|Masood Dehnavifar, Trust Manager, Winona|
|Bruce Goblirsch, Market President, Hastings|
|Melanie Jorgenson, Lead Teller, Winona|
|Nick Moon, Appraisal Evaluation Specialist, Winona|
|Dave Pierret, Commercial Banker, Winona|
|John Piscitiello, Commercial Banker, Apple Valley|
|Molli Vodak, Commercial Lending Assistant, Winona|
|Ashley Wagner, Retail Lending Assistant, Winona|
|Jennifer Welch, Personal Banker, St. Charles|
Kirk has a long track record of leadership in banking and now he’s ready to bring his career into the community he’s called home for almost 20 years.
Will you briefly outline your banking history?
Kirk: I sure can. I started serving customers in the retail space, then moved into commercial banking and team leadership. Now I’m excited to work close to home and spend more time serving the Northfield community.
What drew you to Merchants Bank?
Kirk: In the previous markets I’ve worked, Merchants has had a distinct presence, specifically, a great reputation and loyal customer base. When I heard about Merchants coming to the Northfield community, I knew it’d be a great fit here. With a focus on serving our communities, long-term stability and honoring local history, it made perfect sense for me to join the Merchants team. Our servant leadership philosophies align and I will have the opportunity to more fully integrate into my home community.
How do you approach working with customers?
Kirk: I want my customers to feel and know that I hold their best interests at heart. We’re here to be your trusted business partner. I like to ask questions to find out not only what customers need now, but how we can support them down the road. I take a holistic approach to their situation and we find the best fit from there.
What’s the best piece of advice you’ve heard?
Kirk: Something my first manager emphasized has stayed with me to this day: it’s all about building lasting relationships. And that’s what I focus on to this day, is building mutually beneficial relationships and helping our local families, businesses and community grow.
Favorite thing about the Northfield area?
Kirk: You know what they say: location, location, location. The variety of the Twin Cities is easily accessible and some of the best healthcare in the world is close by as well, but in Northfield you still get that local, small-town familiarity and pride.
What do you like to do in your free time?
Kirk: Our family spends a lot of time outdoors; Hiking, fishing and golfing. When our three children were growing up we went camping a lot as well. It’s such a beautiful region. My wife and I are looking forward to more extended travel.
Our Commercial Bankers are always ready to discuss ideas, opportunities and options for your business. Give your local Merchants Bank a call – we’re ready to support your business as you embark on supporting your business goals.
It has become clear that making sure your business can be adaptable to new situations is essential for its longevity. Chief Credit Officer Mark McGrory shares what his team has seen work to help businesses stay viable when the world asks us to keep up.
What are some things you’ve seen businesses do to stay relevant in this pandemic-influenced environment?
The two biggest things I’ve noticed that have helped businesses are:
- Adapting day-to-day business operations
- Really knowing who your customer is and how to reach them.
When adapting your day-to-day operations, making sure you have a grasp of what the new business cycle (as in, the natural highs and lows of your income flow) will look like for you is essential – anticipate challenges and figure out how to address them.
Consider your needs and expenses (and find ways to limit those) and then work that information into a modified business model. In other words, understand how changes will affect your specific business process and what makes you unique in your industry.
Secondly, taking a step back to really make sure you understand your customer is so important as well. The more a business is able to say, “I know my customers. I know what they need and how they function. I know how to reach them to make sure they know I’m open and can still help them,” the more a business may be able to start finding ways to stay open or at least operate. For most businesses this past year, it meant making sure their technology was ready to connect with their customers, primarily by having an easy-to-use website (more on that later).
How can businesses take advantage of the relationship they have with a community banker?
It’s always advantageous to maintain a good line of communication with your Commercial Banker. If you can schedule meetings, maybe over the phone or even a video conference, it’s great to keep them up to date on what’s going on with your business. Make sure they know the challenges you’re dealing with and any opportunities that might be beneficial to pursue. Your banker can help analyze those challenges and opportunities, as well as review different financial options.
Other than your banker, it’s always helpful to have good relationships with these professionals as well:
- An attorney
- An insurance professional
- A business mentor – someone who is doing well on a large scale in your field, someone you trust to provide honest guidance, with your best interests at heart.
What will help businesses keep their footing long term?
After 2020, it’s hard to say anything with certainty anymore. But something that has proven to be beneficial for businesses is to make sure your technology is up to date and user friendly for your customers – especially your website and how you take payments (our Treasury Management Services can help with that).
These are the three key things you want to make sure your technology can do:
- Help customers contact you
- Help you meet their needs
- Have easy ways for them to pay you
Making sure you have this fundamental business process down can help maintain cash flow and liquidity.
Any silver linings to be seen in retrospect?
Seeing our local economies and communities struggle is difficult, but we’ve been happy to see some success stories from our customers, and those really come from being able to look at a situation and see the opportunities.
The folks that have managed to stay viable have been keeping an open mind, thinking about how they can still help their customer and pursuing those opportunities, rather than letting the uncertainty and fear take over their mindset.
Our Commercial Bankers are always ready to discuss ideas, opportunities and options for your business. Give your local Merchants Bank a call – we’re ready to support your business as you work toward your business goals.
Northfield, Minn. – Long-time Northfield resident and experienced community banker, Kirk Muhlenbruck, has been named the new Market President for Merchants Bank in Northfield, according to Dan Massett, Central Region President.
