Merchants Financial Group, Inc. (MFGI), the parent Company for Merchants Bank, N.A., and the First National Bank of Northfield, announced net income through the third quarter of $14,460,000 according to MFGI President & CEO Gregory M. Evans.
“The community banking profession is one of the most rewarding, especially when we’re able to support our communities and serve local businesses and individuals by being a strong, stable financial institution,” said Evans. “Our strong earnings performance so far in 2019 enables us to do just that.”
As a result of continued profitable performance, the MFGI Board of Directors authorized a semiannual dividend of 75 cents per share to shareholders during its October meeting, a 7.1% increase from the June dividend payment. Dividends will be paid in December to shareholders of record as of November 22.
Net income is ahead of MFGI’s plan for 2019 by $2.64 million and $673,000 above 2018 earnings. Contributing to the overall positive third quarter performance, each of Merchants Bank’s four regions and its Secondary Market Mortgage division exceeded their 2019 third quarter plans. MFGI also made significant strategic progress in the third quarter, including closing on the purchase of the First National Bank of Northfield on August 30.
“A definite highlight of our third quarter was the addition of First National Bank. Our team at Merchants has now been bolstered by an incredible team in Northfield and we’re proud to have them officially under the Merchants umbrella,” said Evans.
Merchants is proud to continue its tradition of community leadership through charitable contributions and employee volunteerism. Through September, MFGI donated to 413 local organizations and its employees have volunteered more than 12,000 hours to local communities.
The ownership of Merchants Financial Group is made up of its nearly 500 employees and its shareholders, mostly individuals and families from southeastern Minnesota and west-central Wisconsin.
Merchants Bank is a full service community bank with 19 bank locations in southeastern Minnesota, two bank locations in west-central Wisconsin and a leasing division, Merchants Bank Equipment Finance, in Edina. The acquisition of the First National Bank brought an additional two banking offices in Northfield and a loan production office in Bloomington, MN. Headquartered in Winona, MN, Merchants Financial Group, Inc. now has more than $2 billion in assets. Merchants was founded in 1875. Member FDIC.