Concerned About FDIC Insurance Coverage for Your Business?

Merchants Bank, CDARs, ICS

Deanna Ellinghuysen, Merchants Bank Customer Service Representative and CDARS/ICS expert, explains the details and benefits of CDARS (Certificate of Deposit Account Registry Service) and ICS (Insured Cash Sweep) accounts.

Q: How does a CDARS or ICS account work?
Deanna: CDARS, a Certificate of Deposit account, and ICS, an insured cash sweep account, provide additional FDIC insurance for deposits in excess of $250,000 – the standard insurance amount set by the Federal Deposit Insurance Corporation. Your money is automatically deposited in amounts of less than $250,000, which allows for compounding of interest, through a network of pre-selected, highly rated banks. This ensures that your entire amount on deposit is FDIC insured.

Q: Why would my business open a CDARS or ICS account?
Deanna: If your business has over $250,000 worth of excess funds and is concerned about FDIC insurance, a CDARS or ICS account is for you. If you want to protect your large deposits with FDIC insurance…these two products are the tools. It’s really about peace of mind. In addition, if you’re publicly funded, a CDARS or ICS account could help you avoid the extra bookwork associated with pledged funds.

Q: What are the terms rates for CDARS and ICS accounts?
Deanna: CDARS accounts are similar to other certificates of deposit at Merchants Bank. Businesses can choose a term from four weeks up to three years. The rates follow our CD rates by market and can be found at merchantsbank.com.

ICS accounts allow for more flexibility because it works like a savings account. Businesses can make unlimited deposits, there is no minimum balance and six withdrawals are allowed per month. Current rates can be found at merchantsbank.com.

Q: How do I open a CDARS or ICS account for my business?
Deanna: You can contact the Customer Service Representative at your local Merchants Bank to start the process. We open it for you and the distribution of funds to other banks is automatic. We like to say these accounts are great because the customer works with one bank, has one rate and gets one statement. It’s that simple.

To learn more about CDARS and ICS for your business, contact us.

CDARS and ICS accounts are also available for individuals. Ask us for more details.

Listening to the Customer

Merchants Bank, Business Loans

Yer Yang and William Moua, owners of Rollingstone Mini Mart.

If you were to ask William Moua and Yer Yang the secret to their success at the Rollingstone Mini Mart, they would tell you it’s been listening to their customers since they purchased the store in 2004.

The couple keeps their prices affordable. They offer hot food, convenience items, a small liquor store and fuel. They’ve been rewarded with customers who have made their store an important part of Rollingstone.

“Without this store, it would be a little harder for the people in town. We have something that they need,” Moua said. “I’d say we know 95 percent of our customers by name.”

So, when Moua’s customers told him they’d have no reason to go into Winona, if Moua and Yang would add a Laundromat, the couple decided to make the addition. The problem was, no one listened closely enough to them at first when they were looking for a loan.

Saved $8,000 in Fees

That was until they followed a recommendation from Project FINE and went to Merchants Bank and met Business Banker Greg Borcherding.

Moua had been told by a bigger bank that it would take three months just to find if he’d been approved for a loan, and up to three more months to complete the process.  Borcherding turned the loan around quickly and structured the loan in a way that saved Moua and Yang over $8,000 in fees.

Moua said he liked the way Borcherding treated them. “It’s personal with him,” Moua said. “He’s easy to work with, knowledgeable and very helpful.”

For Borcherding, the pleasure was all his. “They’re very nice people, hardworking and the place is always busy,” Borcherding said. “It’s important to the Rollingstone community.”

Moua said he wouldn’t hesitate in recommending Borcherding to other small business owners.“I’ve worked with many bankers, and Greg has been the best for me. I give him an A plus,” Moua said.

Merchants Banks offers business financing options for your specific needs. Click here to meet our Commercial Banking team.

Loans are subject to credit approval.

Credit Card Processing is “Quick, Concise and Thorough”

Merchants Bank, Credit Card Processing

David Wilson, President of Winona Golf & Dining.

That’s how David Wilson, President of Winona Golf & Dining, describes his experience with Merchants Bank and merchant processing to take care of credit and debit card transactions at the expanding business, which includes Signatures Restaurant, The Grill at Signatures, Visions Event Center and The Bridges golf course.

Looking to the future

The experience has been so good that Winona Golf & Dining and Merchants are partnering to offer mobile card processing, allowing golfers to use credit cards or debit cards to quickly pay for beverages while on the golf course.

“We are working together so we can enhance the experience for our guests and so Merchants can bring something new to its customers. It would have been easy to say ‘we don’t have that,’ but instead the response we received was ‘let’s see how we can make that happen.’”

David’s advice

“If you’re looking to do anything with a financial institution, don’t do it before you first check with Merchants Bank. I’ve worked with people at all levels of the organization. Everyone goes out of their way to make sure that their customers are truly taken care of. That’s what we try to do too.”

