Merchants Bank Mortgage Rates, Fees & Info

Winona, MN

LEI: 549300OZIFHR7THILC90

Tax ID: 41-0632402

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
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    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Merchants Bank is a smaller bank specializing in Refi, Home Purchase, and Cash Out Refi loans. Merchants Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Minneapolis, La Crosse, Winona, Rochester, and Fergus Falls among others. We have data for 85 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Merchants Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Merchants Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 4.26% 12/16/24
    30 Year Conventional Purchase 6.41% 12/16/24
    30 Year Conventional Refi 6.37% 12/16/24
    30 Year Cash-out Refi 6.57% 12/16/24
    30 Year FHA Purchase 7.29% 12/16/24
    30 Year FHA Refi 6.27% 12/16/24
    30 Year VA Purchase 5.87% 12/16/24
    30 Year USDA Purchase 6.55% 12/16/24
    15 Year Conventional Purchase 5.72% 12/16/24
    15 Year Conventional Refi 5.86% 12/16/24
    15 Year Cash-out Refi 5.86% 12/16/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Merchants Bank Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Merchants Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    4,791

    Origination Dollar Volume (All Markets)

    $986,655,000

    Employee count

    424 Show all (11) awards

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1,077 $278,945,000 $259,002 $3,771 3.15%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 604 $114,150,000 $188,990 $2,016 3.33%
    Outside of Metro Areas 601 $109,955,000 $182,953 $3,288 3.12%
    Winona, MN (FHA|USDA|VA) 615 $93,445,000 $151,943 $3,275 3.06%
    ROCHESTER, MN (FHA|USDA|VA) 434 $79,760,000 $183,779 $3,470 3.04%
    Fergus Falls, MN (FHA|USDA|VA) 347 $75,285,000 $216,960 $3,659 2.92%
    Red Wing, MN (FHA|USDA|VA) 280 $54,100,000 $193,214 $3,950 3.13%
    Brainerd, MN (FHA|USDA|VA) 102 $24,850,000 $243,627 $3,300 3.09%
    EAU CLAIRE, WI (FHA|USDA|VA) 110 $23,080,000 $209,818 $2,082 3.31%
    Faribault-Northfield, MN (FHA|USDA|VA) 89 $16,925,000 $190,169 $4,942 3.08%
    DULUTH, MN-WI (FHA|USDA|VA) 67 $13,135,000 $196,045 $3,340 3.21%
    GRAND FORKS, ND-MN (FHA|USDA|VA) 49 $11,275,000 $230,102 $3,673 2.92%
    Marshall, MN (FHA|USDA|VA) 55 $10,655,000 $193,727 $3,121 2.98%
    ST. CLOUD, MN (FHA|USDA|VA) 48 $10,210,000 $212,708 $3,509 3.01%
    Alexandria, MN (FHA|USDA|VA) 36 $9,880,000 $274,444 $3,881 3.01%
    MANKATO, MN (FHA|USDA|VA) 46 $9,340,000 $203,043 $3,312 3.17%
    FARGO, ND-MN (FHA|USDA|VA) 27 $5,105,000 $189,074 $4,218 3.22%
    BISMARCK, ND (FHA|USDA|VA) 15 $3,765,000 $251,000 $4,821 2.92%
    Mason City, IA (FHA|USDA|VA) 27 $3,725,000 $137,963 $3,165 2.92%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 13 $3,515,000 $270,385 $3,952 2.93%
    Willmar, MN (FHA|USDA|VA) 12 $2,600,000 $216,667 $3,801 3.06%
    Hutchinson, MN (FHA|USDA|VA) 8 $2,140,000 $267,500 $4,200 3.20%
    Menomonie, WI (FHA|USDA|VA) 10 $1,700,000 $170,000 $1,676 3.08%
    APPLETON, WI (FHA|USDA|VA) 6 $1,690,000 $281,667 $1,849 3.13%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $1,475,000 $1,475,000 $13,548 3.38%
    Owatonna, MN (FHA|USDA|VA) 6 $1,320,000 $220,000 $4,344 2.92%
    Fairmont, MN (FHA|USDA|VA) 5 $1,095,000 $219,000 $3,678 2.95%
    Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) 5 $1,085,000 $217,000 $1,664 2.98%
    MADISON, WI (FHA|USDA|VA) 4 $1,080,000 $270,000 $3,156 3.21%
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 2 $1,030,000 $515,000 $10,036 3.15%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $1,010,000 $505,000 $4,672 3.15%
    Albert Lea, MN (FHA|USDA|VA) 5 $975,000 $195,000 $2,968 2.75%
    Grand Rapids, MN (FHA|USDA|VA) 4 $910,000 $227,500 $3,675 2.99%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $900,000 $450,000 $3,083 2.78%
    SIOUX FALLS, SD (FHA|USDA|VA) 4 $890,000 $222,500 $4,603 2.62%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $625,000 $208,333 $3,620 3.39%
    Austin, MN (FHA|USDA|VA) 4 $610,000 $152,500 $3,524 2.78%
    Spirit Lake, IA (FHA|USDA|VA) 2 $600,000 $300,000 $3,627 2.96%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 3 $585,000 $195,000 $3,353 2.65%
