Merchants Bank Gives Away $5,340 for Money Ball, Including $2,670 to the Apple Valley Basketball Booster Club

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Pictured with a check for $2,670 (l-r): Brian Wester of Merchants Bank, Zach Goring, Apple Valley High School Boys Varsity Head Coach, Debbie Jones, AVBBC President, and Marty Christiansen, AVBBC Treasurer.

Merchants Bank presented a check for $2,670 to the Apple Valley Basketball Booster Club, matching the amount Merchants gave away to Apple Valley school district students during 2016-2017 Money Ball promotion, according to Brian Wester of Merchants Bank, who coordinated the program.

“I would like to thank Merchants Bank for its generous donation to our basketball program. Our goal is to provide a positive basketball experience for our kids playing high school basketball. Through the donation made by Merchants Bank, we are able to give our kids the best opportunities to be successful. Thank you!” said Apple Valley High School Boys Varsity Head Coach Zach Goring.

Two students were randomly chosen to participate during halftime of each Apple Valley boys’ varsity basketball games. Students won a $10 gift card for a made lay-up and a $25 gift card for a made free throw. Students were awarded $100 for a made half-court shot, with the Money Ball rolling over if the half-court shot was not made.

Wester said seven students made half-court shots during the season, including two students who each made $700 for making shots on the last night.

Merchants Bank Twin Cities locations include Apple Valley, Cottage Grove, Hastings, Lakeville and Rosemount. In total there Merchants Bank has 21 locations in southeastern Minnesota and west-central Wisconsin, including Minnesota locations in Winona, St. Charles, Goodview, Rochester, Rushford, Lanesboro, Caledonia, La Crescent, Spring Grove, Cannon Falls, Red Wing and Hampton. Merchants has Wisconsin locations in Eau Claire and Onalaska. All banks are FDIC members and equal housing lenders. Twin Cities-based Merchants Bank Equipment Finance, a division of Merchants Bank, N.A.

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

Ashley Seaver Joins the Team at Merchants Bank in Lakeville as a Mortgage Lender

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Ashley Seaver has been promoted and joined the team at Merchants Bank in Lakeville as a Mortgage Lender, according to Dan Vlasak, President of Merchants Bank in Lakeville.

Seaver had been a mortgage loan coordinator for Merchants Bank prior to her promotion. She spent two-and-half years coordinating loans in the Lakeville office, primarily processing construction loans. Her experience also includes work coordinating loans for Merchants’extensive network of correspondent mortgage banking customers. Merchants Bank’s $2.4 billion correspondent network has correspondent relationships with 71 charters and 159 locations in North Dakota, South Dakota, Iowa, Minnesota and Wisconsin.

“Ashley’s experience with our system, work with a variety of different customers, her attention to detail and true passion for helping customers will make her an exceptional mortgage lender,” Vlasak said.

Seaver said she is looking forward to working with individuals and families and helping them secure the homes of their dreams, or help them start the process of building a home.

“Home buying or building can be stressful, but it doesn’t have to be,” Seaver said. “If people are looking for a professional to help them with the process from start to finish, they should contact me.”

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

Fraud and Scam Updates for May

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Review our most recent fraud alerts and updates to help keep your personal information secure. Want to be automatically updated about recent scams and fraud? Sign up for our Alerts emails here: http://bit.ly/1G1dF0n

Internal Revenue Service Scam

Some of our customers have fallen for a recent scam involving fraudsters posing as employees from the Internal Revenue Service (IRS). The fraudster will call you – stating to be an Internal Revenue Service employee – and claim you owe back taxes, which can be paid via wire transfer.

The truth is that the IRS does not use phone calls to make personal contacts. If the IRS wants to contact you, they will send a letter first. If you receive a phone call from an individual claiming to be from the IRS, it is a scam. For more information on how and when the IRS might contact you, see these two articles from the Federal Trade Commission:

Check Fraud

Merchants has recently seen an increase in fraudulent checks. Customers have fallen for some “too good to be true” scenarios including being asked to be a secret shopper for a fake business or receiving a winnings check in the mail from a drawing they did not enter. When you receive a check, make sure to consider where it came from.

