During its annual meeting, which was held virtually with participation of shareholders by phone on Thursday, April 2, Merchants Financial Group, Inc. (MFGI), reported strong 2019 financial results and shareholders re-elected two Directors and elected one new Director to the MFGI Board.
MFGI formally reported net income of $19,767,215 for 2019, a 4.7% increase over 2018 earnings. There was business growth on both sides of the Company’s balance sheet with year-end 2019 total deposits of $1.8 billion and total loans/leases of $1.7 billion. MFGI ended 2019 with $2.1 billion in consolidated assets, making Merchants the fifth largest banking organization chartered in the state of Minnesota.
“Given current events impacting all of us, last year seems like a very, very long time ago,” said Gregory M. Evans, MFGI President & Chief Executive Officer. “We certainly are proud of our continued business growth and performance of record last year, but our entire focus right now is placed on taking care of our friends and neighbors, and being here as a trusted advisor for our customers and communities.”
Re-elected to three-year terms as Directors were: Gregory M. Evans, President & CEO for MFGI and Merchants Bank and Richard T. Lommen, Owner/Operator & President for Courtesy Corporation. Elected as a new member of the Board of Directors to a three-year term was Bradley J. Peterson, Chairman & Chief Acquisition Officer for Mississippi Welders Supply. Peterson has served on the Merchants Bank, N.A., Charter Board since April of 2019.
At the meeting retiring Directors Ken Mogren and Mike Cunningham were recognized. Mogren, retired President of Winona Agency (now WA Group), has provided Board leadership for the MFGI and Merchants Bank Charter Boards for more than 15 years. Mike Cunningham, Partner of La Crescent Property Ventures, LLC and former CEO/Owner of The Board Store Furniture and Home Improvements, served on the Merchants Bank Charter Board for five years and retired in 2019 from the MFGI Board after 15 years of service.
The ownership of Merchants Financial Group is made up of it’s more than 480 employees and 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. As the parent company for Merchants Bank, Merchants Financial Group, Inc. (MFGI) also owns the First National Bank of Northfield, with two banking offices in Northfield and a loan production office in Bloomington, MN. Headquartered in Winona, MN, MFGI has more than $2.1 billion in assets. Merchants was founded in 1875.