    WAUSAU-WESTON, WI (FHA|USDA|VA) 3 $545,000 $181,667 $1,756 3.32%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $515,000 $515,000 $9,923 2.90%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $510,000 $255,000 $4,732 3.28%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 3 $495,000 $165,000 $1,620 2.82%
    COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $475,000 $475,000 $2,186 3.65%
    Key West, FL (FHA|USDA|VA) 1 $455,000 $455,000 $7,079 2.90%
    LINCOLN, NE (FHA|USDA|VA) 2 $440,000 $220,000 $2,077 3.28%
    Fernley, NV (FHA|USDA|VA) 1 $435,000 $435,000 $6,278 2.90%
    IOWA CITY, IA (FHA|USDA|VA) 3 $435,000 $145,000 $2,476 2.98%
    LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 2 $410,000 $205,000 $4,221 2.96%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $405,000 $405,000 $4,242 2.90%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 3 $395,000 $131,667 $2,239 3.11%
    GREEN BAY, WI (FHA|USDA|VA) 2 $370,000 $185,000 $1,827 2.96%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $365,000 $365,000 $4,320 2.90%
    Wahpeton, ND-MN (FHA|USDA|VA) 2 $360,000 $180,000 $4,485 3.09%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $355,000 $355,000 $2,611 3.28%
    Outside of Metro Areas 1 $355,000 $355,000 $0 3.65%
    Yankton, SD (FHA|USDA|VA) 1 $355,000 $355,000 $2,791 3.28%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $335,000 $335,000 $5,409 5.00%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 2 $330,000 $165,000 $1,747 2.59%
    Pinehurst-Southern Pines, NC (FHA|USDA|VA) 1 $325,000 $325,000 $4,666 3.03%
    FORT SMITH, AR-OK (FHA|USDA|VA) 1 $295,000 $295,000 $1,537 2.90%
    Gardnerville Ranchos, NV (FHA|USDA|VA) 1 $295,000 $295,000 $0 3.90%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $285,000 $285,000 $2,453 3.15%
    Helena, MT (FHA|USDA|VA) 1 $245,000 $245,000 $3,672 2.40%
    MANSFIELD, OH (FHA|USDA|VA) 1 $245,000 $245,000 $2,974 3.90%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $235,000 $235,000 $3,802 3.15%
    New Ulm, MN (FHA|USDA|VA) 2 $230,000 $115,000 $2,969 3.03%
    Watertown, SD (FHA|USDA|VA) 1 $225,000 $225,000 $4,536 2.90%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $225,000 $225,000 $4,546 2.90%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $215,000 $215,000 $3,253 3.40%
    Jamestown, ND (FHA|USDA|VA) 1 $205,000 $205,000 $2,516 3.28%
    FOND DU LAC, WI (FHA|USDA|VA) 1 $205,000 $205,000 $3,328 2.28%
    Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 1 $195,000 $195,000 $3,198 2.78%
    SHEBOYGAN, WI (FHA|USDA|VA) 1 $185,000 $185,000 $1,532 2.90%
    Stevens Point, WI (FHA|USDA|VA) 1 $175,000 $175,000 $2,541 2.65%
    Bemidji, MN (FHA|USDA|VA) 1 $175,000 $175,000 $3,126 3.28%
    Fairfield, IA (FHA|USDA|VA) 1 $155,000 $155,000 $2,446 2.90%
    TUCSON, AZ (FHA|USDA|VA) 1 $145,000 $145,000 $4,726 3.15%
    Seymour, IN (FHA|USDA|VA) 1 $125,000 $125,000 $1,750 3.40%
    MCALLEN-EDINBURG-MISSION, TX (FHA|USDA|VA) 1 $105,000 $105,000 $3,495 3.28%
    Beaver Dam, WI (FHA|USDA|VA) 1 $105,000 $105,000 $1,902 3.28%
    Spencer, IA (FHA|USDA|VA) 1 $105,000 $105,000 $2,648 2.65%
    TALLAHASSEE, FL (FHA|USDA|VA) 1 $95,000 $95,000 $2,533 3.15%
    Burlington, IA-IL (FHA|USDA|VA) 1 $75,000 $75,000 $2,126 3.78%
    Ottumwa, IA (FHA|USDA|VA) 1 $25,000 $25,000 $1,763 3.78%
    Merchants Bank's top markets include Minneapolis, La Crosse, Winona, Rochester, and Fergus Falls among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • North Dakota (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Merchants Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Western National Bank
    Similarity Rank: 120
    Firefighters Credit Union
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    NORTHWOODS
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    Citizens State Bank
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    SUPERIOR CHOICE
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    University of Wisconsin Credit Union
    Similarity Rank: 336
    VERVE, A CREDIT UNION
    Similarity Rank: 375
    Prevail Bank
    Similarity Rank: 378
    The Miners National Bank of Eveleth
    Similarity Rank: 400
    T & C REAL ESTATE SERVICES LLC
    Similarity Rank: 455

