Merchants Bank celebrates 150 years

Rich Palzewic

Staff

July 21, 2025

WEST CENTRAL WISCONSIN – Beginning operations in the summer of 1875 in Winona, Minnesota, Merchants Bank recently celebrated 150 years of serving customers.

In addition to now serving more than 20 communities in Minnesota, the bank also has locations in Wisconsin – specifically in Eau Claire and Onalaska.

Greg Evans, president/CEO of Merchants, said the longevity of the bank can be attributed to many factors, including its resilience and stability.

“Our company’s ability to adapt, embrace change, pivot and adjust through various economic cycles truly speaks to these qualities,” he said. “This enduring strength is rooted in our focus on meeting the needs of our customers and communities.”

Evans said Merchants’ set of core values – which are embraced by the bank’s leadership team and shared amongst employees – have been key contributors to the financial institution’s century and a half of uninterrupted service. 

“Our mission to help customers realize their hopes and dreams [has also] contributed to our ability to provide 150 years of uninterrupted service,” he said.

Evans said Merchants has maintained its identity as a community bank as it has grown and evolved to meet modern demands.

“Community banking is at the heart of who we are and what we do,” he said. “Our foundational values system remains consistent.”

The same values in place from years ago, Evans said, are still the same ones guiding Merchants Bank today.

And though the needs and expectations of customers have certainly evolved and grown – as have the bank’s processes, systems and digital solutions to provide a better customer experience – Evans said “we believe that having a difference-making frontline community of bankers serving as trusted advisors is vital to our value proposition.”

“These elements come together to create the best customer experience in today’s banking environment as a community bank,” he said.

Furthermore, Evans said Merchants prioritizes community involvement and reinvestment.

“Our sense of purpose as a community bank requires us to be fully invested in the communities we serve,” he said. “We also embrace a community leadership responsibility by supporting philanthropic causes that help our communities prosper.”

Though it’s been around for 150 years, Evans said to ensure another century and a half, Merchants must continue to adapt to meet the needs of its stakeholders and communities into the future.

“It’s a special feeling to be part of a company that’s been in existence for 150 years,” he said. “The significance of this milestone shouldn’t be lost on any of us. At the same time, it’s important to remember that we must continue to earn our independence every day. One hundred fifty years of history doesn’t guarantee us next year or the year after.”

Dan Massett – Merchants’ north region president (Eau Claire) – said he thinks the bank has a “wonderful reputation.”

“I spent my first 25 years in banking with publicly-traded companies – and that was wonderful – but the switch to a smaller bank has been refreshing,” he said. “We are active in the community and have wonderful bankers. There are a lot of good people working really hard for the organization, focusing on doing what’s right for the community.”

Echoing Evans’ comment about embracing change, Massett said it comes in all forms – “whether that’s how we go to market with business, technology changes or compliance-related.”

“We’ve done several reorganizations of how we deliver business to the customer,” he said. “Though we want to celebrate our 150 years, we also want to focus on getting better daily.”

Celebrating 150 years

Merchants’ two branches in West Central Wisconsin will both be celebrating 150 years this summer.

Massett said the Eau Claire branch is celebrating the bank’s milestone at the annual National Night Out event from 5:30-8:30 p.m., Aug. 5, at Carson Park in Eau Claire.

As the silver sponsor, he said Merchants will have a booth at the event, which last year drew hundreds of attendees to enjoy carnival games, inflatables, music, food and prizes.

“For us, being a community leader in Eau Claire means actively participating and giving back,” Massett said. “This event is a wonderful way to personally thank the residents, service people and local partners whose continuous support has not only fueled our growth but also enriched the very fabric of this incredible community.”

Larry Bodin, market president at Merchants’ Onalaska location, said staff will be serving hamburgers, brats, chips, cookies and refreshments as part of its appreciation event July 23.

“We’ll also be collecting cash donations for The Hunger Task Force,” he said. “Our 150th anniversary is a collective achievement, and this appreciation picnic is our heartfelt thank you. We’re incredibly proud to celebrate this milestone with the… Onalaska community, acknowledging the vital role its support and local partnerships have played in our long-term growth.”

According to its website (merchantsbank.com), in addition to community events across its footprint, Merchants is celebrating its 150th anniversary through an online photo contest, Summer of Dreams.

Individuals are invited to submit a photo to one of three categories showcasing the people and places they know and love for the chance to win $1,500 for themselves and $1,500 for their favorite qualifying local charity.

Giving back

Massett said a specific example of community give-back recently occurred with a Habitat for Humanity build.

Nine members of the team, he said, participated in a build in the St. Paul, Minnesota, area.

“I’m still quite sore,” he laughed. “I’ve probably done about a dozen of these builds over the years, and this was by far the hardest we worked. My region partnered with our equipment/finance division out of the Edina, [Minnesota], office, and we were there putting up walls and pounding nails. That’s the norm for Merchants. We give our teammates the flexibility to take time for projects like that. Every one of our markets has its own niche based on the community.”

Massett said several of Merchants leaders also serve on various boards.

“We also like to help financially with those boards,” he said. “We have a tough time saying ‘no’ at times.”

Erika Schorbahn, vice president/director of marketing, said Merchants typically makes donations to more than 450 organizations per year.

“That’s in some way, shape or form,” she said. “Giving back is ingrained as one of our core values.”

A bit of history

The bank’s website states Merchants was founded July 17, 1875, in Minnesota by a group of like-minded businesspeople.

Since its humble beginnings of $100,000 in assets, the website reports Merchants now has more than $2.7 billion in assets and is one of the largest banks in the region.

The website further states that Merchants opened its Onalaska branch in 2003, while it joined the Eau Claire community in 2014 through the acquisition of an Alliance Bank location.

“Whether you’re a financial institution or another business, 150 years is a long time,” Massett said. “We’re a business bank by trade, so we’re running into businesses [around here] that are third-, fourth- and fifth-generation businesses. I think the ESOP [Employee Stock Ownership Plan] we have through our employees has really helped. Eighteen percent of the company is owned by the employee group, so there is a vested interest in the performance of the company.”

For more information on Merchants Bank, visit its website or social media platforms.