Merchants Bank Donates $5,000 to Winona Community Foundation’s COVID-19 Relief Fund

Andrew Guzzo, Merchants Bank Regional President

Merchants Bank has donated $5,000 to the COVID-19 Relief Fund established by the Winona Community Foundation according to Andrew Guzzo, Regional President for Merchant Bank. The fund provides emergency relief to community members in Fillmore, Houston and Winona counties affected by the pandemic.

“We know our fellow community members need support at this time and we’re proud to be able to contribute to the efforts coordinated by the Winona Community Foundation,” said Guzzo.

The Winona Community Foundation COVID-19 Relief Fund is positioned to provide more than $120,000 in assistance through nonprofit partners around the region and every dollar will be donated directly back into the communities. Community members interested in donating can visit to make a contribution. Those seeking assistance can contact the Foundation directly at (507) 454-6511.

“The people and businesses in the Winona area amaze me. Time and again when crisis hits, they step up. Even before we formalized the COVID-19 Relief Fund, we were receiving calls asking how to contribute,” said Nancy Brown, President/CEO for the Winona Community Foundation. “We hope these initial gifts will serve as a catalyst for more people and businesses to give. The Winona Community Foundation is pleased to be the conduit to get these funds out to our nonprofit organizations that in turn can get them to those who are dealing with financial hardships related to this pandemic.”

For additional information on financial relief options available through the CARES Act, other assistance programs and updates regarding contribution deadlines and distribution requirements from retirement accounts, visit

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.

Be Aware, Be Skeptical About Mortgage Offers

Couple confused about finances

Financing your home is an important event. It opens the door to many new experiences, including unsolicited offers. Unfortunately, this is unavoidable, but you need to be aware and be skeptical so you can make the best decisions.

Where do these offers come from?

During the mortgage process, your information:

  • Is available to companies that buy or purchase lists from a credit bureau
  • Becomes part of the public record once it is recorded and can be accessed by companies searching for information

What type of information could you receive from outside sources?

Some of the information you receive by call, mail or email will likely be legitimate, and some will not.

You may receive offers for things like life insurance, offers to provide the financing or refinancing, or offers to provide copies of your records. Whatever it is, we ask that you look at the offer closely.

If you have any questions about any information or solicitations that you receive, please feel free to contact us by calling your local Merchants Bank branch. We will help you understand the information so you can make your best decision.

Please know that we would never sell your information. So, if you receive something saying the contact is sanctioned by Merchants Bank, it isn’t. Be skeptical.

*Loans are subject to credit approval.

Merchants Financial Group, Inc Reports Year to Shareholders and Appoints Directors to Its Board

Greg Evans, President & CEO

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.

Be On The Lookout For Coronavirus Scams

With people nervous about the COVID-19 coronavirus, scammers already are swooping in to take advantage of those fears.

While it’s normal to want to learn more about the coronavirus and information surrounding it, experts are warning people to be cautious of scammers who are trying to infect your devices with malware, get personal information from you, or who are trying to get you to send them money for worthless or non-existent products. There have even been reports of crooks threatening people over late or missed payments.

According to the Federal Trade Commission and other experts, here are some of the scams to watch out for:

Email phishing has already begun. Scammers are sending out emails claiming to be from the Centers for Disease Control or other health agencies, claiming to contain updates about the coronavirus. Consumers are being warned to be wary of these emails and not to click on any links or download any attachments unless they are absolutely sure of the source. Clicking on links or downloading attachments could install malware on your computer or take you to counterfeit sites where you might be asked to provide vital personal information.

Some scammers claim to be selling products that can prevent the disease, treat it or maybe even make it go away. Don’t believe the claims. The FTC says there are currently no “vaccines, pills, potions, lotions, lozenges or other prescription or over-the-counter products available to treat or cure Coronavirus … online or in stores.” Don’t fall for these claims and don’t send any money. You’ll either be mailed a worthless product or receive nothing at all.