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 3,996 $919,610,000 $230,133 $3,320 3.11%
    HELOC 721 $50,465,000 $69,993 n/a 3.19%
    VA 30 $8,490,000 $283,000 $5,804 2.97%
    FHA 26 $5,150,000 $198,077 $7,090 2.73%
    USDA 18 $2,940,000 $163,333 $5,364 2.99%

    For 2020, Merchants Bank's most frequently originated type of loan was Conventional, with 3,996 originations. Their 2nd most popular type was HELOC, with 721 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 1,991 $408,855,000 $205,352 $3,017 3.05%
    Home Purchase 1,281 $325,005,000 $253,712 $3,765 3.22%
    Cash Out Refi 1,041 $225,255,000 $216,383 $3,608 3.12%
    Other 291 $17,635,000 $60,601 $1,019 3.12%
    Home Improvement 187 $9,905,000 $52,968 $625 3.19%

    For 2020, Merchants Bank's most frequently cited loan purpose was Refi, with 1,991 originations. The 2nd most popular reason was Home Purchase, with 1,281 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 3,154 $633,870,000 $200,973 $3,546 3.18%
    15 Year 1,081 $208,805,000 $193,159 $3,126 2.74%
    20 Year 270 $54,030,000 $200,111 $3,328 3.25%
    10 Year 123 $22,355,000 $181,748 $2,690 3.50%
    Other 108 $36,090,000 $334,167 $1,488 4.09%
    5 Year 37 $28,095,000 $759,324 $139 4.33%
    1 Year 17 $3,055,000 $179,706 $0 4.01%
    3 Year 1 $355,000 $355,000 $0 3.65%

    For 2020, Merchants Bank's most frequently cited loan duration was 30 Year, with 3,154 originations. The 2nd most popular length was 15 Year, with 1,081 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,162 $262,210,000 $225,654
    $1k-2k 1,027 $159,755,000 $155,555
    $2k-3k 974 $216,420,000 $222,197
    $3k-4k 397 $121,915,000 $307,091
    $4k-5k 124 $46,100,000 $371,774
    $5k+ 70 $33,260,000 $475,143

    Merchants Bank's average total fees were $3,546, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,162 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 2,152 $396,450,000 $184,224
    3-4% 2,116 $497,040,000 $234,896
    4-5% 282 $43,950,000 $155,851
    <2.5% 228 $46,820,000 $205,351
    5-6% 12 $1,800,000 $150,000
    6-7% 1 $595,000 $595,000

