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Merchants Bank acquires Associated Bank locations in Rushford and Lanesboro


Fri, Sep 6th, 2013
Posted in All Business Announcements

WINONA, Minn. – Merchants Bank has reached an agreement to purchase the current Associated Bank branch locations in Rushford and Lanesboro, Minn., according to Merchants Financial Group, Inc., President and CEO Richard L. Mahoney and Associated Bank Executive Vice President, Head of Retail Banking David L. Stein.

The sale includes about $47 million in deposit and loan relationships, as well as the physical locations of the banks in Rushford and Lanesboro.

“Acquiring these locations aligns with our long-term vision to provide our banking services to customers across our region,” Mahoney said. “We recognize Rushford and Lanesboro as important communities in terms of our area’s economic development, and we look forward to serving all the financial needs of these important customers.”

Merchants Bank is also acquiring a small pool of agricultural loans and related deposits from the Associated branch in Red Wing, Minn. One of the focuses of the Merchants organization is Ag lending. Associated will continue to operate its Red Wing location. Affected customers will be notified individually at a later date.

The sale is pending regulatory approval. Barring complications, Mahoney said he expects the sale to be completed by late November. Terms of the sale have not been disclosed. Mahoney said that Associated Bank’s community banking emphasis helped in coming to an agreement because of a common customer-first focus.

“We too pride ourselves in being a community bank that exceeds the needs of our customers. We know that those needs of our Rushford and Lanesboro customers will soon be well taken care of by Merchants,” Stein said. “The Rushford and Lanesboro locations are at the western edge of our reach geographically. They are more central to Merchants’ footprint, which should result in greater overall convenience to bank customers.”

Associated Bank, headquartered in Green Bay, Wis. has total assets of $24 billion. It has approximately 240 locations across 150 communities in Wisconsin, Illinois and Minnesota.

Tri-County Electric Cooperative joins 11 other electric cooperatives in signing agreement to acquire Alliant Energy Territory

Fri, Sep 6th, 2013
Posted in Rushford Business Announcements

RUSHFORD, Minn. – Tri-County Electric Cooperative joined with 11 other electric distribution cooperatives serving Minnesota to form Southern Minnesota Energy Cooperative (SMEC) as the single point of contact for the purchase of electric service te ..... 
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9/11 commemorative flag raising at Farmers Co-op Elevator Company

Fri, Sep 6th, 2013
Posted in Rushford Village Business Announcements

As the nation and world look towards the 12th anniversary of the 9/11 attacks, the Rushford American Legion and Farmers Co-op Elevator Company invite the public to a flag dedication ceremony to remember and honor the thousands of innocent men, women ..... 
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9/11 commemorative flag raising at Farmers Co-op Elevator Company

Fri, Sep 6th, 2013
Posted in Rushford Business Announcements

As the nation and world look towards the 12th anniversary of the 9/11 attacks, the Rushford American Legion and Farmers Co-op Elevator Company invite the public to a flag dedication ceremony to remember and honor the thousands of innocent men, women ..... 
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New second location for Lyle’s Flooring America

Fri, Sep 6th, 2013
Posted in Rushford Business Announcements

Rushford Floor Coverings has officially become a second Lyle’s Flooring America location with the recent installation of their new signage. A change of ownership of Lyle’s created the opportunity for the second location in Rushford, Minn. You wi ..... 
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Fillmore County Advocates are awarded grant

Fri, Aug 23rd, 2013
Posted in Preston Business Announcements

The Preston Area Community Foundation recently awarded a $3,000 grant to Fillmore County Advocates. Fillmore County Advocates is a non-profit victim services agency that provides advocacy and support to victims of domestic violence, child abuse, sex ..... 
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TEC ANNOUNCES PEAK ENERGY ALERT

Wed, Aug 21st, 2013
Posted in Rushford Business Announcements

Rushford, MN (10:30 a.m. Aug. 21, 2013)— Tri-County Electric Cooperative (TEC) is issuing a peak energy alert to address the high demand for electricity in the regional power market. TEC asks members to help by reducing their electric use. ..... 
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Rochester City Lines Heading North: Daily service to downtown Minneapolis starts September 3

Thu, Aug 15th, 2013
Posted in All Business Announcements

Rochester City Lines is set to once again offer daily public bus service to the Twin Cities for Rochester, Minn. residents. After an attempt fell short last fall, the local bus company took the route off-line and back to the drawing board. The new r ..... 
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Rochester City Lines adding service

Fri, Aug 9th, 2013
Posted in All Business Announcements

Preston, Fountain & Chatfield to receive service expansion. After listening to riders’ requests for additional service, Rochester City Lines will be adding service to the Highway 52 South corridor with a new bus for Preston, Fountain and Chatfi ..... 
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