Merchants Financial Group, Inc., the parent company for Merchants Bank, has taken ownership of the First National Bank of Northfield, according to Merchants Financial Group, Inc. President & CEO Gregory M. Evans.
Transfer of ownership took place as of close of business on Friday, Aug. 30, according to Evans. At this time the First National Bank of Northfield will operate as an affiliate of Merchants Financial Group, Inc. until technology projects and system conversions are complete in spring 2020. At that time, when system conversions are complete, the bank name will change to Merchants Bank.
“First National customers should look forward to seeing the same friendly faces they’ve come to know at their local branches, including Tim Viere, who will continue to serve as President,” noted Evans. “With more than a decade of leadership at First National and 35 years in community banking, Tim truly understands the important responsibility we have as community bankers to help our communities thrive.
“It’s been a privilege to work with the First National Bank of Northfield through the change of ownership. The staff has been completely focused on taking care of customers throughout the process and that will not change as Merchants assumes ownership.”
Between First National Bank’s two locations in Northfield and loan production office in Bloomington, Merchants Financial Group, Inc. acquired $199 million in deposits, $166 million in loans and $224 million in total assets. Additionally, Merchants acquired all outstanding stock. Terms of the sale have not been disclosed.
Merchants Bank is a full service community bank. With the sale of the First National Bank of Northfield complete, Merchants now has 21 bank locations and one loan production office in southeastern Minnesota and two bank locations in west-central Wisconsin. Headquartered in Winona, MN, the Bank is the sixth-largest banking organization headquartered in the state of Minnesota with nearly $2 billion in assets.
First National Bank of Northfield, established in 1873, is known by history students across the globe as the bank where Jesse James and his gang were defeated.