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This summer, Merchants Bank and the Merchants Bank “I Believe” Leadership Series are coming together across the region to help Habitat for Humanity build hopes, dreams, and homes in Winona, ....
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By TJ Apr 10, 2021 9:49 AM WINONA, Minn. – During its annual shareholder meeting, which was held virtually on Thursday, April 8, Merchants Financial Group, Inc. (MFGI), reported strong 2020 earnings growth, and shareholders re-elected three Directors to the MFGI Board. MFGI formally reported a net income of $21,511,521 for 2020, an 8.8% increase over 2019 earnings. The year’s results were impacted by the pandemic and the resulting economic environment. Most notably, with a dramatic drop in long-term interest rates, Merchants booked unanticipated record residential mortgage loan volume of more than $950 million (a 77% increase over 2019). Year-over-year deposit growth was $376 million (a 21% increase over 2019), and Merchants originated nearly 1,600 Small Business Administration (SBA) Paycheck Protection Program (PPP) loans with total proceeds of $207 million. MFGI ended 2020 with $2.5 billion in consolidated assets, making Merchants the fourth largest banki ....