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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.

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