Merchants Financial Group approved a three-for-one stock split (200% stock dividend) at its annual meeting last week, meaning investors will receive an additional two shares for each share they own. The stock dividend will be paid on May 13 to shareholders of record as of May 5.

During the meeting, Merchants Financial Group’s shareholders also elected Molly Jungbauer, CEO and co-owner of Hollstadt Consulting, and James Rogers III, chief business development officer for Mayo Clinic, to three-year terms as new directors for the company’s board of directors. Rogers has served on Merchants Bank’s Rochester, MN, advisory board since 2016.

In addition to electing Jungbauer and Rogers, the company’s shareholders also re-elected John Killen, senior vice president of Hardgoods and president of WinCraft (a Fanatics brand company), and James Trenda, founder, owner and operator of CP Advisors, to three-year terms on the board of directors.

At the meeting retiring Scott Biesanz was recognized for 34 years of service to the board of directors. Biesanz, chairman of the board for Goodson Tools & Supplies for Engine Building, is a past chair for Merchants Financial Group’s board, serving from 2012 to 2022. Biesanz also served as chair of Merchants Bank’s board from 2001 to 2022.

“Last year continued to present an unpredictable market environment, but our team just continued to adapt and maintained its focus on working with our customers to fulfill their hopes and dreams in the midst of uncertainty,” Gregory M. Evans, president and CEO of Merchants Financial Group, said. “That commitment drove our strong earnings performance and I’d like to thank our loyal shareholders for their support and belief in Merchants’ role as a community partner and vital economic contributor to this region.”

Merchants Financial Group reported net income of $28.77 million for 2021, a 33.8% increase compared with 2020 earnings. According to the company, the earnings were driven by robust residential mortgage lending activity and continued partnership with businesses through the Small Business Administration’s Paycheck Protection Program. The company’s total residential mortgage loan volume exceeded $835.2 million in 2021, which was $309 million above the company’s 2021 forecast. The company also originated $81.5 million in new PPP loans and recognized fee income of $8 million for loans facilitated in 2020 and 2021. In addition, the company experienced year-over-year deposit growth of $326.8 million (14.9% above 2020).

Merchants Bank is a community bank with 23 bank locations in southeastern Minnesota and west-central Wisconsin and a leasing division, Merchants Bank Equipment Finance, in Edina, MN.