As more people suffer financial hardship due to reduced hours or loss of jobs, scammers are likely to be contacting them threatening to disconnect vital services such as utilities or communications unless you pay them immediately. Legitimate businesses won’t threaten you, won’t demand payment in cash, gift cards or wire transfers, and they won’t ask for financial account numbers, your Social Security number, or account passwords.

Some people are even posing as charities, hoping to rely on the kindness of others to steal your money.

To guard against these scams, experts say to:

  • Delete unsolicited email and to not click on links in them or download files.
  • Don’t fall for online claims of remedies or vaccinations.
  • Don’t react to threats by making payments with gift cards or wires.
  • If you have any concern that an email or call could be legitimate, type in a company’s official website address by hand or call an official number listed on a bill, statement or payment card. Tell them why you are contacting them.
  • Get information only from trusted sites, such as the Centers for Disease Control, the World Health Organization or from trusted news sources.

While it’s natural to want to learn more about the coronavirus pandemic and to do what you can to protect yourself and others, it’s important to be cautious in order to protect yourself from scammers.

Merchants Bank Establishes Northfield Advisory Board of Directors

Greg Evans, President & CEO

As the First National Bank and Merchants Bank prepare for their official merger and systems conversion in May, Merchants has announced the establishment of its Local Advisory Board of Directors for the Northfield community, according to Merchants Financial Group, Inc. President & CEO Gregory M. Evans.

“Our community banking philosophy includes an intense commitment to local leadership and local decision-making,” explained Evans. “Creating a local Advisory Board in Northfield is consistent with our go-to-market approach in our various communities. Our Board members have strong ties to the local community and will provide key insights about how we can best serve the families and businesses of Northfield and the surrounding area.”

The Northfield Advisory Board is made up of six members including Cheryl Buck, Director of Business Development at Professional Risk Managers’International Association; Matt Christensen, Commercial Risk Advisor at WA Group; Richard Falck, Owner of Falck Financial Services and RJF, Inc; Chris Kennelly, President of Northfield Construction Company and Bluewater Properties; Jennifer Sawyer, Founder and Principal for Rebound Enterprises and BoardBOS; and Kevin Wright, Managing Partner at Red Pine Communities.

“The First National and Merchants Bank teams have been doing a wonderful job of working together since September. We knew there would be an excellent fit of each organization’s culture and the mutual commitment to customers and community,” said Richard Falck, Advisory Board member. “Now, with establishing the Northfield Advisory Board, we are taking the next step in serving Northfield and surrounding areas. I’m very excited to be part of a Board with such high quality people who are dedicated to helping Merchants make a growing impact in the community.”

The Board and Advisory Board leadership structure is well established in the Merchants culture and has contributed to the growth of the organization. Advisory Boards across Merchants’ footprint ensure the Bank is connected with the communities served and provides key insights into the local population and economies. Advisory Board members contribute meaningful feedback about what is important to community members and business owners and how Merchants Bank can collaborate on a local level to create thriving communities.

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.

Meet Jon Dahl: Ag/Commercial Banker, Market President in Cannon Falls

Jon Dahl

Q: What is your banking background?

I’ve been in banking for 35 years. I’ve got a lot of experience in the ag lending and management areas. I’m hoping to leverage those experiences and skills to help serve the Cannon Falls community.

Q: What drew you to Cannon Falls?

Cannon Falls had a lot of appeal to me because of its beautiful scenery and it’s proximity to the Twin Cities. It’s a great balance between a cozy, picturesque town and close to the energy and convenience of a larger city. Cannon Falls has a great business and ag community here and I’m looking forward to getting involved.

Q: What drew you to Merchants Bank?

It’s very evident to me that Merchants is a great organization. It shows in the tenured employees and the culture of customer and community service. The values here really align with my own. Those things taken together, it was a no brainer.

Q: What’s the best piece of advice you’ve ever received?

One of my early mentors shared a quote from Shakespeare that resonated with me and has stayed with me: “This above all: to thine own self be true.”

Though there are different interpretations of this, to me it means being honest with yourself and others, doing the right thing, and demonstrating commitment to principles.

Q: What do you like to do in your free time? 

