Preliminary net income numbers show that for the second year in a row Merchants Financial Group, Inc., has realized record earnings with 14.1 million dollars in 2016.
President Rodney Nelson said the earnings surpassed 2015's record of 13.4 million dollars. 2016 also saw two dividend increases for shareholders, going from 53 cents to 55 cents per share in the spring and 55 cents to 56 cents per share in the fall.
Nelson said five locations, Winona, Onalaska, Rochester, Lakeville, and Hastings, and the company's leasing division, topped one million dollars in earnings.
Nelson, who has been with Merchants for 17 years, will retire at the end of January. Greg Evans, who has been with the organization for 28 years and is currently chief banking officer, will succeed Nelson as Merchants Financial Group president and CEO.