Merchants Financial Group, Inc. Posts Earnings of Nearly $6 million Through the Second Quarter of 2017

GregEvansPresidentCEOMerchants Financial Group, Inc. (MFGI) announced net income of $5,970,031 through the second quarter of 2017, according to MFGI President & CEO Gregory M. Evans.

“Our core business is performing extremely well,” Evans said. “Our year has been one of significant strategic progress, and our earnings have been solid.”

Evans noted that there has been year-over-year growth in both deposits and loans. He said mortgage volume continues to be strong and well ahead of MFGI’s plan through the first six months of 2017.

Net income is slightly behind MFGI’s plan for two quarters and is behind 2016’s pace, when MFGI celebrated record earnings. Earnings were impacted by $900,000 set aside as addition to loan loss reserves in the second quarter. Merchants made a similar adjustment at the end of the first quarter. The money is a cushion against possible future loan stress. Evans said putting the money aside is consistent with MFGI’s conservative principles, and that actual loan charge-off activity is well below industry averages.

“We believe we are well-positioned for continued strong earnings during the second half of the year,”Evans said. “I am optimistic about the remainder of the year and beyond.”

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

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

DonohoeKelly

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.

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

EvansGreg

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.

Merchants Bank Twin Cities Advisory Board of Directors Reappointed

StovernSkip

Lawrence Stovern, Twin Cities Regional President

The Merchants Bank Advisory Board of Directors for the Twin Cities region has been reappointed, according to Twin Cities Regional President Lawrence Stovern.

Reappointed to their positions on the Board were Board Chairman James A. Trenda, President CP Advisors, LLC; Heide C. Olson, CEO of All In One Accounting; Peggy Johnson, Community Relations Director for Dakota County Electric Association, and James Emond, a realtor with Remax Advantage Plus. The Advisory Board was reappointed at an April 18 meeting of the Merchants Bank Charter Board.

Stovern and Trenda, who is also a member of the Merchants Financial Group, Inc. (MFGI) Board of Directors, reported about the recent MFGI Annual Meeting April 6 in Winona, where record earnings of $14,154,891 were reported. It was the second consecutive year of record earnings for MFGI.

“We continue to grow in the Twin Cities and contribute to the overall growth of our organization,” Stovern said. “Key to that growth is our ability to build long-term relationships, and that is where our Advisory Board of Directors is so critical.”

Merchants has five locations in the southern Twin Cities, including Apple Valley, Lakeville, Rosemount, Hastings and Cottage Grove. Merchants moved into a new facility in Cottage Grove late in 2016, after selling its previous location to Hy-Vee, to help make way for development in Cottage Grove.

Merchants Bank has 21 locations in Minnesota and Wisconsin. In addition to the Twin Cities locations Minnesota locations include 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. Additionally, MFGI also owns Twin Cities-based Merchants Bank Equipment Finance, a division of Merchants Bank, N.A.

Merchants Bank Advisory Board of Directors Reappointed

MassettDan

Dan Massett, Central Region President

The Merchants Bank Advisory Board of Directors for Cannon Falls, Red Wing and Hampton has been reappointed, according to Central Region President Dan Massett.

Reappointed to their positions on the Advisory Board were Board Chairman John O. Althoff, Retired Owner Althoff Hardware; Leslie M. Anderson, Farmer and Real Estate Agent Edina Realty; Donna R. Anderst, President and Chief Executive Officer SCS Elevator Products, Inc.; Richard A. Peterson, Owner Peterson Turkey Hatchery, Inc.; and Gary Schmidgall, Project Coordinator Hancock Concrete Products, LLC. The Advisory Board was reappointed at an April 18 meeting of the Merchants Bank Charter Board.

Massett said the Advisory Board was initially put in place after Merchants acquired the Cannon Falls and Red Wing locations 10 years ago and has been critical in the success of Merchants Bank in the Region.

“The people on our Board have provided exceptional direction and guidance in helping us to identify businesses that may be the best fit for our community bank,” Massett said. “They are always looking to make the communities we serve better places for business and better places to live. I am thankful for all they’ve done for their neighbors and for Merchants Bank, and I look forward to their continued input as we continue to grow.”

Merchants Bank has 21 locations in Minnesota and Wisconsin. In addition to Cannon Falls, Red Wing and Hampton, Merchants has Minnesota locations in Winona, St. Charles, Goodview, Rochester, Rushford, Lanesboro, Caledonia, La Crescent, Spring Grove, 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.