    During 2020, Merchants Bank's average interest rate for loans was 3.18%, while their most frequently originated rate bucket for loans was 2.5-3%, with 2,152 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 1,801 $268,935,000 $149,325 $2,895 3.10%
    $200k-400k 1,687 $463,705,000 $274,870 $3,835 3.06%
    $100,000 or less 968 $52,280,000 $54,008 $2,147 3.27%
    $400k-600k 304 $140,690,000 $462,796 $4,582 3.08%
    $600k-1MM 16 $12,630,000 $789,375 $5,600 3.89%
    $1MM+ 15 $48,415,000 $3,227,667 $14,984 3.72%

    2020 saw Merchants Bank place emphasis on $100k-200k loans with 1,801 originations, totaling $268,935,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 1,093 $248,665,000 $227,507 $3,511 3.04%
    $50k-75k 1,022 $166,440,000 $162,857 $3,122 3.09%
    $75k-100k 870 $165,960,000 $190,759 $3,429 3.07%
    $150k-250k 639 $164,835,000 $257,958 $3,999 3.13%
    $50k or less 635 $73,695,000 $116,055 $2,874 3.11%
    $250k+ 222 $73,090,000 $329,234 $4,339 3.14%

    Merchants Bank lent most frequently to those with incomes in the $100k-150k range, with 1,093 originations. The second most popular income band? $50k-75k, with 1,022 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,332 $252,450,000 $189,527 $3,235 3.04%
    30-36% 917 $182,575,000 $199,100 $3,313 3.10%
    <20% 510 $91,380,000 $179,176 $3,375 2.99%
    38% 181 $35,965,000 $198,702 $3,399 3.11%
    39% 168 $36,050,000 $214,583 $3,824 3.15%
    37% 160 $30,840,000 $192,750 $3,365 3.07%
    41% 159 $30,345,000 $190,849 $3,494 3.11%
    36% 156 $29,410,000 $188,526 $3,044 3.10%
    40% 156 $31,680,000 $203,077 $3,183 3.14%
    42% 142 $31,750,000 $223,592 $3,511 3.14%
    44% 131 $30,815,000 $235,229 $3,760 3.16%
    43% 120 $26,310,000 $219,250 $3,584 3.09%
    45% 78 $17,530,000 $224,744 $3,678 3.09%
    49% 76 $15,640,000 $205,789 $3,823 3.01%
    48% 73 $17,755,000 $243,219 $3,955 2.96%
    46% 68 $15,430,000 $226,912 $3,449 2.96%
    47% 49 $10,795,000 $220,306 $3,526 3.07%
    50-60% 43 $9,255,000 $215,233 $3,417 3.40%
    >60% 26 $5,900,000 $226,923 $3,689 3.64%

    Merchants Bank lent most frequently to those with DTI ratios of 20-30%, with 1,332 originations. The next most common DTI ratio? 30-36%, with 917 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 4,293 $847,945,000 $197,518 $3,375 3.07%
    Not applicable 185 $72,915,000 $394,135 $0 4.07%
    Not provided 239 $50,625,000 $211,820 $3,408 3.22%
    Asian 42 $8,470,000 $201,667 $2,963 3.22%
    Black 16 $3,410,000 $213,125 $3,824 3.30%
    American Indian 10 $1,950,000 $195,000 $3,976 3.31%
    Asian Indian 3 $735,000 $245,000 $3,835 2.82%
    Other Asian 3 $605,000 $201,667 $3,592 3.40%

    Approval Rates

    Total approvals of all applications
    97.05%

    Merchants Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    87.29%

    Merchants Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 4,791 $986,655,000 $205,939

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 5 $5,405,000 $1,081,000
    Multifamily:Site-Built 34 $48,970,000 $1,440,294
    Single Family (1-4 Units):Manufactured 46 $5,730,000 $124,565
    Single Family (1-4 Units):Site-Built 4,706 $926,550,000 $196,887

