is consistent with the strong earnings history of the organization. The previous record was $12,439,492 in net income in 2012.

“All of our employees across our 21 locations did great work in 2015,” Nelson said. “The work of our lenders was especially critical to our success in 2015.”

Nelson noted that loan growth was 12.1% over 2014. Deposits increased by 2.6% and MFGI’s capital grew from $131.2 million at year end 2014 to $139 million at year end 2015, a 5.9% increase. Total assets ended the year at $1,589,202,831.

Nelson said four locations – Winona, Lakeville, Onalaska and Hastings – and the company’s leasing division, Merchants Bank Equipment Finance, topped $1 million in net income.

“It is important to note that all our locations contributed significantly to our record year. As a community banking organization, the size of our banks and the communities they serve vary greatly, and the leadership in those locations are empowered to best meet the needs of their customers and the area. We think this sets us apart in the banking industry,” Nelson said. “Our success has been built on the long-term personal relationships our employees build with our customers. We believe that is a primary reason people choose Merchants Bank.”

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. All banks are FDIC members and equal housing lenders. Additionally, MFGI also owns Twin Cities-based Merchants Bank Equipment Finance, a division of Merchants Bank, N.A.

The ownership of Merchants Financial Group is made up of its more than 450 employees and its shareholders, mostly individuals and families from southeastern Minnesota and west-central Wisconsin.

Enter our Easter Coloring Contest

EasterColoringContest

It’s easy to enter!

  1. Color your coloring sheet.
    0-5 years coloring sheet
    6-9 years coloring sheet
    10+ years coloring sheet
  2. Complete the Registration Information at the bottom of this page.
  3. Drop off or mail your completed coloring sheet to your nearest Merchants Bank location by March 25 to be entered in our contest. You could win a prize!*

And, because you and all of our young savers are important to us, we’ll have a special Easter treat waiting for you for returning your entry. We look forward to seeing you and don’t forget to tell a friend about our Easter coloring contest!

*Please submit entries by March 25, 2016. Judging will take place on March 25, 2016 at 4:00 p.m. Three age groups: 0-5 years, 6-9 years, and 10 years and older. A prize will be awarded to each age group. No purchase or customer relationship necessary to enter or win. One entry per person. Winner will be notified by telephone. Children of Merchants employees are not eligible to win.

Congratulate New and Promoted Staff

Please help us welcome the following new team members to Merchants Bank.

BeardsleyHeatherHeather Beardsley has transferred from her role as a Credit Operations Representative to Retail Lending Assistant in Winona. Heather has been in the Credit Operations Department since 2014. Previously she was a Personal Banker at Minnesota First Credit and Savings and a Sales Associate/Assistant Manager for Sherwin Williams. Heather spends a lot of her time with her family and her pride and joy is her four year old son.

 

 

LawrenceJessiJessi Lawrence has joined Merchants Bank as a Teller in La Crescent. Jessi is a full-time student at Viterbo University with a major in Liberal Studies. She lives in La Crescent and has a two year old Golden Retriever named Bodi. Jessi previously worked at Onalaska Care Center and Flowers by Guenthers. She loves being outside and spending time with family and friends.

 

 

LivingstonCaitlynCaitlyn Livingston has joined Merchants Bank as a Teller in Rosemount. Caitlyn previously worked at Cub Foods in Customer Service and Carmike Cinemas. She is currently attending Inver Hills Community College, loves animals and traveling.

What You Should Know about Credit Utilization

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While the actual formula for calculating a credit score has never been revealed by the Federal Trade Commission, we know credit scores are based primarily on credit report information from the credit bureaus. One piece of this puzzle is your outstanding debt, which includes your credit utilization.

What is credit utilization?
Credit utilization is how much credit you are using compared to how much you have available on your credit card accounts. This amount is typically expressed as a percentage and may also be referred to as your credit utilization ratio. For example, if you have a credit card with a $10,000 limit and your current balance is $5,000; your credit utilization ratio is 50%.

Keep in mind that your credit utilization is comprised of the revolving credit card debt on all of your cards and not influenced by other types of loans you may have, for example a home or vehicle loan.

How much does it impact my credit score?
Most experts agree that your credit utilization ratio accounts for 30% of your credit score. Being almost a third of the potential calculation, your credit utilization can have a significant impact on your score and is something you should keep an eye on.

Is there a perfect formula for managing my outstanding debt?
Perfect? No. But, it’s generally advisable to keep your credit utilization ratio at no more than 30%. This means you’re using no more than 30% of your available credit lines across all of your credit card accounts. In addition, keep these tips in mind:

  • Track how much you charge each month to get a handle on your credit utilization.
  • In addition to tracking how much you charge, know your current limits for each of your credit cards so you can properly calculate your own ratio.
  • Set up automatic balance alerts on your cards so you know when you’re getting close to the 30% ratio.

If you’re looking for a great rate to help you manage your credit card balances, consider a Merchants Bank Visa ScoreCard Credit Card.* We offer 0% APR for the first six months on all balances transfers and purchases and an everyday low rate of 9.99% after that. View disclosures and apply now.

For more credit score education, visit our website or view our video series.

*Subject to approval.