Merchants Financial Group, Inc. (MFGI) announced net income of $6,442,991 through the first two quarters of 2016, according to MFGI President & CEO Rodney R. Nelson.
“Our earnings reflect the exceptional work of the employees throughout our organization in meeting and exceeding the needs of our customers in the communities we serve, whether they are business owners, someone buying a home, or someone saving for the future,” Nelson said. “We believe our success is a direct result of helping others meet their goals.”
Nelson said the main drivers for Merchants Bank’s earnings continue to be commercial loan and mortgage loan growth. He said other areas have also contributed to the positive earnings, including growth in the credit card portfolio. Merchants Bank issues and services its own consumer and business credit cards.
Net income for the first two quarters of 2016 is nearly $170,000 ahead of Merchants Bank’s 2015 earnings through the same time. Merchants Bank posted record earnings of $13,454,698 in 2015.
“I anticipate continued success throughout the year in all of our markets,” Nelson said.
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 nearly 450 employees and its shareholders, mostly individuals and families from southeastern Minnesota and west-central Wisconsin.