Twin Cities CPA James A. Trenda was re-elected to the Merchants Financial Group, Inc. (MFGI) Board of Directors during the company’s annual meeting Thursday, April 7.
Trenda joined other Directors and shareholders at the event as MFGI President & CEO Rod Nelson formally announced net income of $13,454,698, record earnings for the 141-year-old company with 21 locations in Minnesota and Wisconsin. Those locations include banks in Apple Valley, Lakeville, Rosemount, Cottage Grove and Hastings.
“The Twin Cities banks and bankers contributed significantly to the record year. They are an experienced and knowledgeable group who focus on building long-term relationships with their customers,”Trenda said. “For Merchants, the Twin Cities is a place of tremendous opportunity.”
Nelson said having Trenda on the MFGI Board and also having a Twin Cities Advisory Board in place, of which Trenda is also a member, helps to inform the organization and keep it focused on opportunities with Twin Cities’ businesses.
“We see the Twin Cities as an area of significant growth for us,” Nelson said. “When others see smart and well-respected business people like Jim on our Board, we think they will see how serious we are about building our presence in the Twin Cities, especially the southern metro.”
Trenda is President of CP Advisors, LLC, in Minneapolis. He has been on the MFGI Board since 2007.
During the annual meeting, Nelson also 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.
In addition to the Twin Cities locations, MFGI also owns Merchants Bank locations in Winona, St. Charles, Goodview, Rochester, Rushford, Lanesboro, Caledonia, La Crescent, Spring Grove, Cannon Falls, Red Wing and Hampton. 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.