During its annual meeting Thursday, the shareholders of Merchants Financial Group, Inc. (MFGI) re-elected four members to the MFGI Board of Directors and heard about the organization’s record year.
Re-elected to three-year terms as Directors were: Scott K. Biesanz, Chairman of the Board, Goodson Manufacturing Company; Michael D. Cunningham, Retired President, Realwood Stores, Inc./Board Store Home Improvement, Inc.; Rodney R. Nelson, President & Chief Executive Officer of Merchants Financial Group Inc.; and James A. Trenda, CPA, President, CP Advisors, LLC. Biesanz is the MFGI Board Chair. Also recognized was MFGI Director Peter W. Woodworth, who retired from the Board after 29 years.
“One of the reasons we’ve enjoyed exceptional growth is the experience and the skill set our Board of Directors bring to the table. They know what it is to be successful and provide us the guidance and leadership we need to move ahead as a community banking organization focused on meeting the needs of our customers,”Nelson said.
During the meeting, Nelson formally reported MFGI’s 2015 record year of $13,454,698 in net income, surpassing the previous record in 2012 by more than $1 million. Nelson reported loan growth of 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.
“This success is certainly a reason to celebrate and also stands as a goal for all of our employees to work to surpass in the future,”Nelson said. “We promise to continue our individual and collective efforts to make sure the people we serve are truly pleased with the products and service we provide them.”
Nelson, Chief Financial Officer Sue Savat, and Merchants Bank Equipment Finance President Brad Brolsma were featured speakers during the meeting.