Congratulate New and Promoted Staff

New Staff

AugedahlJulie Julie Augedahl, Mortgage Lender, Caledonia

Julie has nearly 10 years of experience in personal banking and lending in Minnesota and Wisconsin. She is an active volunteer in the Caledonia community, including as a member of the Caledonia Founders Day Committee. Julie has a General Education degree from Rochester Community College and a Business Management degree from Winona Technical College.

BartelKathy  Kathy Bartel, Teller, Onalaska

Kathy previously worked at Treehouse Gift and Home as a Web Store Manager and at Empire Screen Printing as a Receptionist and Account Manager. Kathy and her husband, love spending time with their children and grandchildren. 

BrooksMichaela  Michaela Brooks, Part-Time Teller, Hastings

Michaela previously worked at Dominos Pizza. She is a senior at Hastings High School and enjoys being a part of the show choir. Michaela is planning to attend Inver Hills Community College next year.

BrownJerad  Jerad Brown, Commercial & Ag Banker, Lanesboro & Rushford

Jerad, a native to the Lanesboro and Rushford area, has previous experience in credit analysis, ag and commercial lending and the Farm Service Agency (FSA) guaranty program. He is a graduate of Rushford-Peterson High School and South Dakota State University, with a major in Agriculture Science.

CarlsonHelen  Helen Carlson, Part-Time Teller, Rosemount

Helen is a senior at Rosemount High School and also currently works at Jimmy John’s.

HughesJean  Jean Hughes, Part-Time Teller, La Crescent

Jean was a teacher for 41 years at St. Mary’s Grade School and recently retired in May 2016. Jean enjoys reading, walking, and meeting new people.

KemmerlingKyle  Kyle Kemmerling, Part-Time Teller, Winona

Kyle is also currently working at Tenba Ridge Winery as a Tasting Room Sales Rep.

ThomasJulie   Julie Thomas, Part-Time Teller, Lakeville

Julie was previously self-employed as a daycare provider. Julie is excited to be part of the Merchants Bank team and is looking forward to getting to know her co-workers and customers.

Promotions and Transfers

AraujoEddie  Eddie Araujo, Customer Service Representative and Lead Teller, Lakeville

Eddie has been with Merchants since 2016. He was previously a Teller in Lakeville.

DonohoeKelly  Kelly Donohoe, Personal Banking Manager, Lakeville

Kelly has been with Merchants since 2012. She was previously a Customer Service Representative and Lead Teller in Lakeville. 

HerrmannBecky  Becky Herrmann, Cash Management Specialist, Onalaska

Becky has been with Merchants since 2012. She was previously a Customer Service Representative in Winona and Onalaska.

SeaverAshley  Ashley Seaver, Mortgage Lender, Lakeville

Ashley has been with Merchants since 2016. She was previously a Mortgage Loan Coordinator in Lakeville.

Richard T. Lommen, Jr. Re-elected to Merchants Financial Group, Inc., Board; Onalaska/La Crescent Advisory Board of Directors Reappointed

ChristiansenSteve

Steve Christiansen, Market President – Onalaska and La Crescent

During the Merchants Financial Group, Inc. (MFGI) Annual Meeting on April 6, area business leader Richard T. Lommen Jr., was re-elected to a three-year term on the MFGI Board.

Lommen is also the Board Chairman for the Merchants Bank Advisory Board of Directors in La Crescent and Onalaska. Lommen, the President/Owner of Courtesy Corporation, is joined on the Advisory Board of Directors by a number of area business leaders.

The members of the Merchants Bank Advisory Board of Directors in La Crescent and Onalaska were reappointed to their roles following an April 18 meeting of the Merchants Bank Charter Board. In addition to Lommen, Advisory Board of Directors include Dean L. Ashbacher, President and Chief Executive Officer Truss Specialists, Inc.; Robert A. Heth, Jr., President Heth Hardware, Inc.; Stephen D. Loehr, Vice President of Operations Support Kwik Trip, Inc., and Michael D. Cunningham, Partner La Crescent Property Ventures L.L.C. and Former CEO and Owner The Board Store Furniture and Home Improvements. Cunningham also serves as a member of the MFGI Board.

“It is gratifying to see the commitment of our advisory board to helping continuing to grow our relationships throughout the area,” said Steve Christiansen, Market President of Merchants Bank in Onalaska and La Crescent. “They are well-known in our area for their knowledge and advocacy for business growth.”

MFGI reported record income for 2016 of $14,154,891, its second year in a row of record income. The Onalaska location was one of the leaders, with nearly $2.2 million in net income.

MFGI owns 21 Merchants Bank locations. In addition to La Crescent and Onalaska, Merchants has Minnesota locations in Winona, St. Charles, Goodview, Rochester, Rushford, Lanesboro, Caledonia, 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 another Wisconsin location in Eau Claire. 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.