At its annual shareholder meeting, Merchants Financial Group, Inc., Winona, Minn., celebrated a record year, recognized new leaders and thanked retiring board members.
Sue Savat, chief financial officer for the $20.8 million bank, touted 2017 achievements, saying earnings from Merchants core business exceeded a record to reach nearly $15 million, which surpassed 2016 earnings by $140,000. Additionally, in response to the Tax Cuts and Jobs Act of 2017, Merchants recorded an accounting adjustment of more than $6.5 million as a result of the reduction of deferred tax liability, the company said in a release.
Greg Evans, Merchants president and CEO, joined Savat in celebrating the bank’s third consecutive record year: “We are thankful for our customers’ trust, the efforts of our employees and the support of our shareholders,” Evans said.
Ann E. Merchlewitz was elected board chair of the holding company for a three-year term after being a long-time member of the Merchants Bank board. The Winona resident is executive vice president and general counsel at Saint Mary’s University.
Michael Cichanowski, CEO of We-no-nah Canoe, Inc., and Bruce Ryan, president of Ryan Windows & Siding, Inc., will continue as Merchants directors for another three-year term.
Timothy Murphy will step off the MFGI board but continue as chairman and member of the bank’s charter and advisory boards in Caledonia, Lanesboro, Rushford and Spring Grove.
At the meeting, Richard Pope and Steven Kohner, who are retiring after serving on the board for 36 and 15 years respectively, were honored . “Dick (Pope) has been vitally important to our growth because of the insight he has shared, and his influence will continue to be felt as we continue our growth,” Evans said.
“We are especially grateful for the guidance our board of directors provide to our banks as we grow, sharing their understanding of the communities we serve,” Evans said.