Bank Transition Update

July 19, 2019

An Update on the Transition to Merchants Bank

In May, it was announced that Merchants Bank had entered into an agreement to purchase First National Bank of Northfield. At this time, we want to provide a few updates on our progress and confirm our commitment to serving your banking needs as we move through this transition.

An update has been sent to customers, outlining our progress and plans for next steps and answering some commonly asked questions.

Read the Update

Regulatory Approval for Purchase of First National

The Federal Reserve Bank has approved Merchants Financial Group’s application to purchase First National Bank of Northfield. See the press release below. Visit the Merchants Bank website to learn more and follow the progress of the transition.

Merchants Bank Receives Regulatory Approval to Purchase First National Bank of Northfield

WINONA, Minn. – The Federal Reserve Bank has approved Merchants Financial Group’s application to purchase the First National Bank of Northfield, according to Merchants President & Chief Executive Officer (CEO) Gregory M. Evans. “We’ve been given a tremendous opportunity to continue to build upon First National Bank’s respected reputation in Northfield and the surrounding area, and demonstrate the same philosophy with regard to community banking and personalized service,” said Evans. “We have absolute confidence this partnership will be beneficial to all of our stakeholders, including the loyal First National customers we will have the privilege to serve in Northfield.”

The sale includes about $196 million in deposits, $165 million in loan relationships, $222 million in total assets, outstanding stock for First National Bank of Northfield, as well as the physical locations of the banks in Northfield and loan production office in Bloomington. The sale is scheduled to be completed in late August. Terms of the sale have not been disclosed.

About Merchants Bank

Merchants Bank is a full service community bank with 21 branches in southeastern Minnesota and west-central Wisconsin. Headquartered in Winona, MN, the Bank is the fifth-largest banking organization headquartered in the state of Minnesota with more than $1.76 billion in assets. Member FDIC.

For more information, please contact:

Greg Evans
President & Chief Executive Officer
Merchants Bank
507-457-1146

Tim Viere
President
First National Bank of Northfield
507-664-3297

Rick Estenson
Vice President
First National Bank of Northfield
507-664-3275

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