Some questions to ask yourself:

  • Did I recently enter any contests or drawings where I could win money?
  • Can I verify the information on the check through a third-party? For example, can you confirm a person’s contact information through the phone book? Or confirm a business’s information through an online directory like the Yellow Pages?
  • Does it sound too good to be true?

Be a skeptic. If the situation doesn’t sound right, it’s time to do some more investigating before depositing that check. For more information, read this article on check fraud from the Federal Trade Commission.

Next Steps If You’ve Experienced Fraud

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.

May & June Events

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

5/5 Lakeside Neighborhood Appreciation Night
5:00 -7:30 p.m.
Merchants Bank in Winona-LakesideFor eighteen years, we’ve had the privilege to serve the neighborhood with our full-service Lakeside office at Mankato & Sarnia. So that we may say thank you for your friendship, join us for Neighborhood Appreciation Night!Please join us for food, fun & prizes* for you and your family. Tacos will be served with all the fixings.
6/2, 6/9, 6/16, 6/23, 6/30 Hampton Dairy Days Celebration
8:00 a.m. – 6:00 p.m.
Merchants Bank in HamptonPlease join us for treats in our lobby to celebrate Dairy Days. 
6/5-6/9 Apple Valley Customer Appreciation and Christian Elder Memorial Bike Ride Reception
Lobby Hours
Merchants Bank in Apple ValleyPlease join us in our lobby:

  • Monday, Tuesday and Thursday for refreshments and coffee
  • Wednesday from 11:30 a.m. – 1:30 p.m. for pizza from Old Chicago Pizza and Taproom
  • Friday for a reception at 11:45 a.m. celebrating the riders from the 12th annual Christian Elder Memorial Bike Ride followed by lunch from 11:00 a.m. – 1:30 p.m.
6/11 Trinona Triathlon
Lake Park in Winona
6/16 Caledonia Dairy Days Celebration
11:00 a.m. – 2:00 p.m.
Merchants Bank in CaledoniaPlease join us for ice cream treats in our lobby to celebrate Dairy Days. 
6/17 27th Annual Winona Pancake Breakfast
7:30 – 10:00 a.m.
Merchants Bank in Winona-Downtown$5.00 per person • $17.00 per family • Children 6 and under FREEOpen to the public. Parking available in Bank parking lot, located at the corner of Third and Walnut Streets. Enter by driving East on Second Street.
6/17 Cottage Grove Strawberry Fest Parade
10:30 a.m.
Located on the corner of 80th and Jamaica Streets 
6/18 Winona Steamboat Days Grand Parade
12:31 p.m.
Located on Broadway Street in Winona 
6/23 Spring Grove Dairy Days Celebration
11:00 a.m. – 2:00 p.m.
Merchants Bank in Spring GrovePlease join us for ice cream treats in our lobby to celebrate Dairy Days. 
6/24 Spring Grove Homecoming Days Parade
1:30 p.m.
Located on Main Street in Spring Grove
6/25 Brownsville Days Parade
1:00 p.m.
Located in Brownsville 

*No purchase or customer relationship necessary to enter or win. One entry per person. Drawing will be held on May 5, 2017. Must be present to win. Employees of Merchants are not eligible to win.

Kelly Donohoe Promoted to Personal Banking Manager at Merchants Bank in Lakeville

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Kelly Donohoe has been promoted to Personal Banking Manager at Merchants Bank in Lakeville, according to Dan Vlasak, President of Merchants Bank in Lakeville.

Donohoe has been with the Merchants organization since 2012, when she started as a teller at the Apple Valley location. In 2014 she moved to Lakeville and was Customer Service Representative/Lead Teller from 2015 until her most recent promotion.

“I really enjoy getting to know our customers,” Donohoe said. “This new position will allow me to deepen my relationships with my customers. I’m looking forward to it.”

As Personal Banking Manager, Donohoe will help customers with their personal banking needs, including consumer loans.

