Attend our February Events


Join our staff at these great events throughout February. Be sure to follow us on our Facebook page for information on these events or pictures from other events you may have missed.

2/10-2/12 Rochester Area Builders Home Show
At the Mayo Civic Center

Stop by and see us at the Merchants Bank booth!

Show Hours

Friday, February 10: 3:00 p.m. – 8:00 p.m.
Saturday, February 11: 9:00 a.m. – 6:00 p.m.
Sunday, February 12: 11:00 a.m. – 4:00 p.m.

Cost is $6 for adults and $1 for children 7-16. Children six and under are free.

2/17-2/19 Chippewa Valley Home and Garden Show
At the Eau Claire Indoor Sports Center

Stop by and see us at the Merchants Bank booth!

Show Hours

Friday, February 17: 1:00 – 8:00 p.m.
Saturday, February 18: 9:00 a.m. – 5: 00 p.m.
Sunday, February 19: 10:00 a.m. – 4:00 p.m.

Cost is $6 for a daily pass until 2/16, $8 for a daily pass at the door, $12 for a weekend pass. Children 12 and under are free.

Merchants Announces Record Earnings of $14,154,891 in 2016


Rod Nelson, President/CEO

Preliminary net income numbers show that for the second consecutive year Merchants Financial Group, Inc. (MFGI) has realized record earnings with $14,154,891 in 2016, according to MFGI President & CEO Rodney R. Nelson. The numbers are subject to final audit.

This year’s earnings surpassed last year’s record of $13,454,698. Nelson noted that 2016 also saw two dividend increases for shareholders, going from 53 cents to 55 cents per share in the Spring, and 55 cents to 56 cents per share in the Fall. MFGI share price started the year at $42.75 and was $54.40 at year-end.

“Our employees provided exceptional service and guidance to our customers to help them achieve their financial goals, and through doing that drove our income in the areas of mortgage activity, loan growth and credit card income,” said Nelson, who is retiring Tuesday, January 31, after 17 years with the Merchants organization.

Nelson noted that total loan growth was 7.2% over 2015. Deposits increased by 9.1% and MFGI’s capital grew from $139 million at year end 2015 to $150.1 million at year end 2016, an 8% increase. Total assets ended the year at $1.623 billion.

Nelson said five locations –Winona, Onalaska, Rochester, Lakeville and Hastings –and the company’s leasing division, Merchants Bank Equipment Finance, topped $1 million in earnings.

“We believe that our focus on community banking and the power our local leaders have to make decisions, along with the lending capabilities that come with a bank of our size, make us unique in our industry and the best choice for individuals and businesses across our region,” Nelson said.

Greg Evans, who has been with the organization 28 years and is currently Chief Banking Officer, will succeed Nelson as MFGI President & CEO.

MFGI owns 21 Merchants Bank locations, including Minnesota locations in Winona, St. Charles, Goodview, Rochester, Rushford, Lanesboro, Caledonia, La Crescent, Spring Grove, Cannon Falls, Red Wing, Hampton, and the southern Twin Cities metropolitan suburbs of Apple Valley, Cottage Grove, Hastings, Lakeville and Rosemount. Merchants has Wisconsin locations in Eau Claire and Onalaska. All banks are FDIC members and equal housing lenders. Additionally, MFGI also owns Twin Cities-based Merchants Bank Equipment Finance, a division of Merchants Bank, N.A.

The ownership of Merchants Financial Group is made up of its more than 440 employees and its shareholders, mostly individuals and families from southeastern Minnesota and west-central Wisconsin.

Susan Clark is Now a Mortgage Lender at Merchants Bank



Susan Clark, Mortgage Lender

Susan Clark is now helping customers in her role as Mortgage Lender at Merchants Bank in Winona, according to Sue Hovell, Director of Retail Banking Performance.

“Given her background, knowledge of the Winona market and her desire to provide customers with guidance and walk them the mortgage process from start to finish, we know Susan is an important addition to our growing Winona mortgage team,” Hovell said.

Clark has been serving Merchants Bank customers in a number of roles since 2003 and has been a Winona resident for most of her life. Her background includes finance, lending, and bank compliance. She is certified as an American Bankers Association Residential Mortgage Lender.

“With the wide variety of home financing options available and what seems like a mountain of paperwork before you start, it can be intimidating to know where to begin,” Clark said. “I can help, and look forward to making the process as clear and stress-free as possible for our customers. I truly want to be there every step of the way.”

Clark points out that her experience as part of their family business allows her to understand the complexities self-employment can create when applying for a home mortgage. Clark volunteers her time throughout the community in support of area schools as well as many non-profit organizations.

Meet Mike Swanson, Commercial Banker


Mike Swanson, Commercial Banker in Hastings

Get to know Mike, Commercial Banker,  and how he helps businesses – big and small – meet their financial goals.

Share a little about your background and banking career.
Mike: I started in banking as a part time teller in high school at Vermillion State Bank. Two years later, I moved to First Federal Bank (now known as MidCountry Bank) as a Construction Loan Assistant. After college, I moved back to the retail side of the bank as a Personal Banker and eventually became a branch manager there.

In 2012, I started at Merchants Bank as Personal Banker. Since then, I’ve changed office locations and roles a couple of times and eventually was fortunate enough to move to the commercial side of banking, in my current role as a Commercial Banker. It had been a goal of mine to move into a commercial role for many years and I feel very fortunate Merchants has afforded me that opportunity and in my hometown no less!

