Merchants Financial Group, Inc Recaps 2023 Performance and Community Impact; Shareholders Re-elect Three Directors

News | 04.25.2024
Merchants Financial Group, Inc., (MFGI) held its Annual Meeting on April 25 where Executive Management reported on 2023 performance, shared industry outlook insights, celebrated customer success stories, and shareholders re-elected three Directors to the MFGI Board.
MFGI formally reported net income of $25,502,129 for 2023, a decrease of 16% compared to 2022’s record earnings. Merchants’ Executive leaders highlighted positive 2023 financial performance compared to industry peers, expectations for the remainder of 2024 and strategic Company focus on technology, regulatory changes, and the landscape for future growth. 
“Our performance continues to be representative of the tremendous strength, stability and resilience of Merchants Bank, something that’s stood the test of time over more than a century,” said Gregory M. Evans, President & Chief Executive Officer for MFGI and Merchants Bank. “I’m proud of what our team continues to accomplish in what has been a challenging environment for the entire banking industry with the support of our loyal and local shareholder base.”
Merchants’ tradition of community leadership continued in 2023 with employees volunteering more than 10,000 hours during the year to 250 organizations across Minnesota and Wisconsin. The Company also provided local monetary contributions or sponsorships of $861,316.15 to 450 organizations.
“Community banking is so important to the economic vitality of this region,” Evans. “The tremendous loyalty of our deposit customers allows us to provide access to capital necessary to keep our communities strong and reinvest in powerful and difference-making ways in every one of our markets.” 
In addition to financial results, the Company featured three customer perspectives representing how Merchants Bank impacts communities. PossAbilities, a nonprofit creating opportunities for individuals with disabilities, described how finding the right financial partner in Merchants is critical to day-to-day operations as well as meeting their long-term goals. With Bank partnerships lasting over 50 years; Thern, an industrial lifting equipment manufacturer, and Gerrard Companies, a real estate developer, explained how Merchants Bank has played an important role in local economic growth through job creation and affordable housing investment. 
Business during the meeting included re-electing three Directors to three-year terms: Michael Cichanowski, Founder, Owner and CEO of Wenonah Canoe; Ann Merchlewitz, J. D., Senior Vice President and General Counsel for St. Mary’s University of Minnesota; and Bruce Ryan, Founder, Owner, and CEO of Ryan Windows & Siding.
Merchants Financial Group, Inc. is a publicly-traded Company. Ownership is made up of its more than 440 employees and mostly individuals and families from southeastern Minnesota and west-central Wisconsin.
Merchants Bank is a full service community bank with 23 bank locations in southeastern Minnesota and west-central Wisconsin and a leasing division, Merchants Bank Equipment Finance, in Edina. Headquartered in Winona, MN, MFGI has more than $2.6 billion in assets and is the seventh largest bank chartered in the state of Minnesota. Merchants was founded in 1875. 

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