“Kelly knows our customers, our Bank and what products we can offer our customers to make their lives better,” Vlasak said. “She’s a great example of a community banker, someone who cares about our customers.”

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

Your Top HELOC Questions Answered

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You may be able to use the equity in your home to your advantage with a Home Equity Line of Credit (HELOC). While the idea sounds simple, HELOCs can be confusing. Get the basics here.

What is a difference between a Second Mortgage and a HELOC?
There are two types of loans that use the equity in your home as collateral. They are either a Second Mortgage (also known as a Home Equity Loan) or a Home Equity Line of Credit.

A Second Mortgage, or Home Equity Loan, is simply borrowing money, using the equity in your home to secure the loan, much as a personal loan may use the equity in a car to secure the loan.

Home Equity Line of Credit is a revolving loan that works very much like a credit card. The equity you have in your home secures a credit line with a variable interest rate that is available to you for a certain amount of time. The monthly payments are determined by how much money you owe the bank, not by how big the line of credit is. As you pay down the amount you owe on your line of credit, the rest is available for other uses. The line of credit works well for do-it-yourself projects or a series of projects because you only make payments on the money you’ve already used.

Each loan works differently and which one may be best for you is often determined by your purpose for taking out the loan. The interest rate the bank charges on these loans typically takes several factors into account, such as your credit score, the loan to value or the loan type.

What is Loan-to-Value?
As mentioned above, loan-to-value is one of the factors taken into consideration when determining the loan interest rate. To calculate your loan-to-value, add the amount you want to borrow to the unpaid balance of your mortgage then divide that number by the appraised value of your home. The result will be a percentage that is referred to as the Loan-to-Value of your home. The lower the percentage, the lower your interest rate may be. 

Can I borrow more than the value of my home?
While some mortgage lenders offer loans that often will go over 100% of your home’s value, we don’t think it’s a good idea. Borrowing in that manner will make it difficult, if not impossible, to sell your home should you want, or need to move.

Can I use a HELOC for something other than home improvements?
Yes. A Home Equity Line of Credit can be a great way to get that new roof or finally finish the lower level, but it can also be used to buy a new car or to pay for a college education.

The flexibility of a HELOC means you can make your home equity work for current financial needs. In addition, the interest you pay may be deductible on your federal tax return. The interest you pay on car loans, credit cards and almost all other loans definitely is not. We suggest you consult your tax advisor regarding interest deductibility.

What’s the next step?
If you’re interested in learning more, check out these HELOC resources:

Merchants Financial Group, Inc. Posts Earnings of $2,090,285 for the First Quarter of 2017; Pays 56 Cents Per Share Dividend

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Greg Evans, President & CEO

Merchants Financial Group, Inc. (MFGI) announced net income of $2,090,085 through the first quarter of 2017, according to MFGI President & CEO Gregory M. Evans.

“Our core earnings continue to be strong and remain on target,” Evans said. “I am optimistic about our continued growth.”

During its April meeting the MFGI Board of Directors approved a semiannual dividend of 56 cents per share to shareholders. Last year, the MFGI Board raised the dividend twice from 53 cents to 55 cents per share and then from 55 cents to 56 cents per share.

Evans said net income is slightly behind MFGI’s plan for the first quarter and behind 2016’s pace, when MFGI celebrated record earnings. He said first quarter earnings were augmented by an additional $1.1 million in loan loss reserve put aside to cushion against possible future loan stress.

“This precautionary action is prudent and consistent with conservative banking principles that have served us so well over the years. The loans for which we added the reserves remain active, and we believe that over time the outcomes will be positive,” Evans said.

Evans noted that MFGI stock is continuing to trade at or near record prices. At the end of the first quarter, stock was trading at $59.50 per share, up from $45.01 a year ago and $54.40 at the end of 2016.

“My expectation and the expectation of the MFGI Board is that we will continue to build on the success model we have put in place,” Evans said.

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. 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 440 employees and its shareholders, mostly individuals and families from southeastern Minnesota and west-central Wisconsin.