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.