Visit our website to learn more about credit card processing for your business.

Loans are subject to credit approval.

How Can Your Business Prevent Credit Card Fraud?

ManWithCreditCardStaggering, sobering, scary. Those are just a few of the words that come to mind when you think about credit card fraud. Think of this, 97 percent of all companies suffer a data breach, according to a story CBS News’ “60 minutes” aired on November 30, 2014. So what can a company do? Most companies are doing all that they can. Still, it takes an average of 229 days from the time of the breach before it is discovered, according to the “60 Minutes” story. When a breach happens, a company tries to detect the breach as soon as it can and stop the bleeding as quickly as possible.

How can your company be protected? It really comes down to the company’s customers. There are a lot of tips that can be used. Here are just a few:

  • Keep information private and avoid sharing your information with other individuals.
  • Continually monitor accounts, including credit card and account statements.
  • Be skeptical. Question if things are what they seem. Hover over links to see where they lead. Verify email requests from companies.
  • Create strong passwords that are hard for others to detect and decipher and use passwords to protect your devices.
  • Ignore emails from senders you don’t know.

Net Income Ahead of Plan and Last Year for the First Half of 2014

Rod Nelson

CEO Rod Nelson reports a net income of $6,335,210 for the first six months of the year for Merchants Financial Group, Inc.

Merchants Financial Group, Inc. (MFGI) reported net income of $6,335,210 for the first six months of the year. The income is both ahead of plan and ahead of last year’s income of $6,104,872 for the first half of the year, according to MFGI President & CEO Rod Nelson.

Nelson pointed out that MFGI has continued its focus on credit quality and has experienced significant loan growth. Mortgage activity, while not at the levels of the past several years, also contributed positively to growth.

“Our growth was excellent across our entire organization. All of our regions finished the first half of the year above plan,” Nelson said. “I believe it is a direct result of the service-oriented approach that all of our employees embrace when interacting with our customers and co-workers.”

Nelson said that as he looks forward to the remainder of the year, he expects continued strong performance, including achieving planned income for the last six months of the year.

Greg Borcherding Joins Merchants

BorcherdingGregGreg Borcherding has joined Merchants Bank as Business Banker/Vice President according to Randy Domeyer, Senior Lender and Business Banking Manager.

“Greg is a valuable addition and brings more than 20 years of business lending experience to our team. His familiarity with this region will be an asset to area businesses,” said Domeyer.

Most recently, Borcherding worked with Citizens State Bank in La Crosse and has also spent time in the Wisconsin Dells market. Borcherding has small business and business start-up experience. He is looking forward to contributing to the Winona community.

“I enjoy being involved in the community and appreciate Merchants’ strong partnerships in many Winona community efforts,” Borcherding said.

A native of Platteville, Borcherding is a graduate of the University of Wisconsin-Platteville. Additionally, Borcherding is a member of the Lake Delton Lions and the finance committee for the Children’s Museum of La Crosse.

Randy Domeyer Promoted

Randy Domeyer

Randy Domeyer

Randy Domeyer will succeed Dave Grewe as Manager for the Business Banking Department in Winona and as Senior Lending Officer for the Winona Region, according to Merchants Bank President & Chief Banking Officer Greg Evans.

“We are extremely fortunate to have someone with Randy’s experience poised to carry on the commitment to excellence that Dave has demonstrated in that capacity for the past several years,” Evans said.

Domeyer joined Merchants in 2008, returning to Winona. Domeyer spent the first 20 years of his banking career with Norwest Bank and then Wells Fargo. He left in 2000 to become the President of Wells Fargo in Blue Earth and later transferred to become Wells Fargo’s Business Banking Manager in Faribault.  From 2005-2008, Domeyer was Chief Credit Officer for Roundbank in Waseca.

Grewe has led the Business Banking Department for the past five years. He has been with Merchants two times, first from the mid-1970s to the mid-1980s, and then again beginning in 2002. He has also worked in the La Crosse market with First Bank and State Bank.

Both Domeyer and Grewe have been exceptionally active in community activities. Domeyer is actively involved in the Winona Rotary Club, Winona County Chapter for the American Red Cross, and the Winona Area Chamber of Commerce Economic Development Committee. Grewe has been a member of the Winona Chamber of Commerce, a Chamber Ambassador, a long-time member of the Winona Jaycees, and a past Winter Carnival Chairman. He has been very involved in Steamboat Days, serving as President in 2006. Currently he is president of Westfield Golf Club and serves on both the Latsch Board and CEDA (Community Economic Development Association) Board.

Grewe, who will retire June 30, has already started transitioning his management responsibilities for oversight of the lending functions to Domeyer. Grewe will also work with members of the business banking team in Winona to make sure the needs of all customers are met.