Banking on Wisconsin

La Crosse Tribune, Oct 06, 2003 by Cahalan, Steve

ONALASKA, Wis. - Merchants Bank-Onalaska./La Crosse officially opens today at 3140 Market Place in Onalaska, east of the Home Depot and Aldi stores and the Wal-Mart Supercenter that is under construction and expected to open next spring.

It's owned by Merchants Financial Group Inc. of Winona, Minn., and is that company's first affiliate in Wisconsin.

"For a long time, management has looked at the La Crosse area as a very viable location," said Steve Christiansen, president and chief executive officer of the new bank. "We view La Crosse as a very dynamic market and feel our style of community banking will fit well into that market."

The bank is in a new 13,545-square-foot building and has 13 employees, including Christiansen. He expects to add another employee in a few months, and to add more staff positions over time.

"We have assembled a fantastic team of people here who have years of banking experience," Christiansen said. "They're experts in their respective areas."

The new facility has four drive-up banking lanes and a drivethrough automated teller machine.

It cost about $3 million to buy the site and construct and equip the building, Christiansen said.

The bank has its own charter, from the federal Office of the Comptroller of the Currency. It also has its own board and autonomous local decision making, Christiansen said.

Local business leaders already on the bank's board are Christiansen; Barry A. Blomquist, president of Mid-City Steel Fabricating Inc. and Steven D. Zietlow, director of petroleum operations for Kwik Trip Inc. More local leaders will be named to the eightmember board, taking the place of officials of the Winona holding company who are serving on the local board on an interim basis.

Merchants Financial Group has total assets of slightly more than $600 million and is owned by employees and about 350 shareholders - mostly individuals and families from southeastern Minnesota and west-central Wisconsin.

The new Onalaska bank is the 14th facility operated by Merchants Financial Group, whose flagship bank has been serving Winona since 1875. Some of its other locations are in La Crescent and Caledonia, Minn.

The new bank offers a full range of financial products and services, Christiansen said. Business banking has been an area of strength in the Merchants organization for decades, he said. Although that will be a key focus area for the new bank, all segments of the community will be served, he said.

The new facility's grand opening will be Oct. 27 through Nov. 1. People can register at the bank until Oct. 24 for a chance to win $25,000 in a "Crack the Vault" promotional event Nov. 1. Also planned Nov. 1 are food, door prizes and music by the Mississippi Muddcats.

Christiansen became the bank's president in February, after serving since April 2002 as Merchants' vice president of business development for the La Crosse market. He worked from the company's La Crescent bank until the Onalaska bank was built.

Christiansen has more than 20 years of commercial banking management experience, half of that with the Merchants organization. He was president and chief executive officer of Merchants Bank in Caledonia (formerly Sprague National Bank) from 1993 to 1997.

From 1997 to 2002, Christiansen was president of Griffith Management Corp. in Caledonia, responsible for management of Winnebago Software Co., Miken Composites, Caledonia Computer and Bunge Leasing and Brokerage.

BUSINESS OF THE WEEK

* What: Merchants Bank-Onalaska/La Crosse, which opens today.

* Where: 3140 Mark et Place, near the intersection of Hwy. 16 and Hwy OS in Onalaska, Wis.

* Hours: Lobby hours are 9 a.m. to 5 p.m. Monday through Thursday, 9 a.m. to 6 p.m. Friday and 8 a.m. to noon Saturday. Drive-up hours are 7 a.m. to 6 p.m. Monday through Thursday, 7 a.m. to 7 p.m. Friday and 8 a.m. to noon Saturday.

* Contact: For more information, call the bank at (608) 7798200 or check the Web site www.merchants bank.com.