What do you like most about your job?
Mike: When people hear you are a banker they tend to draw conclusions about number crunching and spreadsheets, but I’m a community banker because I like people! I love building relationships and getting to know my clients, their goals, dreams, and aspirations, and most importantly helping them achieve them.

I also greatly enjoy my community and Merchants Bank’s commitment to the communities we serve allows me to be involved in several organizations. Part of my job is to help make Hastings a great community for all of us who live and work here.

What kinds of businesses do you typically work with and how do you help them?
Mike: That’s one of the great things about Merchants – whether you are a one-man show landscaper or plumber, or have employees in multiple locations – we are going to have products and services to offer you. I’ve work with several one-man operations in landscaping, agriculture, all the trades (plumbing, electrical, etc), as well as real estate investors, accountants, and doctors.

We can help with equipment purchasing and leasing, working line of credits, credit card, and an entire suite of cash management services too. We have something for every kind of business.

What do you hope your customers say about working with you?
Mike: I hope they say “that was such a great experience I’m going to tell everyone I know about Mike at Merchants!” Really, I hope they know I am working for them and that I’m here to offer them options in order to meet their future goals. I hope they say I am a long-term trusted partner to help them reach their goals.

What does community banking mean to you?
Mike: Community banking means that we, the Bank, take care of our community. Decisions are made by people who understand the local needs of families, businesses and farmers.

In today’s world, you can’t walk into just any bank and ask to talk to the president. But at Merchants you can because of our local, market-based leadership. Being a community bank means we partner with you through opening your child’s savings account, financing your first home, or helping you get the business of your dreams started. It means when you walk in the door, we’re going to know your name and you will know ours.

Loans are subject to approval.

Your Local Cash Management Experts


For many businesses, the management of your day-to-day cash flow has become more complex. Over the past year, Merchants Bank recognized the need for more local service and expertise in this area and trained an additional 15 Merchants Bank staff as Cash Management Specialists.

What does this mean for your business? You’ll now have a local business resource, in addition to your Commercial or Ag Banker, at a Merchants Bank near you. With the leadership of Tammy Johnson, our Cash Management Sales Manager, our Cash Management Specialists are fully equipped to help your business find the right cash management or treasury management solutions.

What services can Cash Management Specialists help with?
We can help any business with something as simple as selecting the right business checking account or business credit card to custom FDIC insured products for larger deposit accounts (such as CDARs and ICS).

We also offer:

Who is my local Cash Management expert?
Find the Cash Management Specialist for your area below.

  • Apple Valley and Lakeville: Pam Timp
  • Caledonia, Rushford and Spring Grove: Becky Herrmann
  • Cannon Falls and Hampton: Michelle Schroeder
  • Cottage Grove, Hastings and Rosemount: Mike Swanson
  • Eau Claire: Pat Diller
  • La Crescent: Sarah Danielson
  • Lanesboro: Laryssa Hanson
  • Onalaska: Becky Herrmann and Kari Kingsbury
  • Red Wing: Lori Eppen and Gary Johnson
  • Rochester: Holly Gronholz, Nicole Fritz and Tiffany Wacholz
  • St. Charles and Winona: Deanna Ellinghuysen and Jen Welch

Contact your local Merchants Bank to speak to the Cash Management Specialist near you. To learn more about our Cash Management services, visit our website.

Money Ball is at Cannon Falls High School for 4 Games in 2016-2017


Merchants Bank’s Money Ball will be making its debut in Cannon Falls for four games during the 2016-2017 basketball season, according to Jenny Holz, who is coordinating Money Ball for Merchants Bank.

To be eligible, students sign up before halftime of the varsity game that night. Two contestants are then chosen randomly, one from 1st-5th grade and another from 6th-12th grade. Each contestant has a minute to make shots.

The 1st -5th grader wins $5 for a made lay-up, $10 for made free throw, and then if both shots have been made, the student has one chance to win $25 for a made 3-pointer. If a 3-pointer isn’t made, the money rolls over to the next game. The 6th-12th grader wins $10 for a made free throw, $25 for a 3-pointer, and if both shots have been made, the student has one chance to win $100 for a half-court shot. If the half-courter isn’t made, the money rolls over to the next game.

Money Ball will take place during high school home games:

Boys’ Games:

  • Dec. 30         New Life Academy
  • Feb. 3            Kenyon-Wanamingo

Girls’ Games:

  • Jan. 20          Kasson-Mantorville
  • Feb. 10          Goodhue

No customer relationship is necessary to enter or win. Merchants Bank employees and family members are not eligible to enter or win.

Fraud Alert: Watch for Stolen Mail


Customers in Red Wing, Hampton and the surrounding areas have reported an increase in stolen mail, including people who use their mailbox for outgoing mail.

We’d like to remind all customers to be cautious when sending or receiving personal information, bank account information or checks through the mail. To protect yourself or your business, consider following these recommendations from the Federal Trade Commission:

  • Take outgoing mail to post office collection boxes or the post office.
  • Promptly remove mail that arrives in your mailbox. If you won’t be home for several days, request a vacation hold on your mail.
  • When you order new checks, don’t have them mailed to your home, unless you have a secure mailbox with a lock.

To learn more about how you can protect your personal information, read this article from the FTC Consumer Blog.

If you think your bank account information has been compromised or you are a victim of identity theft, contact your local Merchants Bank and ask to speak to a Customer Service Representative.