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 banking organizat