I like a little bit of everything, actually. I like to read; I’m a self-proclaimed history buff. My wife and I both play instruments: I play guitar, Becky plays piano. We love outdoor activities like boating and fishing, and we’re also avid Minnesota sports fans – especially the Minnesota Gophers. Becky and I went to the University of Minnesota, and we’ve had season tickets for over 20 years.

Jon was hired in March of 2020 as an Ag/Commercial Banker and Market President. Jon has over 30 years of experience in the financial industry and will do commercial lending as well as oversee the Cannon Falls branch.

Loans are subject to approval.

Jon Dahl Named Market President for Merchants Bank in Cannon Falls

Jon Dahl

Experienced Ag/Commercial Banker, Jon Dahl has been named the new Market President for Merchants Bank in Cannon Falls, according to Dan Massett, Central Region President.

“Expanding our leadership team in this region is an important investment in the continued growth of local businesses and the community. Jon’s leadership experience and particularly his community and ag banking background make him a great fit for Merchants and our Cannon Falls customers,” said Massett.

Dahl has 35 years of commercial and ag banking experience. He has worked for several community banks and also spent 14 years with John Deere Credit and five years with Rabo AgriFinance. Dahl was most recently the Vice President and Branch Manager for Star Bank in Elbow Lake, MN. His special expertise in financing for farming and ag businesses is the culmination of more than three decades in the industry.

“Joining an organization with such a strong customer and community service culture aligns with my personal approach to working with clients,” said Dahl. “I want to leverage my experience and skills to serve the local business and ag community.”

Dahl grew up in Barrett, MN and attended the University of Minnesota, earning a Bachelor of Science in Agricultural Economics. He and his wife will be relocating to the Cannon Falls area and are looking forward to becoming involved in the community. His hobbies include outdoor activities like boating and fishing, reading, playing guitar and cheering on his favorite Minnesota sports teams.

Since 2007, Merchants Bank has been a community partner in Cannon Falls helping individuals, businesses and farmers achieve their financial goals. With a focus on mortgage and ag/business financing, Merchants has been fortunate to grow with the Cannon Falls community. In addition to traditional banking services, the Bank also offers a full line of business loan, lease and floor plan finance solutions, digital banking, security apps, treasury management tools and wealth management services.

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.

What 2020 has in Store for IRA and HSAs


Nancy Denstad

Nancy Denstad, Deposit Account Services Manager

Are you taking control of your financial future by maximizing the benefits of an Individual Retirement Account (IRA) or Health Savings Account (HSA) ?

To help you make the most of these accounts, here are the new maximum contribution limits for 2020. Nancy Denstad, our Certified IRA Services Professional (CISP) and a Certified Health Savings Professional (CHSP), outlines this year’s new limits.


For IRA’s, the 2020 limit is $6,000. This limit has increased from 2018. Anyone 50 years of age or more has the option of contributing an additional $1,000.


HSA contribution 2020 limits depend on your employee’s type of insurance coverage:

  • Individual contribution limit – $3,550
  • Family contribution limit – $7,100

An additional $1,000 catch-up contribution is an option for those 55 or more.

“It might be a good idea to, if at all possible, contribute the maximum to an IRA or HSA,” Nancy said. “It’s an opportunity to invest in your future and give yourself some peace of mind.”

Contributing to these kinds of accounts helps grow your money and secure funds for retirement. An HSA can set aside funds for health expenses before and after retirement. While you cannot make contributions to an HSA after you’re enrolled in Medicare, distributions are not limited to health expenses after you are 65 years old. You can even use HSA funds for health insurance premiums at age 65 or older as well.

You can find detailed information on IRAs and HSAs at – look for Publication 969.

Of course, it is important to remember that depending on your specific account, there may be additional details to consider when planning your saving contributions. You should consult your tax advisor regarding your own saving plan with these kinds of accounts.

Starting to think you should have an IRA or HSA?

Options like IRAs and HSAs can be extremely beneficial in saving for your future. You may be able to open your own IRA or HSA for 2020 at Merchants Bank. Call 1-800-944-6285 and ask to speak to the Customer Service Representative at your local Merchants Bank branch.

