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Merchants Bank in the Twin Cities Helps Organization to Another Record Year; Advisory Board Reappointed

Merchants Bank in the Twin Cities Helps Organization to Another Record Year; Advisory Board Reappointed

Merchants Banks Twin Cities Regional President Lawrence Stovern reported that Merchants Twin Cities locations made significant contributions as the organization reached its third consecutive record year.

The Merchants organization reached record earnings of $20,878,465 in 2017. The total includes $14,297,105 in earnings from Merchants core business activity in 2017, which surpassed 2016s record earnings total by $140,000 on its own. Merchants also recorded an accounting adjustment of more than $6.5 million as a result of the reduction of a deferred tax liability, necessitated by the passage of the Tax Cuts and Jobs Act of 2017 occurring before year-end.

The Twin Cities banks - Apple Valley, Lakeville, Rosemount, Hastings and Cottage Grove - contributed $2,941,324 in net income, a 7% increase over 2016.

"We are continuing our growth in the Twin Cities," Stovern said. "We have exceptional employees, have added some key talent and will be adding more, and our Advisory Board of Directors has been helping us to connect to other business leaders across this region."

Stovern said he was especially happy with the addition of Lisa Franxman as Market President in Rosemount. She had been with Anchor Bank for 17 years before joining Merchants.

"She is well-known in Dakota County and will help us in making people aware of what Merchants can bring to them," Stovern said.

Stovern said the Twin Cities Advisor Board of Directors were recently reappointed to their positions during an April 17 meeting of the Merchants Bank Charter Board. Included are Board Chairman James A. Trenda, President CP Advisors, LLC; Heide C. Olson, CEO of All In One Accounting; Peggy Johnson, Community Relations Director for Dakota County Electric Association, and James Emond, a realtor with Remax Advantage Plus.

Stovern noted that another part of the Merchants Bank Twin Cities presence is Merchants Bank Equipment Finance in Minneapolis, which provides leasing options to businesses primarily located in the central U.S.

Merchants Bank has 21 locations in Minnesota and Wisconsin. In addition to the Twin Cities locations Minnesota locations include Winona, St. Charles, Goodview, Rochester, Rushford, Lanesboro, Caledonia, La Crescent, Spring Grove, Cannon Falls, Red Wing and Hampton. Merchants has Wisconsin locations in Eau Claire and Onalaska. All banks are FDIC members and equal housing lenders. Merchants Bank Equipment Finance is a division of Merchants Bank, N.A.