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Merchants Bank completes acquisition of Rushford and Lanesboro locations from Associated Bank


Thu, Nov 21st, 2013
Posted in Lanesboro Business Announcements

WINONA, Minn. – Merchants Bank has taken ownership of the former Associated Bank locations in Rushford and Lanesboro, according to Merchants Financial Group, Inc. President & CEO Richard L. Mahoney.

Transfer of ownership took place November 15, according to Mahoney.

“We appreciate the professionalism of Associated Bank through the change of ownership. Like us, they were focused on customer needs throughout this process,” Mahoney said. “We look forward to serving our new customers.”

Between the two locations, Merchants Bank acquired $47 million in deposits and about $11 million in loans from Associated. Additionally, Merchants did acquire a number of Agriculture loans and related deposit accounts from the Associated Bank location in Red Wing. Associated will continue to operate its main branch and auto bank locations in Red Wing. Terms of the sale have not been disclosed.

Merchants Bank now has 20 locations and $1.348 billion in assets. In addition to Rushford and Lanesboro, Merchants has locations in Winona, St. Charles, Goodview, Rochester, Caledonia, La Crescent, Onalaska, Spring Grove, Cannon Falls, Red Wing, Hampton and the southern Twin Cities metropolitan suburbs of Apple Valley, Cottage Grove, Hastings, Lakeville and Rosemount. The “flagship” Merchants Bank in Winona was founded in 1875. All banks are FDIC members and equal housing lenders. Merchants Capital, the company’s leasing arm, is based in the Twin Cities. Merchants stock is closely held, but is available to the public when shares become available. There are approximately 400 shareholders, mostly individuals and families from southeastern Minnesota and west-central Wisconsin.

AgStar financial services announces third quarter results

Thu, Nov 21st, 2013
Posted in All Business Announcements

MANKATO, Minn. – AgStar Financial Services, a value-added financial services company owned by its client-stockholders, today reported earnings for third quarter ending September 30, 2013.The company reported net after-tax earnings of $35 million f ..... 
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Mayo Clinic announces appointments to DMC Economic Development Agency Board

Thu, Nov 21st, 2013
Posted in All Business Announcements

ROCHESTER, Minn. — Mayo Clinic announced the appointment of six members to the Destination Medical Center (DMC) Economic Development Agency (EDA) Board who will oversee the private economic development corporation authorized by state statute to pr ..... 
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County awarded funds

Fri, Nov 15th, 2013
Posted in All Business Announcements

The Minnesota State Set-Aside Committee for the FEMA Emergency Food and Shelter Program has recommended $3,758 be awarded to Fillmore County. The money is used to provide emergency food and shelter to people in need of them. The local board is made ..... 
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Root River Trail towns partnership to host regional Destination Medical Center (DMC)

Fri, Nov 8th, 2013
Posted in Lanesboro Business Announcements

Root River Trail Towns Partnership to Host Regional Destination Medical Center (DMC) informational gathering and conversation in Lanesboro, November 18. WHAT: Root River Trail Towns will host an informal social hour, presentation and discussion f ..... 
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Simply dial 2-1-1 get connected, get answers

Fri, Nov 1st, 2013
Posted in All Business Announcements

(Below is an example of the type of call that is received at Great Rivers 2-1-1. It is not an actual call.) Holiday Assistance It’s difficult to think about the winter holidays while we are still enjoying the beautiful fall season. But now is ..... 
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Campaign to end hunger

By Angie Rodenburg

Fri, Nov 1st, 2013
Posted in All Business Announcements

It may come as a surprise to many people that that one in ten Minnesotans go hungry. That statistic is precisely why Jim Hoiness, owner of Rushford, Harmony, and Preston Foods, has chosen to participate in the Minnesota Grocers Association’s progr ..... 
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Grace Place holding Raising Hope Breakfast

Fri, Oct 25th, 2013
Posted in Rushford Business Announcements

Grace Place is holding Raising Hope Breakfast on Wednesday, November. 6, from 8 to 9 a.m. at Tau Center Rotunda, 511 Hilbert Street. The free awareness and fundraising event is open to the public due to the generosity of sponsors. Grace Place oper ..... 
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Arlin Falck Foundation Grant

Fri, Oct 18th, 2013
Posted in All Business Announcements

Notice is hereby given that the Arlin Falck Foundation will accept applications for grant for community development, community promotions, community education and similar matters. The grants shall be for the benefit of persons residing in Fillmore ..... 
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