Merchants Group grows assets by 10 percent, earnings down
By Daily News staff

Merchants Financial Group of Winona reported a 10 percent growth in assets at its annual meeting April 7. Total year-end assets were $683 million, compared with $622 million at the end of 2003.

Growth was fueled by a 26 percent increase in total loans. Total deposits increased 3.7 percent. Year-end earnings for the company were $6.4 million, a decline of about 5 percent from the previous year.
"With the softening of the mortgage loan market, we knew last year was going to be challenging from an earnings perspective," said President and Chief Executive Officer Richard L. Mahoney.

He reported geographic expansion throughout the region will continue to be part of the company's long-term strategy. A Merchants Bank branch opened in Onalaska, Wis., in October 2003 and was the company's first affiliate in Wisconsin. It exceeded financial projections during its first year, Mahoney said. Year-end assets for the independently chartered bank stood at $24.4 million.

The newest Merchants Bank location in Lakeville, Minn., which will operate as a branch of the company's Twin cities area charter, opened last week and has $3 million in deposits.

Merchants Financial Group, Inc. owns other Merchants Bank locations in Winona, St. Charles, Rochester, Caledonia, La Crescent and the Twin Cities areas of Hampton, Apple Valley, Cottage Grove and Hastings.

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