Muhlenbruck has more than 30 years of banking experience, serving mainly in senior commercial and retail leadership roles. Since 2005, he had been with Think Mutual Bank in their Rochester and Eagan locations. He was also previously with Wells Fargo in Rochester as well as Community Bank President for Wells in Northfield.
“Kirk brings a broad background related to strategic leadership, commercial banking and community involvement to Merchants, which will be extremely beneficial to his role in Northfield. Moreover, he embraces the community service culture that Merchants Bank embodies,” said Massett.
“I’ve lived in Northfield for 19 years with my wife, Lori and our three children. We love this community,” said Muhlenbruck. “I’m very much looking forward to ‘coming home’ to Merchants and being a resource for our customers, employee team and our Northfield community. I’ve always been an active community volunteer and have served for nonprofits such as Laura Baker, Northfield Area Chamber of Commerce and the United Way.”
Muhlenbruck attended Simpson College, earning a Bachelor of Arts in Management & Marketing. His hobbies include spending time outdoors hiking, fishing, camping, golfing and traveling with his family.
Since 2019, Merchants Bank has been a community partner in Northfield, when they acquired First National Bank of Northfield. As a regional banking leader, the Bank offers a full array of traditional banking and mortgage solutions, wealth management services and can assist businesses of any size with their business financing and treasury management needs. Merchants Bank is a full-service community bank with 21 bank locations in southeastern Minnesota, two bank locations in west-central Wisconsin and a leasing division, Merchants Bank Equipment Finance, in Edina. Headquartered in Winona, MN, MFGI has more than $2.5 billion in assets and is the 4th largest bank chartered in the state of Minnesota. Merchants was founded in 1875.
Keeping your business protected from fraud and security threats can feel like an overwhelming job. One place to start is by focusing on internal controls that help keep your business’s financial information more secure. Our Security Officer, Kerri Bronk, recommends putting the following three internal controls into practice and reviewing them regularly.
“The idea is to have a combination of different types of security checks and balances in place – and to make sure you keep them up-to-date,” said Kerri. “These simple internal controls can really have an impact on how secure your business information can be.”
Authorized Account Signers
A small business may want to have a few people listed on a financial account as an authorized signer. This can vary by business but may include the owners, an office manager or bookkeeper.
Kerri advises, “[a]uthorized account signers have access to some of the essential functions of your financial account, so you want to make sure this type of access is only granted when necessary.”
FAQs about Authorized Signers
- What can an authorized account signer do? An authorized signer is different from an account owner (who has complete control over a financial account). In regards to a checking or savings account, for example, a signer can make withdrawals, sign checks and access some account information.
- How many authorized account signers can I have? There is no limit. However, the more individuals who have access, the more risk you’re taking.
- How often should I review this access? On an annual basis or when you’ve had an employment change in your executive management team or accounting/payroll staff.
- How do I make changes to authorized account signers? Changes to authorized signer need to be done in person at a Merchants Bank location. Contact your Customer Service Representative to make an appointment.
You might like to have the option for several people to make business purchases with a debit or credit card. This is where authorized cardholders come in.
FAQs about Authorized Cardholders
- What can an authorized cardholder do? An authorized cardholder can use a debit or credit card tied to your business account to make purchases and get cash from an ATM. You can set spending limits per card user to help keep spending in check.
- Does the authorized cardholder need to be a signer on the account? No, you can give a person access to a card without having other signing abilities.
- How many authorized cardholders can I have? There is not a set limit to the number, but again the more access, the harder it will be to track spending.
- How often should I review this access? Who has access to business debit and credit cards should be reviewed more frequently. We’d recommend making updates to your authorized cardholders each quarter or when you have staffing changes.
- How do I make changes to authorized card holders? For both your Merchants Bank debit or credit cards, stop into your local Merchants Bank location for assistance.
Access to Account Information
Knowing who has access to your business account information and keeping the number of people to a minimum is one of the best ways to avoid a security or fraud threat.
FAQs about Account Access
- What kind of information can I give employees access to? You can select the level of information you want an employee to receive in Small Business Online Banking or Commercial Online Banking or credit card transactions through mycardstatement.com. You can also use our mobile card controls – CardValet for debit cards and our Merchants Bank Credit Card App – to have alerts on card spending.
- How many people can have this access? This varies by solution, please ask at your local Merchants Bank location.
- How often should I review this access? It’s extremely important to stay current with account access. This should be updated immediately when staff join or leave your business.
- How do I make changes to who has access to my account information?
- Statements: Contact your local Merchants Bank location for assistance.
- Small Business Online Banking and Commercial Online Banking: Once you have set up your account with you as the owner, you can add or remove secondary users and define account access per user at your convenience. If you have any questions or need help with user setup, contact our:
- mycardstatement.com: Contact your local Merchants Bank location for assistance.
“My last tip regarding internal controls is to ensure that no single employee has access to all the financial aspects of your business,” said Kerri. “For example, you want to make sure that employees who can pay business expenses with a business credit card are not the same employees who pay the credit card bill.”
Just remember that Merchants Bank is always here to help. If you think your business bank account information has been compromised or have a security concern, contact your local Merchants Bank location and ask to speak to your Treasury Management Specialist or a Customer Service Representative.