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 433 $49,475,000 $114,261 $2,738 3.13%
    40-60% 761 $144,595,000 $190,007 $3,032 2.97%
    60-80% 1,977 $479,405,000 $242,491 $3,440 3.12%
    80-100% 1,163 $292,835,000 $251,793 $3,674 3.17%
    Over 100% 4 $1,460,000 $365,000 $8,059 3.93%
    Under 20% 447 $18,315,000 $40,973 $991 3.26%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    MORGAN STANLEY & CO. LLC Conventional home mortgage Closing on a mortgage 1 11.1%
    MORGAN STANLEY & CO. LLC Conventional home mortgage Struggling to pay mortgage 2 22.2%
    MORGAN STANLEY & CO. LLC Conventional home mortgage Trouble during payment process 4 44.4%
    MORGAN STANLEY & CO. LLC Other type of mortgage Struggling to pay mortgage 1 11.1%
    MORGAN STANLEY & CO. LLC Other type of mortgage Trouble during payment process 1 11.1%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Merchants Bank, National Association 100-106 East Third Street Winona, MN 55987 Full Service B&M $482,620
    Merchants Bank, National Association 101 Jessie Street West Rushford, MN 55971 Full Service B&M $53,031
    Merchants Bank, National Association 1130 Whitewater Avenue St. Charles, MN 55972 Full Service B&M $69,788
    Merchants Bank, National Association 115 West Washington Street Caledonia, MN 55921 Full Service B&M $65,636
    Merchants Bank, National Association 118 Parkway Avenue North Lanesboro, MN 55949 Full Service B&M $58,422
    Merchants Bank, National Association 126 West Main Street Spring Grove, MN 55974 Full Service B&M $41,554
    Merchants Bank, National Association 15055 Chippendale Avenue South Rosemount, MN 55068 Full Service B&M $44,124
    Merchants Bank, National Association 1525 Vermillion Street Hastings, MN 55033 Full Service B&M $72,736
    Merchants Bank, National Association 1600 Greenview Dr Sw Rochester, MN 55902 Full Service B&M $56,043
    Merchants Bank, National Association 1611 Honey Locust Drive Northfield, MN 55057 Full Service B&M $74,773
    Merchants Bank, National Association 18550 Joplin Avenue Lakeville, MN 55044 Full Service B&M $86,284
    Merchants Bank, National Association 20150 Highview Avenue Lakeville, MN 55044 Full Service B&M $38
    Merchants Bank, National Association 23280 Main Street Hampton, MN 55031 Full Service B&M $25,652
    Merchants Bank, National Association 2728 Mall Drive Eau Claire, WI 54701 Full Service B&M $71,770
    Merchants Bank, National Association 2835 South Service Drive Red Wing, MN 55066 Full Service B&M $102,651
    Merchants Bank, National Association 300 West Main Street Cannon Falls, MN 55009 Full Service B&M $117,971
    Merchants Bank, National Association 3140 Market Place Onalaska, WI 54650 Full Service B&M $146,995
    Merchants Bank, National Association 316 Main Street La Crescent, MN 55947 Full Service B&M $106,745
    Merchants Bank, National Association 329 Division Street Northfield, MN 55057 Full Service B&M $147,935
    Merchants Bank, National Association 3586 55th Street Nw Rochester, MN 55901 Full Service B&M $85,028
    Merchants Bank, National Association 4124 Sixth Street-Goodview Winona, MN 55987 Full Service B&M $23,308
    Merchants Bank, National Association 627 Mankato Avenue Winona, MN 55987 Full Service B&M $21,966
    Merchants Bank, National Association 7200 East Douglas Point Road South Cottage Grove, MN 55016 Full Service B&M $59,912
    Merchants Bank, National Association 7300 147th Street West, Suite 100 Apple Valley, MN 55124 Full Service B&M $93,666

    For 2020, Merchants Bank had 24 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $95,168
    Net interest income $83,560
    Total noninterest income $30,653
    Gross Fiduciary activities income $1,812
    Service charges on deposit accounts $2,072
    Trading account gains and fees $0
    Additional Noninterest Income $26,769
    Pre-tax net operating income $32,133
    Securities gains (or losses, -) $0
    Income before extraordinary items $23,602
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $23,602
    Minority interest net income $0
    Net income $23,602
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $23,602

    Merchants Bank's gross interest income from loans was $95,168,000.
    Merchants Bank's net interest income from loans was $83,560,000.
    Merchants Bank's fee based income from loans was $2,072,000.
    Merchants Bank's net income from loans was $23,602,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $11,608
    Provision for credit losses $13,362
    Total noninterest expense $68,718
    Salaries and employee benefits $42,215
    Premises and equipment expense $3,871
    Additional noninterest expense $22,632
    Applicable income taxes $8,531
    Net charge-offs $1,028
    Cash dividends $8,375