MARCH 17: Online & Mobile Banking Upgrade

Woman using cell phone

At Merchants Bank we are dedicated to delivering superior service in many forms, including all the banking conveniences you’ve come to expect. That means that we have some exciting new changes coming up: we are getting an upgrade to our personal and small business online banking system. Here is everything you need to know about this new online banking system (or watch the video).

Logging In:

  1. On March 17 you will go to the usual place to login to online banking – the home page of Merchants Bank website or use the Merchants Bank mobile banking app.
  2. You will start by using your current login credentials. Then you will be prompted to confirm your information and update your password. It may be helpful to have a copy of your most recent statement or your checkbook to reference.
  3. You will need your phone (cellphone or landline) next to you to verify your identity with a two-factor authentication process.

What will update automatically:

  1. Merchants Bank accounts set up for transfers and scheduled transfers involving these accounts
  2. Small businesses – administrator and user login access will migrate.

What you will want to update in the new system:

  1. Your account nicknames
  2. Any external account information
  3. External linked accounts (non-Merchants Bank accounts)
  4. Small business administrators – You will need to reset your secondary user entitlements. If you have multiple users, you may want to record your current user access rights prior to March 17 so you can reset accordingly in the new system.

What You Need to Know about Mobile Banking:

  1. You do NOT need to download a new app. If you have auto-updates turn on, your app will update automatically. If you do not have your smartphone set to auto-update, you will receive a notification to update your app.
  2. Your mobile and desktop online banking logins are the same – it’s the same system.
  3. If you’re having issues, call your local branch or call 1-800-944-6285.

Now for the fun new features:

  1. Credit Score – Check on your estimated score and get tips for improving your score
  2. Customizable Alerts that can be pushed to your email or cellphone
  3. Send secure messages to Electronic Banking
  4. Submit a secure travel notification

If you have questions:

Stop in or call your local branch.

Congratulations, New and Promoted Staff


We are happy to have these new employees on our team! If you’re interested in working with these local experts, find your branch.

New Staff

Josh Blaskowski Josh Blaskowski, Item Processor, Winona
Larry Bodin Larry Bodin, Commercial Banker, Onalaska
Rachel Bork Rachel Bork, Mortgage Closing Specialist, Winona
Gabby Cleveland Gabby Cleveland, Electronic Banking Specialist, Winona
Anna Gadach Anna Gadach, Teller, Goodview
Sue Hassinger Sue Hassinger, Teller, Winona
Hannah Hewatt Hannah Hewatt, Teller, Apple Valley
Shayla Hustad Shayla Hustad, Teller, Hampton
Tracy Johnson Tracy Johnson, Teller, Lakeville
Barb Kerns Barb Kerns, Teller, Spring Grove
Amanda Koebke Amanda Koebke, Graphic Designer, Winona
Karla Linna Karla Linna, Teller, Hastings
Brooke Mann Brooke Mann, Loan Servicing Representative, Winona
Crystal Mills Crystal Mills, Teller, Hastings
Norma Nemeth Norma Nemeth, Teller, Red Wing
Kelly Welti Kelly Welti, Teller, Winona
Betsy Wells Betsy Wells, Sales Support & Reporting Specialist, Winona
Anna Ramstad Anna Ramstad, Teller, Red Wing
Malak Ratrout Malak Ratrout, Teller, Rochester – Northwest Plaza
Lois Rogers Lois Rogers, Teller, La Crescent
Kara Stevenson Kara Stevenson, Lending Assistant, Red Wing
Jerhad Thompson Jerhad Thompson, Electronic Banking Specialist, Winona

Transfers and Promotions

Joe Ahlman Joe Ahlman, Lead Electronic Banking Specialist, Winona
Jerad Brown Jerad Brown, Commercial/Ag Banking Officer, Lanesboro & Rushford
Helen Carlson Helen Carlson, Administrative Assistant, Merchants Bank Equipment Finance
Trista Mann Trista Mann, Creative & Digital Marketing Team Lead, Winona
Stephanie Singer Stephanie Singer, Customer Recovery Assistant, Winona