Merchants Bank in Lakeville Raises $700 for Lakeville North and Lakeville South

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Kristin Vlasak, Dan Vlasak, Eddie Araujo, Alejandra Hernandez-Silva, Kelly Donohoe, Mark Kragness, Jim Louwagie.

Attendees at the Lakeville North and Lakeville South football game September 22 enjoyed delicious Dairy Queen Blizzards and were able to support both schools with $700 thanks to Merchants Bank.

Merchants supplied and served the Blizzards at the game and donated all the proceeds from the sales to the schools.

“We are passionate about supporting our community and the game brings a lot of community members and customers out,” said Dan Vlasak, President of Merchants Bank in Lakeville. “We are glad we were able to see so many people we know, and the schools were able to benefit.”

Merchants Bank in Lakeville has been supporting the Lakeville schools for a number of years through fundraisers at the North and South game.

Merchants Bank has 21 locations, including the southern Twin Cities metropolitan suburbs of Lakeville, Apple Valley, Cottage Grove, Hastings and Rosemount.  Other Minnesota locations include Winona, St. Charles, Caledonia, Spring Grove, Rochester, Rushford, Lanesboro, La Crescent, Cannon Falls, Red Wing and Hampton. Wisconsin locations are in Eau Claire and Onalaska. Twin Cities-based Merchants Bank Equipment Finance is also a division of Merchants Bank, N.A.

Better, Safer and Faster Movement of Your Money

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Effective September 15, 2017, a new rule went into effect allowing for faster processing of debits from your financial accounts. Virtually all types of electronic payments will now be eligible to be processed on the same day they are authorized.

For example, types of affected payments could include:

  • A paper check you write, which is then scanned at the business for electronic processing
  • Online payments
  • Payments made via the telephone

This means that payments could clear your checking (or savings) account on the same day you write the check or authorize the payment. What does this mean to you? We encourage you to make sure funds are available in your account before you authorize transactions to avoid unnecessary insufficient funds fees.

Please note: This new electronic payment processing rule does not affect how debit card payments are authorized or processed.

 

Behind the Scenes with Our Credit Team

 

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If you’ve worked with Merchants on a loan for your business, you know our Commercial Bankers have a team of people assisting them in the loan process. You may have even heard them mention a Credit Analyst, who would review your financial information.

Our Credit Analyst team plays an important part in the loan approval process. So we’re giving you a behind the scenes look at their role and what kind of expertise they bring to our commercial banking team.

How is a Credit Analyst involved in my application for a business loan?
Our team of 11 Credit Analysts assist in determining your credit worthiness and ability to pay back a loan. Upon application, your financial information is given to a Credit Analyst, who reviews all the details and provides a credit presentation to your Commercial Banker.

“Our job is to assess repayment ability of credit obligations and determine overall financial risk. This information helps the Commercial Banker decide on next steps,” said Chris Duellman, SBA Lending and Credit Underwriting Manager. “Our ultimate goal is to help the borrower gain loan approval, but we also need to identify potential risks – that’s why we review so many details about the business and business owners. We look at the full picture to create our report to the Commercial Banker.”

In some instances, you may also meet with one of our Credit Analysts and a Commercial Banker to collect your financial information. A face-to-face conversation is sometimes the best approach to obtaining all the details needed to gain a full understanding of your business.

What expertise does a Credit Analyst bring to the business banking team?
Most of our Credit Analysts have an accounting or finance degree and/or related job experience. In addition, they are well-trained on all different types of credit to be able to fully assess your business’s situation. Day in and day out, they work with the financial details of businesses of every size and industry – their incredible depth of knowledge is an asset to you, your Banker and the entire commercial banking team.

Because Merchants Bank provides many loans for agricultural businesses and farms, three of our Credit Analysts specifically concentrate on ag requests. Having grown up on farms or worked on farms, these Credit Analysts provide an additional level of expertise and insight when reviewing an ag loan.

How do I benefit from a Credit Analyst reviewing my loan application?
Talking with your Commercial Banker and Credit Analysts can give you more insight into the financial side of your business.

While gathering your financial information, the Credit Analysts may ask questions your business might not have ever considered. Or, the Analysts might even pinpoint some financial areas where your business could make improvements by working with your accountant or in-house finance department. In addition, tapping into the Credit Analyst industry-specific knowledge can be a bonus for your business.

“We’re here to provide an additional level of financial understanding and support to both the business and the Commercial Banker,” said Duellman. “It’s our job as part of the commercial banking team to help our business customers thrive.”

To learn more about business financing options at Merchants Bank, visit our website: