Merchants Bank in Eau Claire experienced loan growth of 61.76% over the first two quarters of 2016. The growth helped Merchants Financial Group, Inc. (MFGI) realize net income of $6,442,991 through the first two quarters of 2016, according to Larry Accola, President of Merchants Bank in Eau Claire.
Accola pointed out that loan growth has been consistent over the past year, with an increase of 231% year over year. MFGI, which purchased the Eau Claire location in 2014, owns 21 Merchants Bank locations in Minnesota and Wisconsin.
“More and more mortgage and commercial customers have discovered our community bank and are sharing their business with us,”said Accola, who has extensive banking experience in the Eau Claire market. “They are becoming customers and learning how Merchants Bank is the right bank for them, whether their banking needs are business or personal.”
In addition to the loan growth, deposits have grown 13.76% over the first two quarters of 2016, Accola said. The bank location, on Mall Drive, kitty-corner from Festival Foods, will be extensively remodeled this Fall to better meet the needs of customers.
“We are looking forward to continued growth in the Eau Claire market,”said MFGI President & CEO Rodney R. Nelson. “Larry and his team are doing an exceptional job sharing our community banking message with people in the Chippewa Valley, and it is clear people are responding.”
MFGI’s 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.
MFGI owns Wisconsin locations in Eau Claire and Onalaska. Minnesota locations include 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. 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.