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Merchants Financial Group, Inc. reports net income ahead of plan and last year for the first half of 2014


Thu, Jul 31st, 2014
Posted in All Business Announcements

WINONA, Minn. – Merchants Financial Group, Inc. (MFGI) reported net income of $6,948,081 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.

MFGI has $1.4 billion in assets and owns 21 Merchants Bank locations, including Minnesota locations in Rushford, Lanesboro, Winona, St. Charles, Goodview, Rochester, 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. Merchants Bank 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. All loans are subject to credit approval.

Merchants has more than 440 employees. The ownership of Merchants Financial Group, Inc. is made up of its employees and approximately 400 shareholders, mostly individuals and families from southeastern Minnesota and west-central Wisconsin.

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