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The Equipment Finance Industry has grown to over $1 Trillion in the U.S. and with over 5 million equipment finance Websites on the Internet today, it can be difficult to identify the resources you need.

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Arrow  Summit Funding Group
Richard Ross / 513.489.1222
Summit Funding

Since our inception in 1993, Summit Funding Group, Inc. has amassed a high performing portfolio in excess of $3 billion in equipment lease and finance originations and a history of working with companies of all sizes and most industries.

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Merchants Bank announces earnings of $18.9M in 2018


Merchants Financial Group, Inc., parent company of Merchants Bank, announced year-end earnings for 2018 with net income of $18,887,308, according to MFGI President & CEO Gregory M. Evans.

The earnings exceeded MFGI’s plan for the year by more than $3 million. Merchants benefited from corporate tax reform throughout 2018, which contributed to performance results. Evans noted that on a pre-tax basis, MFGI increased earnings by 12 percent from 2017 to $25,237,358.

“All areas of the organization contributed to help us surpass our planned income for the year with three of our four bank regions exceeding their income targets and strong performance from our leasing division, Merchants Bank Equipment Finance, and our secondary market mortgage operation,” said Evans.

Core earnings for 2018 were also bolstered by commercial loan and deposit growth, and intense credit risk monitoring and mitigation, which resulted in a year-over-year reduction in the allowance for loan/lease loss reserve contributions. Evans credits MFGI’s strategic diversification of business segments, product offerings and markets for the steady business and earnings growth Merchants consistently achieves.

“The Merchants team is truly special and I’m proud to share our team’s success over the last year,” said Evans. “We look forward to continuing to improve the lives of our customers through the caring and advising approach to financial services they deserve.”

MFGI’s net income was $20,878,465 for 2017, which included an accounting adjustment of more than $6.5 million as a result of the reduction of a deferred tax liability associated with the Tax Cuts and Job Act of 2017. Net income was $14,154,891 for 2016.

MFGI owns 21 Merchants Bank locations in Minnesota and Iowa.

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