The Merchants Financial Group experienced its second consecutive record year according to president and CEO Greg Evans.
During its annual meeting Thursday, the shareholders of Merchants Financial Group, Inc. also re-elected two directors and elected a new director to the Board of Directors.
During the meeting, Evans formally reported the group's 2016 record year of 14.1 million dollars in net income, surpassing 2015's record year if 13.4 million. Other high points reported were a loan growth increase of 6.8% over 2015. Deposits increased by 9.1% and Merchant's share price grew 27.25% in 2016, ending 2016 at $54.50 per share. Total assets ended 2016 at $1.623 billion.
Re-elected to three-year terms as directors were: Kenneth Mogren, Retired President Winona Agency, Inc., and Richard Lommen, Jr., President/Owner Courtesy Corporation.
Elected to a three-year term was Greg Evans. Also recognized was Rodney Nelson, who retired as Merchants President & CEO at the end of January. Evans succeeded Nelson.
Also recognized for his long service was Director David H. Keller, Retired President Lucas Body Systems. Keller retired in 2016 after 31 years of service to the MFGI Board, including more than 15 as Board Chairman.