John Doyle, President of Merchants Bank in Rochester
Merchants Bank in Rochester enjoyed strong growth in the first quarter of 2016, contributing to the overall growth of Merchants Financial Group Inc. (MFGI), according to John Doyle, President of Merchants Bank in Rochester.
Merchants Bank in Rochester, at Northwest Plaza and Green Meadows, enjoyed 17.1% commercial loan growth in the first quarter of 2016, compared to the same quarter in 2015. Deposits were up 17.9% over the previous year. Earnings in Rochester grew 12.4% over the first quarter last year.
“This performance reflects the success our team members are having in helping businesses, individuals and families meet their financial needs,”Doyle said. “This is what we find most rewarding.”
The MFGI Board of Directors, which includes Rochester businessman Bruce Ryan, President of Ryan Windows & Siding, Inc., approved a dividend of 55 cents a share during its quarterly meeting, an increase of two cents per share.
MFGI realized net income of $3,253,475 for the first quarter, which is slightly ahead of what MFGI forecasted for this point in the year. Last year, the Rochester Banks were also significant contributors to MFGI’s 2015 record year of $13,454,698 in net income. Overall asset size of the organization is currently at $1.592 billion. Merchants is the sixth largest bank chartered in Minnesota.
MFGI ownership is made up of its nearly 450 employees, which own 18 percent of the Bank through an Employee Stock Ownership Plan (ESOP), and shareholders, mostly individual and families throughout the region. MFGI stock is closely held, but it is available to interested investors through contacting their brokers or through contacting Merchants Investment Services.
“Our team members are proud of their ownership interest in our organization, and it is reflected in the way we strive to treat our customers,”Doyle said. “It is also heartening that others see the value of our organization. Our stock has been performing well. We experienced a 12.5% increase in stock value last year.”