Merchants Financial Group (MFGI) is the parent company for it’s wholly owned subsidiaries:

With total assets exceeding $1.5 billion, MFGI is among the largest independent financial organizations in our region. 

Local Ownership


We are proud to be locally owned by our employees through our Employees Stock Ownership Program (ESOP) and approximately 760 individuals and families mostly from communities in southeastern Minnesota and west-central Wisconsin.


Meet our Executive Team


Rod Nelson Rod Nelson, President/Chief Executive Officer

Rod joined Merchants Bank in 2000 as President after serving first as Director of Human Resources and Marketing and then President and CEO of Bremer Bank in Crookston, MN for 12 years. He became President and CEO of MFGI in 2014. 



Greg Evans Greg Evans, Chief Banking Officer

Greg is a Winona native and graduate of Winona Senior High School and Valparaiso (Ind.) University. He joined Merchants in 1989 as the first Marketing Department was being created and served as Director of Marketing until 2007, when he became Regional President for the Cannon Falls, Red Wing and Hampton markets. Greg returned to Winona in 2014 as Chief Banking Officer. 


Mark McGrory Mark McGrory, Chief Credit Officer

Mark began his banking career in 1981 as a Commercial Lender. He joined the Commercial Lending team at Merchants in 1986, and eventually was promoted to Commercial Banking Department Manager. In 2005, he became Merchants Chief Credit Officer, overseeing the credit quality for the Bank’s loan portfolio.



Rodney Nelsestuen Rodney Nelsestuen, Chief Information Officer

Rodney has been in the financial services industry for more than 30 years and joined Merchants in 2014. He has extensive executive experience in both business and technology in addition to having spent several years as a consultant to global financial institutions and technology companies.




Alberta RosburgAlberta Rosburg, Chief Human Resource Officer

Alberta has more than 35 years of experience in Human Resources and has been with Merchants Bank since 1997. As a testament to the important role HR plays in shaping a company, Alberta firmly believes that the success of Merchants Bank is rooted in the investment the company makes in its more than 400 employees. Her extensive background in employee benefits, payroll, hiring, career development and training is essential in the continual review of the Merchants benefit package.


Sue Savat Sue Savat, Chief Financial Officer

Sue originally joined Merchants in 1992 as an Internal Auditor/ Electronic Data Processing Auditor and then returned to work for Merchants in 2000 as Chief Financial Officer for Merchants Bank in Winona. In 2009, she became Chief Financial Officer for Merchants Financial Group.


Contact Us

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