Merchants Financial Group, Inc. (MFGI) President & CEO Richard Mahoney has announced that he will retire as of January 1, 2014.
MFGI Executive Vice President and Merchants Bank President of the Winona Charter Rod Nelson will take over the position after Mahoney's retirement.
Mahoney has been with Merchants since 1987 and has served as MFGI President & CEO since 2000. It has been a period of exceptional growth for Merchants both organically and through acquisitions.
Nelson joined Merchants Bank in 2000, after serving 25 years with the Bremer Bank organization, including his last 12 years as President, CEO and Chairman of the Board for the Bremer Bank in Crookston.
Nelson says he looks forward to his new role and connecting with their customers throughout their entire organization.
MFGI had a record year in 2012, posting net income of just over $12,000,000.