Merchants Financial Group held its Annual Meeting on April 24, with Executive Management reporting on 2024 performance and the current year industry outlooks, and shareholders re-electing three Directors to the MFGI Board.
MFGI formally reported net income of $18.54 million in 2024, a decrease of 27.3% compared to 2023’s earnings. Merchants’ Executive leaders provided perspective on the 2024 financial performance in relation to a difficult economic environment and positive expectations for 2025.
“While 2024 was a challenging year for Merchants, and the broader banking industry, our performance metrics are in line with peers and represent our discipline in adapting to the market environment,” said Gregory M. Evans, President & CEO for MFGI and Merchants Bank. “That discipline allowed us to reposition our balance sheet for what we forecast to be much stronger financial performance in 2025.”
Merchants’ also paid tribute to its upcoming 150th anniversary at the meeting, which will be celebrated in the coming months. The Company’s 150th anniversary will fall on July 17, 2025.
“There are not many banks, let alone businesses, that have the privilege of celebrating 150 years of uninterrupted service,” Evans noted. “Key factors to our longevity certainly include the support of our local Shareholder base, our current employees and former employees who have contributed to our meaningful company culture, and the strength of the communities we are honored to serve.”
Business during the meeting included re-electing three Directors to three-year terms: Molly Jungbauer, CPA, CEO of Hollstadt Consulting; John Killen, Senior Advisor at WinCraft, a Fanatics brand; and James Rogers III, CEO, Digital Pathology Senior Administrator, Generative AI at Mayo Clinic.
Also at the meeting, retiring Directors James Trenda, Jennifer Sawyer and Steve Loehr were recognized for their Board service with the Company. Trenda, President of CP Advisors did not stand for re-election to another three-year term on the MFGI Board. He will serve one final year on the Board for Merchants Bank, N.A. Retiring Bank Director Jennifer Sawyer, was recognized for 5 years of Board service. Sawyer, Founder and Partner of Rebound Partners, served on the Bank’s governing Board from 2020-2025 and will also be retiring from the Bank’s Advisory Board of Directors in Northfield. Loehr, retired Vice President for Operations & Government Affairs, served on the Bank’s local board for the Greater La Crosse area market since 2006 and will retire from his position this month.
Merchants Financial Group is a publicly traded Company. Ownership is made up of its more than 420 employees and mostly individuals and families from southeastern Minnesota and west-central Wisconsin.