Welcome to Merchants

Merchants Financial Group, Inc. is the holding company for Merchants Bank, NA. Founded in 1875 and headquartered in Winona, MN, Merchants is a full-service community bank with:

  • Total assets of $2.6 billion, making us one of the largest independent financial organizations in our region.
  • 20+ locations in Minnesota and Wisconsin and an equipment finance division.
  • A strong retail mortgage and correspondent mortgage banking network partnering with correspondent bank locations throughout ND, NE, SD, MN, IA and WI, servicing more than $2.6 billion in mortgage loans.
  • Local ownership by our employees through our Employee Stock Ownership Plan and approximately 760 individuals and families mostly from communities we serve.
  • A history of strong regulatory capital and consistent dividend payments.


Proven Track Record as a Strong, Growing Community Bank

Our business approach has been consistent for nearly 150 years. We take a responsible and conservation approach to managing the business and have experienced consistent, steady and measured growth through:

  • Prudent lending practices and credit culture.
  • Prudent investments with a conservative approach to duration and interest-rate risk.
  • Working with a variety of diverse businesses without reliance on any industry concentrations of significance.
  • Strong diversification in our product and service offerings to minimize dependence on income from one specific business line year-over-year.
  • A healthy liquidity cushion because of the breadth and loyalty of our deposit customers.

If you have questions or would like more information about Merchants Financial Group, please contact us or call (507) 457-1135.

Financial & Shareholders Resources

Merchants Financial Group Board of Directors

Richard Lommen, Jr. Headshot

Richard Lommen, Jr.

Chair of the Board

President & Owner, Courtesy Corporation

Ann Merchlewitz Headshot

Ann Merchlewitz

Vice Chair of the Board

Senior Vice President & General Counsel, St. Mary's University of Minnesota

Michael Cichanowski Headshot

Michael Cichanowski

Founder & Chief Executive Officer, Wenonah Canoe, Inc.

Greg Evans Headshot

Greg Evans

President & Chief Executive Officer, Merchants Financial Group, Inc. and Merchants Bank, NA

Molly Jungbauer, CPA Headshot

Molly Jungbauer, CPA

Chief Executive Officer, Hollstadt Consulting

John Killen Headshot

John Killen

President, WinCraft a Fanatics brand

Brad Peterson Headshot

Brad Peterson

Chairman, Mississippi Welders Supply Co., Inc.

James Rogers III Headshot

James Rogers III

Chief Business Development Officer & Senior Administrator, Generative AI, Mayo Clinic

Bruce Ryan Headshot

Bruce Ryan

President, Ryan Windows & Siding, Inc.

James Trenda, CPA Headshot

James Trenda, CPA

President, CP Advisors, LLC

Merchants Bank Charter Board of Directors

Richard Lommen, Jr.

Chair of the Board

President & Owner, Courtesy Corporation

Ann Merchlewitz

Vice Chair of the Board

Senior Vice President & General Counsel, St. Mary's University of Minnesota

Michael Cichanowski

Founder & Chief Executive Officer, Wenonah Canoe, Inc.

Greg Evans

President & Chief Executive Officer, Merchants Financial Group, Inc. and Merchants Bank, NA

Richard Falck

Owner, Falck Financial Services LLC & President, RJF, Inc.

Molly Jungbauer, CPA

Chief Executive Officer, Hollstadt Consulting

John Killen

President, WinCraft a Fanatics brand

Brad Peterson

Chairman, Mississippi Welders Supply Co., Inc.

James Rogers III

Chief Business Development Officer & Senior Administrator, Generative AI, Mayo Clinic

Bruce Ryan

President, Ryan Windows & Siding, Inc.

Jennifer Sawyer

Founder & Partner, Rebound Partners

James Trenda, CPA

President, CP Advisors, LLC

North Region/Cannon Falls Area Advisory Board

John Althoff

Retired Owner, Althoff Hardware

Leslie Anderson

Farmer & Real Estate Broker, Anderson Realty, LLC

Lisa Lundell

Real Estate Broker/Owner, Cannon Realty

Richard Peterson

Owner, Peterson Turkey Hatchery, Inc.

Mark Poss

Director, Big Fish Ventures

Brenda Stelter

Owner, Anchor Promotions, Apparel & Signage

North Region/Northfield Advisory Board

Cheryl Buck

Director-Business Development Professional Risk Managers' International Association

Matt Christensen

VP Risk Management & Insurance Advisor, USI Insurance Services

Richard Falck

Owner, Falck Financial Services LLC & President, RJF, Inc.

Chris Kennelly

Real Estate Developer & Entrepreneur, REVocity, NCC Builders, and G&H Management

Jennifer Sawyer

Founder & Partner, Rebound Partners

Kristin Yahnke

Attorney & Partner, Schmitz Ophaug, LLP

North Region/Twin Cities Area Advisory Board

Ben Gathje

Owner/Operator, Culver's of Cottage Grove

Peggy Johnson

Community Relations Director, Dakota Electric Association

James Trenda, CPA

President, CP Advisors, LLC

Richard Welshons

Twin Cities Manager, The Title Team/DCA Title

South Region/La Crosse Market Area Advisory Board

Dean Ashbacher

President & Chief Executive Officer, Truss Specialists, Inc.

Derek Cortez

CEO, Chileda, Inc.

Stephen Loehr

Retired Vice President of Government & Industry Relations, Kwik Trip, Inc.

Richard Lommen, Jr.

President & Owner, Courtesy Corporation

Brian Wieser

Owner/Vice President, Wieser Brothers General Contractor, Inc

South Region/Rochester Advisory Board

John Beatty

Attorney, Dunlap & Seeger, PA

Aaron Benike

Vice President of Operations, Benike Construction

Joselyn Raymundo

Founder/CEO, Rochester Home Infusion (RHI)

James Rogers, III

Chief Business Development Officer & Senior Administrator, Generative AI, Mayo Clinic

Bruce Ryan

President, Ryan Windows & Siding, Inc.

South Region/Rural Market Area Advisory Board

Adam Augedahl

President, Winona Controls, Inc.

John Diersen

Owner & Farmer, Minnigan Hills Farm

Creighton Horihan

Owner, Horihan Companies

Joel Nelson

Farmer & Owner, Lanesboro Sales Commission & Decorah Sales Commission

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