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.
Merchants Bank has taken ownership of the deposit accounts, loans and the physical location of the Alliance Bank office at 2728 Mall Drive in Eau Claire, as well as the loans and deposits of Alliance Bank’s Pinnacle Way location, according to Merchants Financial Group, Inc., President & CEO Rodney R. Nelson
“We look forward to exceeding the expectations of our new customers, and we look forward to showing the Chippewa Valley our commitment to the communities we serve,” Nelson said. “We are excited to be a part of this vibrant area.”
The sale was completed earlier today, and Merchants Bank will be ready to open its doors at 9 a.m. Saturday at the Mall Drive location. Long-time financial services leader Mark Willer has been named Market President and many of the Alliance staff have been retained.
“We recognize that Merchants Bank is new to the area, but we aren’t new to banking. Our philosophy is to be customer-centric, and we believe the best employees to serve the needs of our customers are people that they know,” Nelson said.
Merchants Bank acquired approximately $48 million in deposits and $17 million in loans from Alliance. Terms of the sale have not been disclosed.
Merchants Bank and Alliance Bank have come to an agreement for Merchants Bank to purchase an Alliance Bank location in Eau Claire, according to Merchants Financial Group, Inc. President & CEO Richard L. Mahoney.
“We believe this is an excellent opportunity to expand into an important market,” Mahoney said. “We believe that our expertise in business banking and company resources will be appealing to business owners in the Eau Claire area.”
The purchase includes the Alliance Bank Mall Drive location, as well as deposits and loans from the Mall Drive location and Alliance’s Pinnacle Way location. All told, Merchants Bank will be acquiring about $48 million in deposits and $17 million in loans.
“We know that Merchants Bank will take care of customers from both locations and will provide those customers the service they have come to expect,”said V. Philip Reim of Alliance Bank.
Terms of the sale were not released. Pending regulatory approval, Mahoney said he anticipates the sale being completed near the middle of February.
“Our strong equity position allows us to act on opportunities that make sense for us to pursue,” Mahoney said. “With our organic growth and acquisitions, we expect continued growth for the foreseeable future.”