GRESHAM, Ore., Nov. 19, 2013 /PRNewswire/ — Gresham, Oregon-based MBank (www.mbankonline.com) today announced its earnings for the third quarter of 2013 more than doubled those of the year's 1st and 2nd quarters combined.
Financial results for Merchants Bancorp, the holding company for MBank, show third quarter net income of $614 thousand or $0.06 cents per share. The previous year's third quarter earnings were $111 thousand or $0.01. (Net income was $131 thousand or $0.01 per share in the first quarter of 2013, and $322 thousand or $0.03 per share in the second quarter of 2013.)
MBank President and CEO Jef Baker noted, "Achieving structural profitability is a major accomplishment for MBank. We achieved that through resolving problem loans and foreclosed assets with minimal losses. Plus, the large amount of time, energy and expense related to those problems diminish with our significant asset quality improvements. That radical improvement is evident in a growing net income (compared to historical losses)."
MBank also announced to shareholders that in 2014 it plans to remodel the birthplace of MBank, the Gresham branch facility; and it will close its not profitable Hollywood branch.
"It is an exciting time at MBank," said Merchants Bancorp Board Chairman Stan Morris, "we cannot wait to turn all of our energies that were previously focused on turning the bank around to strategically thinking ahead with a goal of making MBank a high performing financial institution again."
About MBank
MBank, an equal housing lender, FDIC member institution, is headquartered in Gresham, Oregon and has offices in Gresham, Gladstone, Lake Grove, and in Portland at 9415 SE Stark Street and at the corner of NE 36th Ave. and Broadway.
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