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Net income for three quarters was at $4,671,876, up $905,418 through the same time last year. Total assets were at $950 million, up from $920 million at the end of 2007, and $939 million through the first half of 2008.
“The reason we have flourished during these tough times is because we are a conservative bank,” Mahoney said. “We make it our practice to lend money to people who can repay the loans. Our approach also means that we have money available to lend while others may be tightening their lending practices.”
The company’s board of directors issued Tuesday a 27-cent per share semiannual dividend to shareholders, which is a 3.85 percent increase over the June dividend payment.
Merchants is based in Winona and owns bank locations in St. Charles, Rochester, Caledonia, La Crescent, Cannon Falls and Red Wing, all of Minnesota, Onalaska, Wis., and several southern Twin Cities suburbs.
The company has about 350 shareholders, mostly individuals and families from southeastern Minnesota and west-central Wisconsin.
