Merchants bank acquires two locations
Merchants Bank has reached an agreement to purchase the Associated Bank branch locations in Rushford and Lanesboro, Minn., the company said.
Merchants is also acquiring a small pool of agricultural loans and related deposits from the Associated branch in Red Wing. Associated will continue to operate the Red Wing branch.
The sale of the two branches includes about $47 million in deposit and loan relationships and the physical locations of the branches. It is pending regulatory approval.
"Acquiring these locations aligns with our long-term vision to provide our banking services to customers across our region," Merchants Financial Group president and CEO Richard Mahoney said. "We recognize Rushford and Lanesboro as important communities in terms of our area's economic development, and we look forward to serving all the financial needs of these important customers."
State exports down in second quarter
Minnesota companies exported $5.2 billion worth of agricultural, mining and manufactured products in the second quarter of 2013, according to the Minnesota Department of Employment and Economic Development.
Exports were down 5.7 percent from the same period a year ago. Then, they reached a second-quarter record $5.5 billion. Minnesota ranked 20th among all states for total exports in the quarter.
Machinery was the top export product with $1.1 billion in sales for the quarter. Medical instruments, electrical machinera, vehicles, beverages, iron and steel, plastic and meat were among the other top products exported.
Canada was the state's largest export market. Others in the top 10 included China, Mexico, Japan, Germany, South Korea and the United Kingdom.