Merchants Bank Hires New Chief Information Officer

Stephen Swenson, Chief Information Officer

Stephen Swenson has joined Merchants Bank as Senior Vice President/Chief Information Officer (CIO), according to Greg Evans, President & Chief Executive Officer. Swenson will replace current CIO, Rodney Nelsestuen, who will be retiring in May.

“The expertise Stephen brings to Merchants as a technology thought leader will be a benefit to all of our stakeholders. The specific experience he has had in the financial services industry will help ensure our digital banking services evolve with customer needs and expectations while also maintaining our disciplined focus on information security and customer privacy,” said Evans.

Swenson has more than 25 years of experience in information technology and operations as both as an executive and consultant to the financial services industry. He has helped provide leadership and consulted for U.S. Bank, Wells Fargo, Alerus, Cornerstone Bank and other financial institutions to implement large-scale technology solutions, facilitate change management and improve operational processes.

“I’m excited to join Merchants because of their commitment to innovation and leveraging technology to create a better customer experience,” said Swenson. “The combination of Merchants’ service culture and investment in digital banking tools is a strong foundation to build on as we look to the needs of customers into the future.”

Swenson is a graduate of the University of Minnesota Carlson School of Business, also holds a Master of Science in Computer Information Systems and is a Certified Public Account (CPA inactive).

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, Minn. Headquartered in Winona, MN, MFGI has more than $2.1 billion in assets. Merchants was founded in 1875.