    Merchants Bank's interest expense for loans was $11,608,000.
    Merchants Bank's payroll and benefits expense were $42,215,000.
    Merchants Bank's property, plant and equipment expenses $3,871,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 1.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.3%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $2,193,778
    Deposits held in domestic offices $2,193,778
    Deposits by Individuals, partnerships, and corporations $2,150,343
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $43,435
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $624,861
    Demand deposits $388,049
    Nontransaction accounts $1,568,917
    Money market deposit accounts (MMDAs) $705,861
    Other savings deposits (excluding MMDAs) $545,521
    Total time deposits $317,535
    Total time and savings deposits $1,805,729
    Noninterest-bearing deposits $557,824
    Interest-bearing deposits $1,635,954
    Retail deposits $2,124,380
    IRAs and Keogh plan accounts $51,189
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $2,493,270
    Cash & Balances due from depository institutions $423,574
    Interest-bearing balances $388,418
    Total securities $122,647
    Federal funds sold & reverse repurchase $395
    Net loans and leases $1,782,730
    Loan and leases loss allowance $31,620
    Trading account assets $0
    Bank premises and fixed assets $39,963
    Other real estate owned $2,583
    Goodwill and other intangibles $52,027
    All other assets $69,351

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $2,493,270
    Total Liabilities $2,241,119
    Total deposits $2,193,778
    Interest-bearing deposits $1,635,954
    Deposits held in domestic offices $2,193,778
    % insured (estimated) $73
    Federal funds purchased and repurchase agreements $12,716
    Trading liabilities $0
    Other borrowed funds $14,914
    Subordinated debt $0
    All other liabilities $19,711

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,782,730
    Loan and leases loss allowance $31,620
    Total loans and leases (domestic) $1,814,350
    All real estate loans $1,106,240
    Real estate loans in domestic offices $1,106,240
    Construction and development loans $103,944
    Residential 1-4 family construction $36,860
    Other construction, all land development and other land $67,084
    Loans secured by nonfarm nonresidential properties $459,701
    Nonfarm nonresidential secured by owner-occupied properties $227,474
    Commercial real estate & other non-farm, non-residential $232,227
    Multifamily residential real estate $82,213
    1-4 family residential loans $350,438
    Farmland loans $109,944
    Loans held in foreign offices $0
    Farm loans $39,722
    Commercial and industrial loans $537,156
    To non-U.S. addressees $0
    Loans to individuals $40,723
    Credit card loans $16,594
    Related Plans $2,002
    Consumer Auto Loans $17,158
    Other loans to individuals $4,969
    All other loans & leases $91,002
    Loans to foreign governments and official institutions $0
    Other loans $2,042
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $1,214
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $1,861
    Non 1-4 family restructured loans & leases $1,860
    Total loans and leases (foreign) $0

    Merchants Bank had $1,782,730,000 of loans outstanding in 2020. $1,106,240,000 of loans were in real estate loans. $103,944,000 of loans were in development loans. $82,213,000 of loans were in multifamily mortgage loans. $350,438,000 of loans were in 1-4 family mortgage loans. $39,722,000 of loans were in farm loans. $16,594,000 of loans were in credit card loans. $17,158,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 632 $157,753 $249,609
    Nonfarm, nonresidential loans - <$100k 128 $6,586 $51,453
    Nonfarm, nonresidential loans - $100-250k 212 $29,289 $138,156
    Nonfarm, nonresidential loans - $250k-1MM 292 $121,878 $417,390
    Commercial & Industrial, US addressed loans - <$1MM 2,354 $202,034 $85,826
    Commercial & Industrial, US addressed loans - <$100k 1,612 $43,577 $27,033
    Commercial & Industrial, US addressed loans - $100-250k 435 $52,118 $119,811
    Commercial & Industrial, US addressed loans - $250k-1MM 307 $106,339 $346,381
    Farmland loans - <$1MM 343 $54,724 $159,545
    Farmland loans - <$100k 79 $3,922 $49,646
    Farmland loans - $100-250k 166 $21,634 $130,325
    Farmland loans - $250k-1MM 98 $29,168 $297,633
    Agriculture operations loans - <$1MM 431 $22,805 $52,912
    Agriculture operations loans - <$100k 310 $7,670 $24,742
    Agriculture operations loans - $100-250k 96 $9,658 $100,604
    Agriculture operations loans - $250k-1MM 25 $5,477 $219,080